Financial Planning

Many people who have been affected by the economic downturn are looking for ways to save money. One area that offers potential for savings is the bills that we pay every month, such as our electricity bill. However, most of us do not live in states with deregulated electricity markets, where we can go out and choose the cheapest electricity supplier from among the suppliers that are competing for our business. However, that does not mean that we should give up on our quest to find cheap electricity. For some people, it is possible that you may be able to get cheapest electricity by entering into a solar lease.

Solar leases are an innovative new way that some solar companies are helping to make solar panels more affordable to the average consumer. One of the primary barriers to getting solar panels has always been the large up front cost of installing the panels; with a solar lease, this up front cost is a thing of the past. Some solar leases will allow you to have solar panels installed with no money down. The company providing the solar lease will own the panels on your roof, and then sell you the power that is produced at a specified, fixed cost over the length of the lease. Often, it is the case that the rate that you pay for the solar electricity is less than what you currently pay your electricity supplier. Even if it is the same price or a little more expensive than what you pay now, the fact that the price is fixed for the term of the lease (often 15 years) means that you will save more and more money as electricity prices increase in the future.

So, what is the catch? One major issue is that the solar leases are currently available in only a handful of states: Arizona, California, Colorado, Massachusetts, New Jersey, Oregon, and Texas. If you live in one of these states, and you want to get the cheapest electricity over the long haul, a solar lease may be the way to go. If you are not in one of these states, the companies offering solar leases continue to expand, so look for solar leases in your area soon.