How Does SunPower Lease Work?
- July 6, 2018
- Posted by: mhale
- Category: Uncategorized
Solar leases cost no money upfront1, so you may begin to see savings immediately compared to your previous utility bill.
Monthly lease payments are typically fixed so that they do not fluctuate based on solar system production or usage. leases include a performance guarantee, which compensates the homeowner should the system fail to produce within a certain pre-specified range of electricity every month.
With a solar lease, you are renting your solar energy system. Similar to leasing a home, apartment or vehicle, someone else owns and maintains the equipment, and you pay a monthly fee to use it. SunPower solar leases run for 20 years. When your lease ends, you can choose to renew your lease for an additional term or request that the leasing company remove the panels. If you sell your home during your lease term, you generally have the option to purchase the system or transfer your lease to the new homebuyer.
Like other financial products, solar leases require homeowners to meet certain credit criteria in order to qualify.