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Not all solar loans are the same. Knowing what kind of loan is more appropriate for your situation prepares you for talking to lenders and getting the best deal for your situation. Two of the most common forms of financing in solar are Power Purchase Agreements (PPA) and Pace Programs.
Save immediately with $0 interest when you buy your solar PV system. Typically paid back in 5-7 years.
Switch to solar energy with accessible monthly payments that are lower than your current electricity bill.
Rent your solar panels and get instant savings without having to pay anything out of pocket.
Quick Tip: Fastest ROI.
Typical payback is 5-7 years.
If you’d like to pay for your own system upfront and purchase it outright, this is typically the best option if you have the capability to do so. This is the greatest way to maximize your savings since you don’t have to pay for financing, plus you will receive all tax credits, rebates and incentives that are availability in your area. In addition, if you’re in an area with higher utility prices or use higher electricity tiers, this will result in a larger savings over time.
Quick Tip: Typically for individuals with poor or no credit. Fixed monthly payment.
Leasing a solar PV system is another form of financing where you pay a fixed monthly amount to use the energy generated by the solar system on your roof.
You will be renting the system from a solar company, or third-party financier for typically less than what you were paying for power. However, when you lease you do not own the system and therefore are not eligible for state or federal solar tax incentives.
Best For: Individuals with high utility prices and want to save on your electric bill without any initial out of pocket.
This an option to consider that would be beneficial if you live in an area with high utility prices and want to save on your electric bill without investing a significant amount of your own money in solar.
Quick Tip: The most common way for homeowners to finance their solar systems.
Monthly electricity bill will rise or fall with the amount of power your system produces.
With solar leasing or a power purchase agreement (PPA), a third party solar financing company will purchase and take care of your solar panels. You pay a fixed rate for your electricity (per kWh)) for the power the system generates. The biggest difference is that your monthly bill will rise or fall with the amount of power your system produces.
This method allows the purchaser to skip the upfront cost and lock in low rates for solar electricity for up to 25 years. It is important to note that the PPA is a lease! You aren’t purchasing the system, but you do have a buyout option at the end of your lease versus a traditional lease where you have to have someone pick up the equipment. The buyout price is typically based on the market value of the system at the time. At the end of a lease it will produce about 75-80% efficiency.
Quick Tip: Typically for individuals with poor or no credit.
Property Assessed Clean Energy (PACE), is a special form of financing that is available in areas where the local government is providing special financing. This financing is often adopted by individuals who have had poor credit and equity in their home, but want to be able to buy solar panels.
This is a broad program that applies to any home improvement that improves energy efficiency and impacts your property taxes.
Hero Loans / PACE Financing Process Overview:
The local government, like a city or county will make funds available for homeowners to access.
A lender provides those funds to property owners who want to make clean energy improvements like installing solar panels
Homeowners pay back this loan through an assessment that is attached to their annual property taxes.
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