To finance your solar power installation there are multiple options available. Let’s take a look at them.
This is always the first and best choice to purchase a PV system. It basically consists in covering all the capital investment costs (without federal tax credit) making an upfront payment.
The reason why this is the best option is that you will obtain the largest savings on the long-term. Moreover, you will not have to make monthly or ongoing payments and you will get instantaneous ownership of the PV system.
This is the second best option to purchase a PV system. If you do not have the upfront capital required to cover the initial cost of the solar array, then you can choose the lease to own option.
Basically, it consists of paying a reduced initial capital investment and then establishing a fix payment plan that will be paid on a monthly basis to cover the entire costs of the PV system.
This option covers inflation and interest rates adjusted to every monthly payment over an agreed period of time. Therefore, your savings will be slightly reduced. Moreover, you will only obtain ownership of the system once it is completely paid.
This is probably the less popular and less profitable option for the homeowner.
Basically, this financing option consists of obtaining electricity from solar energy without ownership of the system In other words, you will sign a financing agreement over a long period of time (typically 20 years) and you will switch your electricity retailer by (Include Solar Company Name) who will own the PV system.
Then, you will receive a monthly electricity bill (just as you do with your current electricity retailer) that will have a much lower value than the rate of the utility company.
This option is also applicable for commercial PV systems
Finally, the last option available to finance your solar power system is to request a loan to cover the initial capital costs of the PV array. Currently, there are many companies that offer loans for PV systems, especially banks. Here you must keep in mind a reduction in profitability when compared with Capex due to interest rates.
If you cannot find a lender on your own, Suntra will help you in the process with our certified lender partners.
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