I heard this on the radio the other day and I can’t believe I forgot about it til just now.  Companies are popping up where you can lease solar panels.  That is so awesome!  I am very very interested in putting solar panels on our roof but according to the research I’ve done, it’s just not cost effective.

According to Find Solar it will us cost about $27,000 to buy solar panels that would provide 25% of our current electricity.  Which if I finance that over 15 years at 5% the payment is over $200.  Hardly worth it if you consider that I would only be saving about $50 a month in electric costs.   Granted, there are tax intensives and programs to help cover the costs, but still.   I don’t see it being worth it anytime soon.   I mean, $200 a month is more than whole our electric bill.

But now there is an option to lease.  This is exciting.  In the news they mentioned a company called SolarLease.  (I wonder how they came up with that name?)  They have a calculator that helps you estimate the cost of the lease and how much it will save you in electric bills.  I plugged my numbers in and they estimate that our lease would be $38 a month and it would save us $28 a month in electric bills.  So over all it would cost $10.  But that is quite an improvement over buying them.  Plus, since the solar panels would be providing us electricity during the day, we could switch to the time of use plan and probably lower our electric bill more than $10 a month.   It’s definitely something to keep in mind.  We just got a notice the other day that the electric company is raising their rates.  So we’ll see.  This might actually become a reality for us.

Pic by: Chris Kantos

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