Homeowners in Georgia who have been hesitant to install solar panels because of their cost may feel better about committing thanks to a revolutionary solar leasing program.
As Grist reported, the national nonprofit Capital Good Fund recently launched the Georgia BRIGHT solar leasing program, which allows homeowners to save money on energy bills with zero down and no maintenance fees.
According to Capital Good Fund, homeowners in Georgia with an annual household income of $100,000 or less are eligible for the program. The income limit makes solar energy accessible to homeowners who may not be able to afford it otherwise.
The nonprofit said most homeowners can expect to save around 20% a month on their power bill, or about $10,000 to $15,000 over the 25-year lease. On average, homeowners will pay $47 a month for the BRIGHT lease, resulting in monthly savings of $20.
"This program levels the playing field for those families who are facing those energy burdens to help them reduce their energy costs," Nicole Lee, owner of Be Smart Home Solutions, told Grist.
Capital Good Fund founder and CEO Andy Posner told the outlet that while for-profit companies have offered solar leasing programs in the past, a tax law update provided an opportunity to nonprofits.
Per Grist, the Inflation Reduction Act allows nonprofits such as Capital Good Fund to claim the federal tax credit as a direct refund, transferring the savings to BRIGHT program customers.
The nonprofit aims to install solar panels on 200 Georgia homes in the program's first round and eventually expand nationwide.
"This pilot is about impacting 200 lives, but it's also about creating a model for serving 200,000 over the next 10 years," Posner told Grist. "Both within Georgia and in other states, there's a tremendous interest."
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The outlet reported that Savannah homeowner David Morgan signed up for the program and expects his monthly energy bill to drop from a whopping $270 to just $70 once the solar panels are installed.
He estimated that the solar panel program would cost around $98 a month, putting an extra $100 in his pocket each month.
"This is one of those programs that anybody can actually get involved in," Morgan told Grist.
Eligible Georgia homeowners can enroll through April 8.
In addition to saving consumers money, ambitious solar installation programs can help to drastically reduce the planet-warming pollution generated by the electric power sector.
From the Turkish desert to remote Indonesian islands, solar power is lighting up the world with clean energy.
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