The Solar Lease
- Provides an estimated 10-20% energy bill savings
- Offers flexible down payment options
- Incorporates a 20 year term
- Assures fixed, low monthly payments
- Flexible and transferable lease terms
- Provides a power production guarantee & monitoring
- Includes an installation warranty & system insurance
Benefits Of The Solar Lease
- No up-front costs
- Low monthly lease payments
- 20-year complete system warranty
- Power production guarantee
- Free online monitoring
Solar lease customers must:
- Be the current homeowner
- Have a source of income/employment
- Score a credit rating of 700 or above (FICO)
FAQs About The APS Lease
- How does the lease work?
The lease will be provided through APS. Homeowners begin by working with APS who will provide a turn-key design and installation of the home solar power system. APS will produce a lease proposal based on the total price of the system, available solar incentives, and homeowner qualifications. Upon customer credit approval and acceptance the lease, APS completes the system installation. Once complete, the homeowner either makes a single prepaid lease payment or begins making affordable, fixed monthly lease payments and is provided installation insurance, a system warranty, and a power production guarantee.
You may also purchase the entire lease up front and eliminate the need for month to month payments.
- How does the lease work as opposed to financing?
Leasing eliminates the hassles of ownership by covering all installation and equipment servicing costs, warranties, and guarantees an annual energy generation for the entire term of the lease. In addition to no to low down payment options, the APS lease offers long term financing which means lower monthly payments to free up household operating capital. The lease can be prepaid at any time during the term of the lease at a depreciated value.
- How does APS Guaranty power production?
APS ensures solar installations are working properly by sending the system's power production data over the internet to a monitoring database. This is how we guarantee the system's performance at no charge to the homeowner.
- What happens if the power production does not meet the guarantee?
System performance will be evaluated on an annual basis. If the annual performance does not meet the guaranteed performance, a customer will either be credited against payments owed or sent a check for the Performance Credit as defined in the Limited Warranty.
- How will I know if the system is producing power and how much power it is producing?
As long as you the homeowner provide an internet connection to the included Monitoring system, the lease includes a web based monitoring system that enables the homeowner to observe the amount of energy generated by the solar array in real-time.
- Who do I call if the system stops working?
There is both an email and a toll free number that can be called. Due to the active monitoring of your install though, it is most likely that APS will contact you to inform you that the system is not operating optimally and will schedule the necessary repairs.
- Does APS provide a warranty for anything other than the solar equipment?
The lease includes a limited warranty for the total installation and equipment for the life of the lease. This includes the quality of the materials, all roof penetrations and surrounding areas during installation and removal, and the performance of the system.
- What if I move during the term of the lease?
The lease is transferable to the new homeowner. A monthly lease will require that the new homeowner meet the same credit requirements, but a prepaid lease is not subject to this additional credit screening. In addition to transferring the lease a homeowner is also able to prepay the remaining amount due on the lease at the time of sale.
- Can I install it myself and save on the cost?
No. The lease is only offered to residential customers through APS. We assure the quality control of our leased solar installations and to ensure systems qualify for local incentives.
- What happens at the end of the lease?
- The solar installation can be removed at no cost to the homeowner.
- The lease can be renewed in increments of 5 years.
- The homeowner can purchase the installation at the system's fair market value
- Will I receive the tax credits or rebates (if they exist?)
No, all tax credits and rebates are assigned to the leasing company, but your monthly payments or prepayment price reflect these incentives.
- Can I claim the lease payments as an expense on my income taxes?
This would be a question for your accountant.
- What is the interest rate I'll pay?
An interest rate applies only to items you are borrowing money to purchase. This is a lease of equipment.
- Is there a minimum or maximum size for the installation?
Yes. The minimum system size is 2.0 kW and the maximum size is approximately 33 kW.