According to a new report, almost 3 out of 4 Californians who have gone to solar power have chosen a solar power service over buying their own system outright.
Sunrun, the largest home solar company in the nation, and PV Solar report found that solar power services accounted for 73.4% of California solar users.
Sunrun began its solar power service back in 2007 as a way to make solar energy more affordable to the average homeowner. Traditional home systems can cost as much as $30,000, not including the upkeep to the system itself. What Sunrun does is install the panels (the company maintains ownership of the panels), provide maintenance on the panels, and then allows the consumer to lock in on a guaranteed rate of power which is produced by the cheapest fuel source known to man – the sun.
This model, also known as solar leasing, is actually becoming quite popular throughout the U.S. In fact, later this year, another solar leasing company, SolarCity, is expected to go public.
According to the PV Solar Report, third party-owned solar skyrocketed by 174% in the first two months of 2012 compared to the first two months of 2011. In 2012 alone solar services have generated $100 million in growth for the California economy.
“Every consumer in today’s economy is looking for ways to save money, and now they can do that with a solar panel option that allows them to make the switch without owning the panels,” PV Solar Report’s founder and managing director Stephen Torres explained.