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Solar Lease Service Market to Grow at Highest Pace owing to Lowered Cost of Ownership

Solar lease services involves leasing rooftop solar PV systems to residential customers and businesses. Under this arrangement, a solar company owns and maintains the solar PV system on the building, and charges a fixed monthly fee to the building owner for energy generated and consumed. The key advantage of solar leasing is that it offers an affordable alternative to purchasing a solar system outright, with no large upfront installation costs. Consumers can access clean solar power with minimal investment and maintenance responsibilities.

The global solar lease service market is estimated to be valued at US$ 14.84 bn in 2024 and is expected to exhibit a CAGR of 18.7% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the solar lease service market include GoodRx, SingleCare, WellCard Savings, RxSaver, Optum Perks, Kroger Prescription Savings Club, ScriptSave, Walmart Rx Savings Program, Prescription Hope, FamilyWize, NeedyMeds, and Humana.

The growing adoption of renewable energy sources coupled with favorable government policies supporting solar power deployment is driving significant Solar Lease Service Market Demand for solar lease services globally. Solar leases remove major financial barriers for consumers and make distributed solar power generation widely accessible.

Technological advancements such as improved solar panel efficiency, energy storage solutions, monitoring systems, and smart PV inverters have enhanced the value proposition of solar lease offerings. Advanced products and technologies help maximize energy production and enable better connectivity and control for end-users.

Market Trends

Rising electricity costs: Steady increase in retail power prices is encouraging more commercial and industrial facilities to adopt solar leasing models to gain long term electricity cost stability and savings. This is a major market trend promoting the uptake of solar lease services.

Stringent carbon emission goals: Growing government targets and legislation aimed at reducing greenhouse gas emissions from the energy sector is driving organizations to embrace clean energy solutions like solar leasing. Strict climate change policies are expected to further accelerate the adoption of solar lease services.

Market Opportunities

Emerging markets: Countries in Asia Pacific and Africa with high solar irradiation potential and growing electricity demand represent major opportunities for Solar Lease Service Market Challenges And Opportunities  of companies to expand their customer base.

Integrated storage solutions: As energy storage technology prices decline, offering solar leases bundled with battery storage is a key growth opportunity. It enhances the value proposition through superior energy resilience during power outages.

Impact of COVID-19 on Solar Lease Service Market

The COVID-19 pandemic has significantly impacted the growth of the global solar lease service market. During the initial lockdown phases, the demand and installation of solar projects declined dramatically as stringent restrictions hindered the construction activities. Supply chains were disrupted due to international travel bans and lockdowns affecting the availability of solar components. This led to delays and postponements of many planned solar projects during 2020. However, as lockdown measures eased in many countries post mid-2020, the market started recovering faster than expected. Government initiatives to boost renewable integration helped revive the investor confidence in the sector. Rising electricity demand and power security concerns also accelerated the adoption of solar power systems during the pandemic. The distributed nature of solar installations helped address location-specific power needs more effectively. Long term growth outlook remains positive owing to supportive policies driving decarbonization efforts globally. The solar lease service providers are expected to focus on enhanced digital technologies to manage operations remotely and strengthen online service delivery models in the future.

North America accounts for the major share of the global solar lease service market in terms of value. This is attributed to large rooftop solar projects and rapidly increasing installations across major countries like the US. Favorable net-metering incentives, investments tax credits and renewable portfolio standards have boosted solar power uptake in the residential and commercial sectors over the last decade. The Asia Pacific region is expected to be the fastest growing market during the forecast period owing to rising electricity demand, carbon reduction commitments and strong policy push for solar growth in emerging economies like China, India and Southeast Asian nations. In particular, India is witnessing aggressive capacity addition through their national solar mission and presents immense opportunities for lease service providers.

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About Author:

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)

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