Palmetto Launches Energy Backup Leasing
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Author
Andrew Blok
Electrification and Solar Writer and Editor
While rising electricity rates get all the attention, the reliability of the electrical grid can pose problems, too, and the need for accessible home energy resilience has never been clearer.
Thanks to hurricanes, outages reached their highest level in a decade in 2024, the most recent year for which data is available. Extreme weather and rapidly growing electricity demand could create reliability risks for the grid, according to the North American Energy Reliability Corporation.
Backup batteries can be versatile solutions to the problem of blackouts, but the upfront cost remains too high for many people. The newly launched Palmetto Energy Backup eliminates the upfront barrier, making safe, reliable, and quiet backup power available to more people than ever before and unlocking the full potential of millions of existing solar panel systems already installed without a battery.
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Palmetto Energy Backup, explained
It’s a common misconception that solar panels alone will keep your lights on during a power outage. Adding a backup battery allows solar panels to work through an outage, powering (at least parts of) your home.
Palmetto Energy Backup brings the convenience and predictability of leasing to the world of energy backup. Here are the benefits to those looking to get backup energy at their homes.
No upfront cost
Instead of the upfront cost that comes with purchasing a backup battery or generator, you make predictable monthly payments with Palmetto Energy Backup.
Reliable backup energy
Whether you want to backup just the essentials or power your entire house, you can lease the number of batteries that work for your situation.
Maintenance included
Palmetto Energy Backup covers all routine maintenance, repairs, and equipment servicing and necessary replacement throughout your lease.
Proactive monitoring
We keep an eye on your battery to make sure it stays in good health and is ready and available when you need it.
VPP participation
Where VPPs are available, you may be able to enroll your battery in a virtual power plant. During times of peak demand, your battery can help strengthen the grid and earn you valuable incentives in return.
Greater savings with smart energy use
On a time-of-use rate from your utility, storing cheaper grid electricity to offset more expensive electrons later in the day can save you money. Likewise, storing electricity from your solar panels to offset more of your use when rates are high can achieve a similar effect.
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Leasing vs buying energy backup
Here’s how leasing stacks up against longer-standing alternatives like a cash or loan purchase.
| Lease | Cash | Loan | |
|---|---|---|---|
| Payment structure | Predictable, monthly | Upfront | Monthly payments; possibly including a down payment |
| Upfront cost | None | Entire cost | Varies, as low as zero |
| Interest owed? | No | No | Yes |
| Installation | Included | Included | Included |
| Maintenance and repair | Included | Additional cost | Additional cost |
| Proactive monitoring | Included | Varies | Varies |
| Term length | 12 years | N/A | Varies |
The growing need for backup solutions
Thanks to hurricanes, wildfires, and other extreme weather events, outages reached their highest levels in a decade in 2024, when the average electricity customer experienced an average of 11 hours of outages.
Outages can range from inconvenient to disruptive to expensive to dangerous, and backup energy can help ease the pain of those downsides. Backing up a refrigerator can avoid expensive food spoilage. Backing up an HVAC system, like a heat pump, can keep you warm or cool in extreme weather.
Because having access to a few key devices can alleviate much of the pain of an outage, many homeowners opt to backup just those devices, often called emergency loads. Typical choices include Wi-Fi equipment, refrigerator, HVAC equipment, lighting, a television, a microwave, and others.
If you’re interested in whether energy backup or other energy changes are a good fit for your home, reach out for a free quote today.
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Frequently asked questions
What are the benefits of leasing a backup battery?
Besides getting reliable backup power for your most important appliances or devices, battery leases have the benefit of low upfront costs. Instead of paying thousands of dollars upfront, you’ll make predictable monthly payments with a lease.
Does a backup battery lease come with an upfront cost?
No. The cost of a battery lease comes in predictable monthly payments.
How long does a battery lease last?
Terms vary. Palmetto’s Energy Backup comes with a 12 year term.
Disclaimer: This content is for educational purposes only. Palmetto does not provide tax, legal, or accounting advice. Please consult your own tax, legal, and accounting advisors.
