How Does a Solar Lease Work on Long Island?
A solar lease works by giving you access to solar panels that are installed on your rooftop and owned by the leasing company. A lease is more affordable than a solar panel installation that you finance or pay for outright.
If you want a solar lease that is fair, transparent, and more flexible, you can get solar panels installed on your roof with the Participate Energy Program from Power Solutions.
How is the Participate Energy Program Different from Other Lease Programs?
The Participate Energy Program is different because it’s a prepaid solar lease that leverages the federal commercial solar tax credit.
- The cost of the whole lease term is agreed and paid upfront. There’s no risk of the cost increasing throughout the term.
- The Participate Energy Program leverages the 30% tax credit for commercial solar. The monetary value is applied as a discount on your prepaid lease, making it more affordable than traditional lease programs.
- You can purchase the system outright after the 6th anniversary, or you can end the lease and have the equipment decommissioned.
- There is no credit underwriting. That means no FICO score needed, and no lien on your home.
Is Leasing Better Than Financing Solar Panels?
Leasing is an alternative to financing residential solar panels on Long Island. Whether or not it’s better depends on your situation.
- If you simply want the most affordable way to start saving with solar, leasing through the Participate Energy Program is ideal. You will start saving as soon as the system goes online.
- If you want to own your system outright, enjoy all the savings, and have the system adding lasting value to your home, financing is the better choice. You will be committing to the total cost of the system.
It’s not as simple as one being better than the other. Financing means eventually paying for the total cost of the equipment, but you will own everything. Leasing is more flexible because you could choose to purchase the system or exit the lease after 6 years.
The right one for you depends on your financial situation and your long-term goals. Power Solutions can provide a detailed consultation with a cost/benefit analysis so you can evaluate your options to get solar installed by a top-rated Long Island solar contractor.
Get Your Free Home Solar Estimate to Learn More
A free home solar panel estimate is the best way to look at what you might be paying if you finance your system. Even if you’re leaning towards leasing, seeing the cost of owning the system can offer some perspective. You can request your free solar estimate online.
If you’re ready to talk to a solar consultant about the Participate Energy Program, or if you have other questions, our team is available today at (631) 348-0001.
