AES Announces Solar Leasing Programme

November 21, 2013

[Updated] Alternative Energy Systems Ltd. [AES] has introduced their new solar leasing programme, which allows the recipients to have solar energy installed at their homes with no up-front cost.

It allows homeowners to reap the benefits of green energy and enjoy the long-term rewards of making their own power and being less dependent on traditional energy sources.

Basic 6-panel installation

The Company said, “The SunPower Solar Starter Kit that is being offered to launch the leasing programme includes six high-efficiency SunPower 240 watt ACPV panels, a SunPower web-based monitoring kit, all government fees, permitting costs, complete installation and commissioning of the system. There are no up-front costs to the customer.

“SunPower Maxeon all-back-contact solar cell technology captures up to 50 percent more sunlight and generates more energy than all other conventional front-contact panels.

“These panels feature an industry-leading 25-year workmanship warranty and a 25-year power guarantee. The web-based monitoring kit allows homeowners to keep track of energy production in real time from anywhere in the world using a computer or smart device.

“The 1.44kW system will produce approximately 2,200kWh of energy per year, and requires only 80 sq. ft. of roof space.”

Tim Madeiros, CEO of AES, says the company is excited to introduce this programme to the Bermuda market so as to further the growing interest in solar energy.

“In the past year we have seen a phenomenal move to solar power in the residential market in Bermuda. To continue the momentum AES is introducing this financial mechanism to further encourage the transition to solar technology among Bermuda residents,” said Mr Madeiros.

“It is AES’ goal to make solar technology accessible to everyone in Bermuda, which in turn will reduce the island’s reliance on expensive imported oil that significantly drives up our cost of living and operating a business. This leasing programme offers a fresh, modern approach to the energy industry in Bermuda.”

Update 2.21pm: When asked about the ongoing costs for the leasing programme, AES didn’t provide specifics, however said: “the costs will be less than energy saved so the customer can realize an immediate savings on energy.”

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Comments (9)

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  1. Smart says:

    Congrats Tim, you’re always a step ahead of the game. This looks like a game-changer.

    • Paul says:

      Umm, not really, this is the same model commonly used in north america, and clearly a tactic to try to lock people in to buying this particularly overpriced and over-hyped brand of solar products. I’ll be shopping around a bit more when I decide to go solar!

      • Jean says:

        It’s new to Bermuda! And now we know that leasing is a proven model if it’s used commonly in North America. I agree, you should do your research before buying large-priced items; but that doesn’t mean you need to be nasty about someone’s products! I think this is a great idea and shows business creativity.

  2. Family Man says:

    Why are the solar companies always so vague with the numbers?

    -What are the lease costs?
    -How long is the lease?
    -Although there are no upfront costs, what other costs are there?
    -Who insures the system?

  3. Paradox says:

    I agree with Family Man, its all hype, 2,200kWh is about an 8.6year payback, what a deal….NOT! come on put your actual figures out there, I totally respect the fact that your are a reputable company but to each capital outlay there are a few components

    Cost of equipment and installation (upfront or not)
    Maintenance of the equipment during its lifecycle
    Replacement of components during the cycle
    Incremental insurance addition to the home policy
    Service fees to keep system optimized
    Then when you add that lot up, and tell us what the payback period is based on the unit size, which in this case I suspect might exceed the life of the gear

  4. Smart says:

    I am certain the actual costs will be communicated in the near future, however the skepticism is unfortunate considering for years everyone’s complaint was “it’s too expensive to buy”. Now that they have eliminated the up-front cost, we’ve found something else to b1tch about.

    • Paradox says:

      Not quite true or smart, peoples “b1tch” was mainly around yes the initial cost but also the payback period to re coup that cost simply put if the payback is over 8 years, why bother? Postponing the cost won’t ease the pain if it’s not financially viable, bit like one of the ads you see for furniture “pay nothing till 2015″ that’s not free credit. And by the time you do finish paying for it it’s time to buy another one.

  5. Customer says:

    Doesn’t look like this is the first offer of financing anyway, Bermuda Engineering have had monthly finance rates for their systems up on their website ever since I started researching solar earlier this year:

    Looks like all but the smallest systems could save you more off your electricity bill than the repayments would cost, though we bought our system outright as the cost has dropped a lot in the last couple of years and the payback was only about 6 years anyway.

  6. Sara says:

    It’s funny to see how defensive and negative people can be about solar panels. If you don’t want them, don’t but them. If you want answers to all the specific costs, call the damn company and find out!!!