Wednesday, October 22, 2008
Rent A Solar Panel For Your Home
What a great idea.
From CNN Money Solar power your home, for cheap
A Silicon Valley startup rents solar panels to homeowners - a strategy that is both cost-effective for customers and, thanks to generous tax breaks, a boon to its bottom line.
"The biggest barrier for solar is the upfront cost," said Lyndon Rive, CEO of Foster City, Calif.-based SolarCity.
Rive's company may have hit on a solution. Instead of selling solar panels to homeowners, SolarCity's main business is leasing the panels. The consumer pays SolarCity a monthly lease payment - about $75 for a 2.8 kilowatt system - which, when combined with his newly-lowered electric bill, typically adds up to a savings of 10% to 15%.
SolarCity does all the installation work, and there's little risk for the consumer since SolarCity guarantees a minimum level of power production.