The Renova Solar Residential Lease; Solar Leases Attracting New Demographic

Author profile image for Nate Lewis, Chief Revenue Officer
  • Nate Lewis
  • Chief Revenue Officer

The sun is shining on homeowners in less affluent neighborhoods who are discovering they can afford solar energy after all — by leasing rather than buying the panels on their roofs. The new business model lets homeowners save money the very first month, rather than breaking even a decade after an initial investment of $5,000 to $10,000. Analysts with the U.S. Department of Energy's (DOE) National Renewable Energy Laboratory (NREL) found that the solar lease business is surging in southern California. And the model is being adopted in less affluent neighborhoods that had avoided customer-owned systems. The NREL study found a positive correlation between customers outright buying solar energy systems and customers living in neighborhoods where the average household income was $150,000 or more. But for third-party-leased solar panels, that positive correlation appeared in neighborhoods where the average household income was just $100,000 or more. The study did not look at individual adopters, who can have many different reasons for installing solar. Still, the study strongly indicates an attraction for third-party leasing in neighborhoods with less affluence than those most likely to go for the customer-owned option. If what's true in southern California proves true for the nation, it means that rooftop solar power could attract an additional 13 million Americans — and that will push solar energy into the mainstream.

 

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