The world of solar leasing just got a whole lot more interesting.

Last week, Google announced a plan to invest $280 million in SolarCity, a California-based company that offers solar leases in ten states across the U.S.

Hours after, news broke that Suntech Power Holdings Co. Ltd — a large China-based manufacturer of solar panels — was working on plans to offer a solar home energy lease option of its own. Both developments are likely to increase the availability of solar leases to qualifying homeowners in select states.

Speaking at the Reuters Global Energy and Climate Summit in San Francisco last Wednesday, Suntech America President Steven Chan said the company plans to launch four or five financing programs in the U.S. market in the coming six to nine months. Beyond solar home leases, plans are also in the works for a power purchase agreement (PPA) option for commercial projects and a financing initiative for utility-scale projects.

Suntech’s residential solar lease option is somewhat unique in that it will be spearheaded by a manufacturer. By contrast, the core business of SolarCity — and other solar lease providers like Sunrun and Sungevity — is to provide financing and arrange for solar installation, maintenance and other services.

Why should you care?

Solar leases have become popular in recent years mainly because they enable homeowners to pay a recurring fee for solar panels instead of a large amount upfront. That fee is typically more than offset by savings on monthly electricity bills.

Solar leases aren’t without their limitations, however. Sunrun and SolarCity, for instance, currently only operate in ten or so states. And, just like any kind of financing, standard solar lease offers require homeowners meet minimum credit requirements in order to participate.

Nevertheless, Suntech’s residential solar lease option should help make solar power an affordable, accessible option for more American homeowners. This is especially true because Suntech solar panels are among the most competitively priced on the market today.

Image of Suntech’s building in China (above) via Suntech America.