Solar energy storage lease

What is a solar lease?

You can think of a solar lease like a car lease – it’s a form of third-party ownership (TPO) where you don’t own the product that you’re paying for. Under a solar lease, this third-party owner (e.g., a solar company) installs solar panels on your property and then sells you the electricity produced at a predetermined monthly rate.

Are solar leases a good idea?

“In the right situation, solar leases can be a good way to help lower your electricity bill,” said Spencer Fields, director of insights at EnergySage. “They allow you to go solar without putting any money down, reducing your monthly energy bills on day one and providing peace of mind around any future warranty or maintenance needs.

Should you buy or lease a solar system?

If you purchase your solar system instead of leasing it, you can take advantage of all available incentives. By owning your system, you'll typically see electricity cost savings between $10,000 and $30,000 over the next 25 years – which are larger savings than if you lease your panels.

How do Solar Lease companies make money?

All the solar lease providers listed make their money by financing a solar system for your home and then selling you the solar electricity from the panels. In most cases, the companies promise you will save money on your power bills in the first year – a win-win situation.

How much does a Green Mountain Power energy storage lease cost?

The basic premise of the energy storage lease pilot program is pretty simple - you pay Green Mountain Power to lease two batteries for 10 years, and in exchange, you have two batteries in your home to use during power outages. You can choose between two payment options: monthly installments of $65 per month, or one upfront payment of $6,500.

What happens if I Sell my energy storage lease?

If you participate in the energy storage lease program and decide to sell your home, the lease can be transferred to the new homeowner, and you will need to alert GMP. If the new homeowner does not want to take over the lease, you will need to pay the early termination fee.