The high, up-front cost of solar panel installation causes many people to reconsider utilizing this renewable energy source, despite the fact that it not only lessens monthly electricity bills but also reduces our carbon footprint.
However, the new option of "solar leases" are a great alternative and are expected to lead to more installations nationwide. These leases allow a homeowners to pay either very little or no money down to have solar panels installed on the roofs of their homes. The catch here is that instead of buying solar panels, the homeowner leases them from a solar lease company.
Instead of paying the sometimes massive upfront cost, homeowners pay a monthly fee for using the electricity generated by the solar panels. Homeowners would then typically sign a long-term contract (approximately 15 to 20 years) with the solar lease companies that 1) pay for solar equipment and the installation and 2) make sure the solar panels function properly and perform general maintenance.
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