What Are Some Benefits of the Sunnova Solar Leasing Program?


Quick Answer

Leasing solar energy from Sunnova includes benefits such as saving money on utility bills, fixed monthly rates, ongoing maintenance and easy lease transfer to a new owner. The Sunnova lease agreement is for a 25-year term and doesn't require a down payment for solar panel installation.

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Full Answer

The Sunnova leasing program is a cheaper alternative to power company utilities, because homeowners can lock in a fixed rate payment, which is often not possible with utilities. Many utilities raise rates an average of three percent annually, but Sunnova is able to offer long-term rate stability by securing a 25-year lease agreement with homeowners. Sunnova is responsible for installing solar panels, which it does by partnering with local solar installation companies. After the equipment is installed, Sunnova monitors the performance of the solar equipment system to ensure it's operating properly. Additionally, the company handles all solar equipment maintenance and repairs, which removes that expensive burden from homeowners.

Homeowners with a Sunnova lease can sell their homes and arrange to have the solar energy lease agreements transferred to the new owners. Transferring a solar lease is a better option than purchasing solar equipment outright and failing to recoup that investment during a sale. Technically, homeowners can transfer a Sunnova lease agreement to a new home within a 20-mile radius, but it's more cost-effective to sign a new contract.

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