Minn.-based All Energy Solar signed on to become a new dealer for Sunnova Energy International Inc. Key to the move by All Energy Solar is the expanded financial options it can now afford potential solar customers.
“Beyond purchasing outright, there are a variety of ways to pay for solar energy, including credits, rebates, and loans. Traditional financing through a loan that results in the customer owning the system once it’s paid off is typical, but that model doesn’t fit the needs of every situation,” said Michael Allen, co-founder and chief executive officer for All Energy Solar. “There are times when a solar lease is the better choice, and that’s where Sunnova’s flexible energy plans differ.”
Solar leases are fairly similar to car leases in that they are a form of third-party ownership. Under a solar lease, a third party owns the solar panels on a property and the customer gets the benefit of all of the electricity produced by the system at a predetermined monthly rate.
Under the right circumstances, solar leases can be an attractive option, often offering little to no money down, lower electricity costs, pre-determined monthly bills that don’t fluctuate, and maintenance and repairs are Sunnova’s responsibility, not the customer’s.
“In partnership with Sunnova, we work with the customer to design the system and perform the installation. After the installation, the customer has a monthly Sunnova energy bill and Sunnova safeguards the customer’s home solar investment with worry-free, hassle-free maintenance, monitoring, and repairs for 25 years to help ensure the system performs to its maximum potential,” said Ryan Buege, Vice President of Marketing and Sales at All Energy Solar.
All Energy will no doubt encourage customers to consider cash or loans if that makes the most sense for them, but third-party ownership is a great option for a unique segment of buyers.
“This has been available to businesses in the past, and now is the first time we’ll be offering it to our residential customers,” Buege says.
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