Affordable Solar and Sunnova Energy Corp. have unveiled a new solar panel leasing program for residential customers in the U.S. state of New Mexico, offering many homeowners the opportunity to access solar energy for less than the monthly cost electricity.
The Albuquerque-based Affordable Solar said the financing program would provide New Mexico residents "with solar power systems that can allow them to save money on energy costs from day one without paying the upfront cost of the system."
Customers will have the opportunity to select the solar panels and system sizes that best meet their energy needs and budgets.
The 25-year lease option includes installation, monitoring, repairs and insurance for a monthly fee. A 4.5 kW residential solar system, typical for a three-bedroom home, would initially cost about $80 a month (62) with no upfront cost under the plan. The monthly payment would be offset by a decrease in the households electric bill. Customers could purchase the same system outright for $18,000 (32,900), not including federal and state tax credits.
The lease program is only available to New Mexico property owners through Affordable Solar.
Affordable Solar general manager Ryan Centerwall said the companys partnership with Houston-based Sunnova would "help bring energy independence to many New Mexicans that have been turned off by the upfront cost of solar, or their lack of tax incentives. New Mexicans will be able to lock in their energy costs for 25 years, providing stability that a family can plan around. Think of it like having been able to lock in your gas prices many years ago at $0.99 per gallon for 25 years. The upside is tremendous."
Affordable Solar provides solar project design, project development, construction and product distribution.
Currently, 75% of U.S. residents have access to solar energy through solar lease programs.