Deciding on wether to Lease, Finance or PPA
Google will have tons of articles on this but i will make it short.(Please feel free to do some research.)
| Type | Benefit | Drawback |
|---|---|---|
| Leasing | No upfront cost or maintanance/repair for system (Except washing the panels) | No 30% tax credit and you still have a bill |
| Finance | 30% tax credit and dramatically reducing or eliminating your bill | The initial cost and Its yours and you are 100% responsible. a good contractor will gurantee his work for x amount of years |
| PPA | Another company becomes your new electric provider at lower rate. | No 30% tax credit and you still have a bill which rates may increase when utility prices do |
For 2019, I would recommend financing it.This will allow you to receive all the possible benefits in reducing the cost of the system.
A good contractor will calculate the payback period and you can make the decision if going solar is right for you.
Paying the Bill
Okay... that was something to digest. Back to where we were. Time to make the decision.
- We do nothing and keep our monthly bill
- We go with financing the system
- The result is we can keep the electric prices set by the utility company and move on adjusting where needed.
- I first would suggest if you can afford it, pay for it in a loan at no interest for 18 months
- Second, get a personal loan or a any loan that gives you the lowest interest rate.
- Third, look at programs like HERO and PACE
look at the numbers. How much will you actually save and how many years is the pay back period.
If you will be financing consider if its within your budget, you dont want to have a foreclosure on the property because a lien gets filed for non-payment
Shop around and get more than one bid/quote. Do your own research and make an inform decision.
Current Financial Options Offered
