What is Solar Lease Service Market?
Solar lease is a financial option for the residential and commercial solar systems that allow users to reduce the new solar installation cost and leverage the benefit of solar energy. Government policies, financial subsidies, and implementation of net metering will accelerate the growth of rooftop solar lease services across the globe. Further, the increased adoption of solar systems by the households in the European countries due to the implementation of the net-zero strategy in order to reduce the emission and dependence on fuel for electricity will create significant opportunities for solar leasing.
Highlights from Solar Lease Service Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Sunrun (United States), SunPower (United States), SolarCity (United States), Vivint Solar (United States), Tesla, Inc. (United States), Sungevity (United States), Modernize (United States), Sunnova Energy (United States), Solease (Netherlands), RGS Energy (United States), OneRoof Energy (Canada) and Sunseap (Singapore) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Solar Lease Service market throughout the forecasted period.
Sunrun (United States), SunPower (United States), SolarCity (United States), Vivint Solar (United States), Tesla, Inc. (United States), Sungevity (United States), Modernize (United States), Sunnova Energy (United States), Solease (Netherlands), RGS Energy (United States), OneRoof Energy (Canada) and Sunseap (Singapore) are some of the key players profiled in the study. Solar Lease Service Market Segmentation:
Scope | Sub-Segments |
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Application / End User | Household and Commercial |
Type | Monthly Lease and Full Lease |
Systems | Rooftop Solar System,Ground Mounted Solar System |
On the basis of geography, the market of Solar Lease Service has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Growth Drivers:
High Adoption of Solar Lease Services by the Households in the Developed Countries Due to Due to Decreasing Up-front Solar Initiative Incentives, Inclination Towards the Leasing Solar Power to Provide Electricity in the Rural Areas or Remote Locations and Increased Installation of Solar Systems to Reduce the Energy Bills
Challenges:
Over Leasing Issues and Solar System is not Properly Maintained As it Requires
Restraints:
Slow Adoption of Solar Leasing in the Underdeveloped and Some Developing Countries Due to Lack of Awareness
Opportunities:
Robust Growth of Rooftop Solar Market in India for Household and Commercial Applications and Government Initiatives and Financial Aids like Subsidy on Solar Systems to Support Solar Installation
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Solar Lease Service Providers, Venture Capitalists and Private Equity Firms, Government Bodies and Research Organizations, End-Users and Others
In 2021, Sunnova Energy, a leading US-based residential solar and storage service providers expanded its solar lease service offerings to nine new markets in the US. The new offerings will provide balanced billing, Insurance coverage, and 25-year energy guarantee at competitive pricing without applying for federal and state incentives and rebates.