Many people think that solar is expensive and that they have to pay for a system in full and upfront. You can do this if your finances permit, but there are two easy ways to finance a system: A low-interest loan and a lease.
A low-interest loan allows you to choose a term (5 years, 10 years, or more), and a fixed annual percentage rate. You would finance the loan for your system with no money down. Once your system is installed and turned on, you would pay back the loan every month for a fixed amount, and your electric bill would be greatly reduced as your system provides all or most of your energy needs. The monthly payments are typically lower than your average electric bill and help to build equity in your home since solar energy is an asset.
Leasing a system also lowers your monthly energy costs during the term of the lease (typically 20 years), and you would make monthly payments to the lessor. However, you’re renting the system, and the lessor gets all of the available incentives and rebates. Also, if you decide to sell your home, the lessor must transfer the lease to the home buyer. The lessor is responsible for maintaining the system, and the lease should include a “buyout” price if the homeowner decides to purchase the system at the end of the lease.