Leasing Solar Panels In Illinois

What issues do i need to be aware of.

Leasing solar panels in illinois.

In fact you will have to either return them after 15 years or purchase them from the solar company at the end of the lease. The main practical distinction between buying and leasing a solar pv system is in ownership. Or you can opt for brightsave prepaid to lock in the best value sunrun has to offer. If you lease the system or sign a power purchase agreement ppa a third party owns the solar panel system.

As stamford texas attorney james decker explained we re still early in the era of solar energy development in. That could cost 500 for an initial audit and another 500 to transfer the panels if the leasing. In a lease you pay to rent the solar power system typically for about 20 percent less than you were paying for electricity explained freedom forever solar ceo brett bouchy. The state may fail to hit its 25 renewable energy goal by 2025.

Another choice that solar shoppers have to face is how to pay for a solar panel system. The most active solar leasing company in illinois right now is sunrun an outfit out of california that has been selling and leasing solar panels for several years. I ve been contacted by a company wanting to enact a solar lease on my land. However we note a need for state lawmakers to get more aggressive here with a solar carve out and a more progressive rps.

Solar lease in illinois we have two easy solar leasing options. With brightsave monthly you can go solar and save on your monthly electricity costs for as little as 0 down. Sunrun peddles its leases door to door often through third party companies like chicago clean energy authority and sun n us. A solar lease is a financing option for residential solar panels where the homeowner leases panels from a solar company.

Some solar leasing companies may offer to relocate their systems from one house to another. If you buy a solar panel system you own the system either outright if purchasing with cash or after repaying your solar loan. You never own the solar panels. For illinois the average solar payback period is 9 31 years.

Leasing a solar pv system in illinois also gives you positive cash flow during year one but you will save much less over the agreement s duration because you are splitting the savings with a third party. As always i highly recommend that landowners consult an experienced attorney to review any lease agreement including a solar lease before it s signed. Some companies also offer power purchase agreements or ppas. The leasing company gets the rebates incentives and federal tax credit for the purchase of solar panels.

If you don t have access to a heloc this option is recommendable but otherwise you should go for a loan.