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Colorado Law Opens Way For Solar-Energy Leases

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Oct 13, 2009 3:48 pm US/Mountain

Colorado Law Opens Way For Solar-Energy Leases

DENVER (AP) ―

Click to enlarge 1 of 2: Solar panels
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Click to enlarge 2 of 2: CBS4's Project Green looks at how Coloradans are living in environmentally friendly ways. Visit the Project Green section.

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Colorado homeowners who want to go solar now have a chance to lease the equipment rather than buy it.

San Francisco-based SunRun announced Tuesday that it will start offering leases in Colorado following approval of a law allowing loans for solar equipment to be made to a third party. SunRun will partner with three Colorado solar installation companies, which will own the panels.

Company officials say homeowners sign a lease, then pay as little as $1,000 as a one-time installation fee, plus monthly bills for the electricity.

Gov. Bill Ritter says he believes the law clearing the way for the solar leases will help lower homeowners' energy costs and create renewable energy jobs.