Solar Lease Financing Arrives in New Mexico

ALBUQUERQUE, N.M., May 23, 2013 /PRNewswire/ -- Affordable Solar announced that its retail business is offering a solar panel leasing program to residential customers in New Mexico. For less than the monthly cost of their electric bills, many New Mexicans can now use renewable solar energy to help power their homes.

Affordable Solar's new solar financing program, in cooperation with Sunnova Energy Corp., will provide New Mexico homeowners 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. The leasing program allows customers to select the solar panels and system sizes that best meet their energy needs and budgets.

The program includes a solar lease option that includes installation, monitoring, repairs and insurance for a low monthly fee.  As an example, a 4.5-kilowatt residential solar system, which is typical for a 3 bedroom home, would initially cost approximately $79 a month, with no upfront cost. The $79 per month will be offset by a decrease in their electric bill. Customers could purchase the same system outright for $18,000, not including federal and state tax credits.

The new solar lease program is only available to New Mexico property owners through Affordable Solar. Currently, 75% of Americans have access to solar energy through a solar lease.   Now New Mexicans can lock in their cost of electricity, paying for tomorrow's electricity at yesterday's prices.

"Affordable Solar is proud to have an innovative partner in Sunnova Energy Corp. This partnership will 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 99¢ per gallon for 25 years. The upside is tremendous," said Ryan Centerwall, general manager Affordable Solar.

"Sunnova is pleased to partner with Affordable Solar and to be the first to offer solar leasing in the New Mexico Market. New Mexicans will now have access to cheaper electricity through a solar lease for ZERO out of pocket expense. A Sunnova Lease allows you to lock in your electricity rate for the next 25 years, while utility rates continue to rise. Customers have peace of mind that comes with a 25 year warranty, system monitoring, maintenance, and our Power Production Guarantee," said Robyn Kenkel, account manager Sunnova.

Affordable Solar provides solar project design, project development, construction and product distribution. Since 1998, Affordable Solar has supplied over 15,000 PV systems to commercial, industrial, scientific community and residential customers in 96 countries.

Press Contact:

Rebecca Langton • 505-944-4220 • [email protected]

SOURCE Affordable Solar