SolarCity Announces Residential Solar Lease Program

SolarCity, a company that sells solar systems and provides solar related services, has declared the introduction of a residential solar lease program for the residents of Oregon. The announced program will enable the homeowners of the state to install and avail solar power by paying a nominal amount of $20 per month without the need for any type of initial investments.

SolarCity has made use of the new lease rules announced by the Oregon Department of Energy allowing the home users to choose a lease option and still avail the benefits of residential tax credit (RETC). Earlier, only owners of solar systems were eligible to receive such benefits of the state. The new financial facility introduced by SolarCity enables the clients to retain the tax credits by allowing them to postpone the payment towards system costs, which is not included under the lease payments till the clients receive the RETC thus benefiting the customers the solar facility without any capital investment.

The lease options provided by the company includes active solar power monitoring service by utilizing SolarGuard, attention to repairs, insurance for the system and guarantee for the performance of the system for the lease period of 15 years. The lease facility is available for the home owners of Oregon as well as to the clients of the utility companies Pacific Power and Portland General Electric.