If you cannot afford the upfront price of a solar installation but want to benefit from a professional solar installation , fret not. There are ways you can still enjoy the benefits of a solar installation without what can be a hefty price tag. There are a few methods of enjoying solar with a $0 down, firstly, you could consider a loan to finance the solar installation. This is best if you intend to own the installation outright. Otherwise, there are two other alternatives you might want to consider. You could enjoy solar with a solar lease or a solar power purchase agreement (PPA.)
How does it work?
A solar lease is a financial agreement in which a third-party or the solar business owns and operates the solar installation leasing the electrical output to the consumer; you. You are entitled to the benefits of the system for the term of the lease, which is usually around 20 to 25 years for residential solar. Commercial solar leases are customized and generally range from 7 to 20 years.
Under these arrangements, the party that leases the electricity, owns and maintains the solar system. It is entitled to the rebates, tax breaks, and financial incentives that are available for the solar system. As the consumer, you pay a fixed monthly amount that is estimated by the system output and should benefit from more competitive electricity rates.
Another method for $0 solar is via a PPA. With the solar PPA, you pay a fixed price per kWh for power generated by the system. In most cases, your monthly bill fluctuate with the amount of power your system produces.
So what are your benefits?
- Affordable and Flexible. With a solar lease or a PPA, you don’t have out of pocket expenses on Day 1.
- Worry-Free. You only pay for the power you use. Enjoy the benefits of solar and leave the daily monitoring and maintenance to us.
- Bill Control. Electricity costs keep rising, but with Sunrun you lock in 25 years of electricity at a low, predictable rate to maximize your energy savings.
- A solar company installs solar panels on your home. The solar provider provides the panels and owns them. You do not have to worry about maintenance or doing the installation.
- Electricity is purchased at a predetermined and in most cases, a more competitive rate. In fact, we generally see a 10 to 30% savings over the cost of your utility electricity bill.
What are the requirements for a solar lease?
- You must own your own home.
- You should have an existing electric bill of at least $150 per month or more. If your average bill is too low you’ll be paying more than you are currently and will not benefit.
- A credit check may be performed.
So, if you’re considering a solar installation but cannot afford the upfront price tag, the solar lease, PPA or financing may be the right option for you. Complete the form below to get started.