SolarCity, a California-based provider of solar energy systems, recently announced a new financing arrangement in partnership with Morgan Stanley. Dubbed SolarLease, the program lets customers tap the benefits of solar power without incurring the upfront costs associated with PV systems. It also promises to save you cash over the long haul: after putting money down, you’ll likely face a lower total monthly payment. (In other words, your monthly lease payment and reduced energy bill will be lower than what you’re currently paying your utility.) The typical lease is 15 years, with the option of a buyout at the end of the term.
SolarLease is probably not as “revolutionary” as the company claims on its website (the concept of leasing has been around for centuries, after all), but it is unique/noteworthy for a couple of reasons. First, to my knowledge it’s the first residential financing program to be offered directly from a solar installer. This means that you’ll be dealing with just one company for financing, system installation and monitoring. Second, the lease covers all maintenance costs, including inverter replacement, which is a pretty sweet deal. Given current trends, I imagine we’ll see more financing options like this one as interest in solar powered homes continues to grow.
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