In this ongoing series, we’re exploring how the recently passed Inflation Reduction Act will empower families in communities across the United States to save money while reducing their carbon footprint by choosing clean energy. In this week’s scenario, we’ll see how a young family in Florida is making solar energy work for their budget and needs.
In Miami, the relentless heat of summer 2022 set some all-time records. Like many young homeowners, Jorge and Claudia have been watching their utility bills rise faster than the temperatures. Tired of seeing double-digit increases in their utility bills, Jorge and Claudia knew it was time to consider other options. That’s when they began wondering if solar power would be worth a look.
Jorge began researching solar companies like SunPower. After following them on Facebook, he was notified that they would be hosting a live Q&A about the Inflation Reduction Act. He decided to attend and learned quite a bit about the incentives being provided to homeowners. One fact that stood out to him was that SunPower uses the savings from the 30% solar investment tax credit to help reduce monthly lease payments. When the couple realized the benefits of the IRA extended beyond just customers who purchased their systems, leasing their solar system seemed like a no-brainer.
With a 7-kilowatt (kW) system on their 2,500 square-foot home, Jorge and Claudia can expect to save on average around $104 per month on their electric bill, depending on the season. These savings would be more than enough to cover the $91 per month lease payment, enabling them to immediately benefit from solar with no upfront cost.
Apart from savings, there are other benefits to leasing a solar system. For one thing, SunPower maintains the solar system during the term of the lease, meaning Jorge and Claudia wouldn’t have to worry about any repairs or updates should the need ever arise. Secondly, SunPower offers a performance guarantee. If the couple’s solar system doesn’t perform as agreed upon in their Lease Agreement, they can be eligible for reimbursement of any lost production.
So, how much can Jorge and Claudia actually save?
Estimated average monthly savings from solar after lease payment: $13
Estimated annual savings: $156
Even better, Jorge and Claudia learned that the solar on their roof would help “green up” the electricity grid in Florida by producing clean energy.
Claudia and Jorge decided going solar was the best investment they could make as a young family. It would help reduce their electricity bill and redirect their current investments toward clean energy instead of going to the utility company.