Solar Panel Rental
Solar panel rental to homeowners is a relatively new concept and is presently gaining popularity in the United States. This concept makes the sun’s energy more widely available to those who could not normally afford to buy a photovoltaic power system.
Installing photovoltaic panels for many homeowners is beyond their affordability these days. These panels just by themselves are the expensive investments and the added cost of installing them adds thousands of dollars on top of that.
But nowadays, there are some come companies who specialize in photovoltaic panel rental to homeowners. Rental of these panels eliminates the upfront cost of the systems and make them easily available. This approach is allowing homeowners to seriously rethink their options for using renewable energy.
The companies who rent these power systems can enable almost every homeowner to have the opportunity to convert to renewable energy. Renting solar panels have some advantages. A couple of those advantages are allowing the homeowner to save some money and also make some money from the electric utility.
The money the homeowner would make from the electric utility would come from the extra energy the panels generate and placed into the utility’s grid via a grid tie system. A homeowner would typically receive payment for that extra energy, usually at the utilityâs avoided cost (wholesale price) through a net metering arrangement. Check with your utility for complete details and requirements.
So, what is the process for photovoltaic panel rental? Homeowners who presently reside in 40 states can use this renewable energy resource without upfront costs. Additionally, this means the waiting period for receiving rebates for the installation of the system from the utility no longer exist.
The company that rents these panels to the homeowner will make all the necessary arrangements with the electric utility and and do all the leg work to ensure the system meets all solar energy codes and permitting for their installation. The installation of the system is typically free. This fact alone will further reduce the cost of the homeownerâs renewable energy. After the installation of the panels, the company will also maintain the system for proper operation.
Many homeowners ask if the solar panel rental will really save them money. Here are some factors to help answer the question. One factor is the rising electric utility costs of energy from year to year. Electric utility bills can increase by as much as 30% annually and put a serious crimp in any homeownerâs budget.
When renting a system, the homeowner will continue paying the same electric utility rate at the time the of systemâs installation. This electric rate will remain the same for 25 years; which is the duration of the rental agreement. In some instances and where the one lives, the savings could amount to several thousands of dollars annually.
The rental cost for the solar power system is typically less or equal to the electric energy bill the homeowner is presently paying to the utility. Initially this may not appear to be savings to the homeowner and considered as an expense. However, when considering the cost of electricity from the electricity utility down the road in 10 or more years, the homeowner would experience substantial savings even if the cost of energy increases by at least 5% annually.
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