SolarCity has made available its solar leasing program, SolarLease, to customers of Los Angeles Department of Water and Power (LADWP), the nation's largest municipal utility.
SolarCity's lease combines with LADWP's generous solar rebates, which are among the highest of any U.S. utility, to make solar power affordable for Los Angeles homeowners. A SolarCity solar lease of a 4 kW solar system, appropriate for a typical three-bedroom home in Los Angeles, would start at $55 per month, with no money down, on approved credit, the company says.
SolarCity's solar leasing option for LADWP customers is a 20-year lease with fixed monthly payments for the life of the lease. The first month's payment is due when the system is turned on. SolarCity's lease option includes financing, design, installation, a performance guarantee, the company's Web-based SolarGuard monitoring service and repair service.