Solar Leases Will Drive Solar Home Growth to $5.7B

11 Feb. 2013 by

FORBES - financing mechanism that has made solar energy more affordable is set to propel the growth of the residential market in the United States from $1.3 billion in 2012 to $5.7 billion in 2016, according to a report released Monday.

The mechanism makes it possible for homeowners to pay little or no money down to have a set of solar panels installed on their roofs. Instead of forking over, say, $20,000 to install and own the equipment, they pay a fee each month for using the electricity produced from the panels. Homeowners typically sign a long-term contract of 15 to 20 years with the companies that pay for solar equipment and labor and make sure the solar panels work properly during the lifetime of the contract.

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