Green Mountain Energy Company of Texas launched a solar leasing program that will allow residents to buy into a 20-year lease of solar panels for their roofs. The leasing program allows customers to invest in solar at no upfront cost.
Leasing an average size 4-kilowatt (kW) solar array will produce about 450 kilowatt-hours (kWh) of electricity at a cost of $100 per month, which is nearly double current grid power rates. Despite higher energy costs, interest in the solar leasing program has grown, according to Green Mountain Energy. The first 500 kWh of excess electricity generated per month from the leased solar panels will be purchased by Green Mountain Energy at the same rate customers pay for power as part of the utility's Renewable Rewards Buy-Back Program. For any excess energy beyond 500 kWh per month, the buy-back rate is reduced by 50 percent.
News Release - Green Mountain Energy Company Launches Renewable Rewards® Solar Lease Program in Texas
Additional Information - Green Mountain Energy sets up solar leasing program