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Solar financing makes it possible for you to go solar without paying for the whole system up-front. With financing you will pay for your solar system over several years. Solar financing reduces or eliminates upfront costs, and allows you to pay low monthly installments, while still getting access to tax credits and incentives.
Based on your needs, budget, and location, there are different types of solar financing options available to you. Each option has benefits and drawbacks.
Solar panels are a great way to generate renewable energy for your home, but they also have an expensive up-front cost. That’s where solar financing comes in. By choosing solar financing, you can:
Make solar power more affordable and accessible for your budget and needs.
Enjoy the benefits of solar energy without worrying about the maintenance and repair costs.
Take advantage of tax credits, rebates, and incentives that can lower your solar costs even more.
Increase your savings and return on investment as you reduce or eliminate your electricity bills.
They may sound similar but there are chief differences between the three financing options. Under a loan, the homeowner is considered the owner of the system and the homeowner gets all the incentives and assumes responsibility for the system and its maintenance.
The other option of the system is owned by a third party that maintains the system and shares some of the incentives with the homeowner by giving them access to power at a lower cost than power from the grid. With a lease, they’re paying a fixed price for the solar panels. Under a PPA they’re paying for the electricity the panels produce.
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