SolarCity has announced the availability of its first residential solar lease in Oregon. The new financing option was made possible by new rules published by the Oregon Department of Energy that went into effect on Jan. 1.
The new rules allow customers who choose to lease their solar systems to receive the residential tax credit (RETC) that was previously only available to customers who purchased solar systems. As the customer cannot transfer the credit to SolarCity, SolarCity allows the customer to defer the remaining system cost not covered by the lease payments until the customer receives the RETC, effectively eliminating the customer's up-front cost, SolarCity explains.
SolarCity adds that it will continue to provide Oregon homeowners with multiple financing options, including cash purchase, prepaid lease and a partially prepaid lease with a lower monthly payment.