The Cheapest Electricity Source: A Solar Lease
If you are like many people during these tough economic times, you are probably looking for new ways to save money. Perhaps you have taken a look at your electricity bill, and are wondering what you can do to make that smaller. However, unless you live in one of the few states with a deregulated electricity market, you don’t have a choice of electricity suppliers, and you are stuck with the rates from the one that you’ve got. So, what can you do to save money on electricity?
Fortunately, there is hope on the horizon from a surprising source: solar electricity. In the past, one of the big barriers to installing solar panels has been the large up front cost that you must bear in order to get them on your roof. With the new solar leases that are becoming available, however, this barrier is removed. A solar leasing company, such as SolarCity or SunRun, will retain ownership of the solar panels after installing them on your roof, often for no money down, and then will sell you the electricity that the panels produce. You can use their calculators to find out how much they will charge you for the electricity, which in many cases is less than you are paying to your current electricity supplier. What is even better is that their electricity prices are typically fixed over the term of the lease, which may be 15 years or more, so your savings will go up as the price of electricity inevitably goes up over time. So, it is very likely that the cheapest electricity in the long run would come from a solar lease.
One limitation is that solar leases are only currently available in a handful of states, including Arizona, California, Colorado, Massachusetts, New Jersey, Oregon, and Texas. However, the companies offering solar leasing are constantly expanding, so, if you are looking for cheap electricity, keep an eye out for solar leases coming to your state soon.
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