A new report from the Climate Policy Initiative (CPI) states that California residential solar customers are increasingly relying on financing agreements in order to switch to photovoltaic (PV) power. In their report, CPI found that 75 percent of the state’s solar installations in 2012 were financed or leased, up from 10 percent in 2007.
In light of this fact, it’s worth considering why this trend has emerged:
- Leasing lets you save money now: Homeowners who want to go solar can lease their panels with no down payment and immediately see their electricity expenses decrease. Although the savings from purchasing panels may be greater in the long run, it takes years to realize those gains, and for many customers that’s too long to wait.
- Rebates from California Solar Initiative (CSI) have largely been claimed: The CSI set aside part of its budget for small residential solar systems, but that funding has mostly been spent, making leasing options more attractive.
- Solar companies take care of everything: When you lease your system, West Coast Solar will take care of all your paperwork needs, as well as any maintenance issues that come up after the panels are installed.
The perception of solar energy as something that only wealthy households can benefit from is simply false. Leasing and financing options have made this technology accessible for more families, allowing even low-income individuals to reduce their electricity expenditures. If you’re interested in finding out how your house can be converted to solar power, contact West Coast Solar today and we can conduct an in-home consultation.