The idea of residential solar power is hugely popular. The best solar panels pay for themselves many times over, saving homeowners money while reducing reliance on fossil-fuel-based power plants. Initial installation costs can be a big hurdle though, which is why SunRun’s solar leasing program is booming.
Do-it-yourself installations are possible for some solar systems, and they’re one way a homeowner can streamline installation costs, but they require a certain degree of technical knowledge and skill. Commercial installations are practical and convenient, but the best solar systems can easily cost from $20,000-$40,000 for an average residence.
So how can home solar power compete in a tough economy? By removing the sting of the sticker shock. Under a typical SunRun leasing deal, a homeowner might pay an installation fee less than $1,000 (installations are handled by local contractors, supporting the local economy), and then pay a fixed monthly power & maintenance rate.
According to a recent SunRun profile featured in Entrepreneur, average savings are in the 10%-20% range; most homeowners pay off their investment within two years, and save thousands over the remainder of the contract. Residents can purchase their solar power system when the contract ends, and contracts are easily transferrable if a home is sold.
While much of the solar industry has seen a slowdown in the last year, SunRun’s business has grown by 400%. SunRun’s solar “success stories” also aren’t limited to the sun-belt regions that get most of the attention when it comes to solar power. Projects in Massachusetts, Pennsylvania, and New Jersey have all demonstrated the viability of residential solar energy in northern climates.
So for homeowners who are interested in the potential of solar power, but want an alternative to paying for a complete system out of pocket, a financing program like SunRun’s could be the perfect solution.
Visit the SunRun website for more information about their solar financing programs.