Solar leasing has surged ahead in the U.S., driven by the model being a good fit for U.S. consumer habits and leasing firms ability to access low-cost financing on the back of the 30% solar Investment Tax Credit. SunEdison, SolarCity, Sunrun, Vivint Solar and Sungevity are leading players in the space.
In Europe the solar leasing model remains in its early stages, although SunEdison has shown an appetite for the market and has announced its intention to introduce a 20-year solar lease in the UK.
SunEdison unveiled its SunEdison Energy Saver Plan to UK consumers at the EcoBuild today.
The SunEdison lease will run for 20 years, will require no down payment from consumers and will deliver a 15% saving on existing electricity within the first year, the company claims. The price for solar electricity delivered under the lease will increase 3.5% annually, below the 8% average increase of electricity prices in the UK based on government data from the past decade.
SunEdison will be responsible for component supply, installation, O&M and insurance of the PV system under its Energy Save Plan.
The new SunEdison Energy Saver Plan represents a step-change that revolutionizes access to solar for UK homeowners. To simplify the process of going solar, we’ve removed the biggest barrier the upfront purchase cost, said SunEdisons European residential and small commercial VP. We anticipate high demand for this no cost way to save money immediately.
SunEdison will tap local installers to roll out the program.