Geoscape Solar to Offer Residential Solar Lease, New Jersey’s First

Geoscape Solar, a New Jersey-based solar installation company, today announced New Jersey’s first residential solar leasing program. The new program will enable homeowners to get solar panels installed with no upfront cost.

“The benefits of solar energy sell themselves,” said Jeffrey Chavkin, president and co-founder, Geoscape Solar. “What customers need are clear and concise explanations of these benefits, financing to take advantage of them and help getting through the maze of government paperwork.”

Geoscape’s approach mirrors solar leasing programs that have recently become popular in California through providers like Solar City and SunRun. Under the program, the solar photovoltaic system offsets the homeowner’s electricity bill, yielding real savings. The homeowner then pays a monthly fee to Geoscape, in this case, which benefits from state and federal incentives designed to lower solar’s cost of installation. New Jersey offers one of the best solar incentive programs in the country, making for a unique opportunity.

“Right now, amid our troubled economy, New Jersey and the federal government have created the most attractive solar investment opportunity ever,” said Michael Boches, CEO and co-founder, Geoscape Solar, “The state has the fastest growing market for solar in the United States and offers the best financial incentives in the country for switching to solar energy. Our research finds that homeowners want to make the switch to solar, but the high upfront costs have created a barrier. By offering the first residential lease and commercial financing options, we are making it simple and affordable for more families and businesses to achieve the benefits of solar power.”

Solar Lease Program

• No money down
• Low fixed monthly payments
• No annual increases

Solar Purchase Option

• Government incentives pay for more than half of installed costs
• Finance the balance with: PSE&G loan (for PSE&G customers); home equity or personal line of credit; 18 months same-as-cash

When GetSolar spoke with Geoscape about their leasing option, co-founders Jeffrey Chavkin (President) and CEO Michael Boches (CEO) were optimistic about solar’s outlook in the state, and emphatic about the value solar represents today. What Chavkin calls the “perfect storm” of solar has hit: lower panels prices, due to last year’s glut; peak financial incentives; and a gung-ho renewable energy policy attitude from the feds and many states. This combination has the potential to “change the energy landscape, and bring solar more mainstream”, which is where solar leasing fits in. For those who are passionate about clean energy, are sick of escalating utility electric rates, and can’t otherwise finance a solar energy system, solar leasing is the perfect solution.