The Christian Science Monitor recently published a piece detailing how solar leasing and financing options are making this technology feasible for families of all incomes. The advent of leasing, which allows homeowners to switch to California residential solar energy with no down payment, gives these residents the option of using solar electric systems for their energy needs without a large upfront cost.
The article goes on to provide interesting information about how the families that have most taken advantage of this trend typically have incomes between $40,000 and $90,000 annually. As a result of these leasing agreements and the benefits they provide, more than 75 percent of new solar installations are leased by third-party companies, rather than purchased outright.
However, one of the interesting details buried in the Monitor’s piece is a tidbit about how these financing options are helping citizens in the developing world switch to solar power as well. A typical home in a developing country will have a 40-watt solar energy system (an American home system usually has ten times as much capacity). However, because their electricity needs are much lower, they can get by with a smaller system to power their lighting, cell phone charging and radio needs.
There are a number of reasons this is a positive development, but one of them is the fact that solar power doesn’t need to be transported to remote areas the way that kerosene, oil and gas do. Making solar more accessible for families in developing areas means they no longer need to rely on those conventional fossil fuels for their electricity needs, which means they can spend more money on other goods and services rather than devoting most of their income to energy.
For more information on how solar power leasing and financing can benefit your household, contact West Coast Solar today.