Lumio Solar Reviews, Services and Costs (2024) – MarketWatch
Lumio does not disclose its pricing structure online, and solar panel costs may vary based on your location, installation complexity, energy consumption and more. However, based on our survey of 1,000 homeowners with solar panels, the average cost of a system is $15,000 to $20,000.
According to a company representative, Lumio’s pricing is competitive compared to companies such as SunPower, Sunrun and Tesla Energy. While SunPower and Sunrun average around $15,000 to $20,000, Tesla runs closer to $25,000 to $30,000, based on our research and survey results.
If you are buying solar panels from Lumio, you can choose from multiple payment options. The simplest way to pay is in cash, which will result in maximum savings. However, if you wish to spread your investment over time, you can choose one of the following solar financing options:
- Solar loan
- Solar lease
- Power purchase agreement (PPA)
Similar to a loan you would take out for a car, a solar loan allows you to pay for a system over time with less money upfront. Lumio also offers solar leases, wherein you won’t have to “purchase” the system but instead rent it from a provider. In a solar lease, Lumio will own the system, and you pay monthly to use the panels to power your home.
The company also offers PPAs, which like leases, have a monthly solar payment. However, PPAs bill you for the amount of solar energy you consume, not for the equipment itself, somewhat like your contract with your power company.
Leases and PPAs generally offer the lowest return on your investment but can reduce the burden of upfront payments. Keep in mind that you will not own a system with a lease or PPA, which means you can’t apply for the federal solar tax credit or other incentives.
In some states, you can also benefit from sustainability loans offering zero or low-interest rates. Regardless of your payment choice, consultants at Lumio can help guide you through the financing process.
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