How to pay for solar panels
There are 3 basic ways to put solar panels on your home:
Buy the panels outright: Choose a solar company to install panels on your home’s roof. This is the most effective way of going solar, but it also has the highest upfront cost. You can pay the upfront cost in cash or using financing.
Solar lease: You enter a financial arrangement with a company that installs a solar panel system on your home but retains ownership of the system. You pay a fixed monthly amount to use the system and receive any electricity it produces.
Enter a Solar Power Purchase Agreement (PPA): A developer company arranges for the design, permitting, financing, and installation of a solar energy system on your property at little to no cost to you. The company will bill you for the electricity the panels generate, based on measured metering. Your monthly cost is generally lower than what’s charged by a utility company.
Overall, purchasing a system provides the greatest savings and flexibility, especially when it comes to selling your home, but it requires higher upfront investment.
There are pros and cons to each option:
PROS | CONS | |
Purchase |
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Solar lease |
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Solar Power Purchase Agreement |
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