There are two options to fully own a solar panel system: making an upfront cash payment or obtaining a solar loan. Opting for a cash purchase is highly beneficial as it allows you to maximize your savings from solar energy.
Solar panel loans are an excellent choice for financing solar power systems as they enable you to embrace solar energy and become the owner of the system without any initial payment. Moreover, these loans often come at a lower cost compared to your current electricity expenses, particularly if you possess good credit.
Solar leases and power purchase agreements (PPAs) is where a third party installs solar panels on your property and sells you the electricity they produce at a fixed rate. Leases and PPAs have similar workings and are often grouped together.
With a lease/PPA, you can secure a fixed electricity rate for the next 25 years, typically 10 to 30 percent lower than your current rate. In the past, these agreements included increasing payments each year, but now many have fixed rates for the entire contract period. The third party owner is responsible for system monitoring and maintenance, ensuring your solar panels are well taken care of.
Solargy is here to help you every step of the way to reduce your utility bills and your carbon footprint. Our Trusted & Certified installers setup your system right the first time.
