Solar Universe of California recently announced the launching of their “BriteLease” residential solar panel leasing program, which is backed by Suntech, one of the world’s largest solar panel manufacturers.

A $500 up-front deposit and a low monthly fee (as well as a signed 15 year lease) gets you the power of the sun, which should lower the electricity bill.

Of course, Solar Universe isn’t the first company to lease solar power systems to home owners. Nor is this the first time we’ve written about it. SolarCity partnered with the city of Lancaster in Southern California to do pretty much the same thing. In that instance, the lease was around $110/month for a three or four bedroom home.

Anyone looking into solar leasing would do well to read fine print, particularly as it pertains to a potential move. Some companies will allow you to transfer the lease to the new owners of the home, while other companies have strict requirements which must be met before that can be done. Look out for — and be sure you understand — any penalties for getting out of the lease early.

Is anyone out there currently leasing their solar power system? We’d love to hear about it.

Solar Universe