On January 1, 2011, Oregon’s Department of Energy put new rules into effect, which have allowed for SolarCity to offer its first residential solar lease in the State. As of the first of this year, Oregon residents who lease their solar systems are able to receive the residential tax credit (RETC), which was previously only offered to customers who had purchased their system. Since the credits cannot be passed onto SolarCity, the company will allow its customers to postpone the remaining system cost that is not covered by the lease payments until the customer receives their RETC.
The SolarCity advises that SolarLease virtually eradicates the need for homeowners to pay any upfront costs and lets them bring solar energy into their home for as little as US$20 per month. SolarCity has committed to continue offering Oregon homeowners various financing options, including cash purchase, prepaid lease and a partially prepaid lease. All the lease options include the installation, monitoring service, repairs, insurance and a performance guarantee for the 15-year lease.
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“For less money each month than the cost of two movie tickets, Oregon homeowners can install solar power,” said Rob LaVigne, SolarCity’s regional director in Oregon. “Our Oregon lease option should make solar accessible to a wide range of homeowners across the state.”