Solar power is on everyone’s mind these days. We still remember the exorbitant oil prices of the summer of 2008, when oil reached it’s peak of over $150 a barrel. However, for many, solar energy, much like hybrid cars, are a cost-prohibitive luxury.
SolarCity, a California solar provider, hopes to change all of that.
Instead of having consumers front the cost of the equipment and installation of solar systems, which can range anywhere from $50 – $75,000, SolarCity , with financing from U.S. Bancorp, will front the cost, and the consumer pays a set monthly lease. In a way, this is similar to a power purchase agreement used by energy companies and local governments.
On average, a consumer is estimated to save about 10 – 15% of their current monthly energy bill.
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