Cash purchases are becoming more and more popular as the cost of solar continues to come down. These are simple “you write a check – we install solar” transactions. While the terms of the agreement offer mutual protections they are a simple as hiring and paying a contractor to perform any kind of work on your home. Acquiring solar with a cash purchase is an excellent option for those who look to be in their home for at least five years
Cash Financing is similar to a cash purchase with the addition of an unsecured loan to help manage the cash flows. The market is currently bursting with excellent cash financing options for home owners. These are credit score based rates and terms which are usually very competitive with, and often superior to, any of the lease or power purchase agreements options on the market. Competitive cash financing programs can get your solar payments down to as low as $50/ month and still save you money. Be sure to ask your Referral Solar agent for your best cash financing options.
Leasing solar has become very popular in the last few years and is partl y responsible for the huge surge in solar adoption over the last fe w years. When solar costs were significantly higher than they are toda y this was an excellent method to pay a flat monthly fee for the sola r system and its related power output. With leased systems, the system is owned by the financing company who agrees to maintain the system for the duration of the agreement which is usually 20 years.The option still exists today for customers with excellent credit and the desire to not own the system on their roof or property.
Power Purchase Agreements are very similar to leases. This method of implementing solar is a situation in which the homeowner agrees to have a solar system installed on their roof or property and agrees to pay for the electricity the system generates. The system is owned by the financing company which agrees to maintain the system for the duration of the agreement. As with leasing, the length of these agreements is which is usually 20 years.