In case you missed our April article about prepaid solar leases, following is a quick recap that explains how this type of solar option works.
By making one upfront payment towards your solar lease, you lock in your energy rates for the length of the contract. With energy costs rising at an average of 3% per year, you are guaranteed to save on your electricity bill over time, unlike the trend of your current utility bills.
In one year, it’s easy to see how much a prepaid solar lease can save, and over time, it’s clear this is a wise investment in your home! To show a real life example of the savings, one of our happy Harmon Solar customers was willing to share some details of their solar lease. Harmon Solar installed a 13 KW system on a south facing home in Avondale. The homeowner made an upfront investment of $20,000 towards their solar lease, locking down their energy rates for the next 20 years. Before solar, the family spent more than $3,300 annually on electricity. With the solar lease, their utility bill is now only $600 for an entire year! Additionally, because they don’t own the solar system, they are not responsible for any maintenance or repair costs for the entire length of the contract (saving them even more money!).
While $20,000 may seem like a significant investment, this particular homeowner is realizing a 14% annual return, with a total savings of more than $55,000 over the course of the lease! You could put that same $20,000 in a savings account, and your interest earned wouldn’t even come close to your return on a prepaid solar lease.
At Harmon Solar, we make it our personal mission to determine the best option for you that will save you the most amount of money. Find out if a prepaid solar lease right for you. Sign up for a complimentary in-home consultation or call 800-281-3189 today.