General Motors Will Lease Battery Systems: Is it Better to Install Your Own?
General Motors announced this month that it will explore leasing GM Energy PowerBank systems to vehicle owners. Customers will be able to rent battery systems to charge their electric vehicles, streamlining ownership and minimizing the need to visit charging stations.
However, for homeowners on Long Island with electric vehicles, owning a battery energy storage system is usually a better option. Solar homes already have the potential to charge electric vehicles. A solar battery, owned by the homeowner, will maximize on-road savings while offering a higher level of grid independence.
The Problem with the Lease Model
A lease can lower upfront cost, but it also locks you into monthly payments that never end. Leasing a battery energy storage system also means:
- You Don’t Own the Incentives. Leased systems don’t qualify for benefits like the $5,000 New York State Solar Tax Credit or PSEG LI’s Battery Storage Reward Incentive.
- Limited Integration: An automaker’s lease is designed primarily to serve the vehicle first. An integrated system with solar panels, like a Tesla Powerwall 3 or Generac PWRcell, is designed to serve your entire home. In addition to charging your car, you will have a backup solution for lights, appliances, and outlets.
- No Equity: A leased system is never yours, while an owned system (even if you finance it) is a capital improvement that adds direct value to your property.
PSEG Battery Storage Rewards
Most households are eligible for the PSEG LI Battery Storage Rewards Program. This is designed to incentivize Long Island solar battery installations based on size.
- An upfront rebate worth $250 per kWh, and capped at $6,250, can significantly offset the cost of installing a solar battery.
- You can earn additional performance payments by allowing PSEG to draw from the battery during peak events. This money goes into your pocket. If you lease a system, any benefits go to the battery owner.
Learn More About Solar with Battery Backup Before You Lease an Energy Storage System
General Motors is considering something valuable with its leasing program, but it doesn’t make sense for every home. It’s ideal for renters and homes that can’t have solar panels. Sadly, the value quickly drops away if you consider the alternative of rooftop solar with whole-home battery backup.
Power Solutions is one of the most trusted solar installers on Long Island. We can show you the long-term costs and savings of owning solar panels with a battery system.
- We will offer a detailed cost/benefit breakdown so you can evaluate crucial details like monthly savings and the payback period.
- You can finance your system with an initial interest-free period based on expected tax credits (subject to approval).
- We offer the most dependable battery systems from innovators like Tesla and Generac.
- We can integrate a whole-home solution, including solar and a battery energy storage device. Beyond charging your car, you can power your home, reduce your electricity bill, and enjoy decades of savings.
Learn more by requesting your free ballpark estimate today. Solar with a battery system is the best way to charge an EV while making your home as energy-efficient as possible.
