There’s no question that solar installation is a major investment for your home or commercial facility. The price tag for installation is costly, leading you to believe it isn’t affordable. If you are interested in installing solar panels for the benefits and energy savings they provide, don’t let the upfront installation costs stand in your way. There are financing options available which allow you to reduce the upfront costs of solar installation, such as solar leases and power purchase agreements (PPA).
Solar leases for your solar installation
Solar leases eliminate the high installation costs for your solar panels and other equipment. Instead, you’ll pay a fixed amount each month to cover the solar installation and use the energy produced. Your panels will be owned by the lease provider, and they will maintain them as well. Solar leases provide a way for you to lock in low rates for electric solar power for years, a benefit you won’t receive from your current electric utility provider.
Power purchase agreements for your solar installation
A power purchase agreement (PPA) allows you to pay only for the electricity generated and used. Your PPA provider owns the solar panels and other equipment, and will cover the solar installation for your home or business. They’ll maintain the equipment for a specified length of time, so you won’t have to worry about maintenance or repairs. You pay no installation costs, just a fixed rate for the electricity produced.
The right option for your solar installation
When considering solar leases or a PPA for your solar installation, which programs available to you are determined by your location. Each offer similar benefits which can make solar power affordable for your home or business use.
Benefits of financing your solar installation
When you choose a solar lease of PPA in lieu of paying for your solar installation upfront, there are additional benefits you’ll receive besides saving money in the beginning. With these financing options, a third party owns and maintains your equipment, which can save you thousands over the lifetime of your system. Depending on where you live, permits and inspection fees increase the price of installation, which is avoided with these solar installation financing options.
If you’d like to learn more about how you can take advantage of solar power for your home or business with no upfront costs, contact Smith Sustainable Design. We’ll assist you with financing options which can make solar installation fit your budget.