Solar City Partnering With Best Buy to Sell Residential Solar Leases

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Solar City, a company that installs and leases solar panels to homeowners, is partnering with big-box electronics seller Best Buy in hopes of boosting solar sales in California, Arizona, Hawaii, Oregon, and New York.

Solar City will station salespeople in 60 stores throughout those states to pitch the benefits of their 20-year solar contracts directly to consumers, and Best Buy will take a cut of the sales. Based on a homeowner’s utility company and monthly electric bill, Solar City representatives will be able to quickly give potential customers an estimate of the costs and savings associated with a solar lease.

Leasing enables a homeowner to avoid the large upfront costs associated with purchasing and installing solar panels by spreading those investments over a 20-year lease and locking in a set rate for electricity generated by the panels. Residential solar installations have accelerated in recent years — 2013 showed the fastest growth ever, and 2014 should break that record — largely due to the popularity of leasing programs.

Article appearing courtesy Yale Environment 360.

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Yale Environment 360 is an online magazine offering opinion, analysis, reporting and debate on global environmental issues. We feature original articles by scientists, journalists, environmentalists, academics, policy makers, and business people, as well as multimedia content and a daily digest of major environmental news. Yale Environment 360 is published by the Yale School of Forestry & Environmental Studies and Yale University. We are funded in part by the Gordon and Betty Moore Foundation and by the John D. and Catherine T. MacArthur Foundation. The opinions and views expressed in Yale Environment 360 are those of the authors and not of the Yale School of Forestry & Environmental Studies or of Yale University.