A new guide produced by the SunShot Initiative and the Clean Energy States Alliance will lend clarity to homeowners weighing their solar financing options, from solar loans to power purchase agreements.
Financing solar, like this 2.5-kilowatt array in Connecticut, now has a homeowner’s guide.
Photo by U.S. Department of Energy/GroSolar
Have you considered going solar but found the various financing options confusing? To clarify your choices, the Clean Energy States Alliance (CESA), in cooperation with the U.S. Department of Energy’s SunShot Initiative, prepared A Homeowner’s Guide to Solar Financing.
The guide outlines the ways to pay, including buying your system outright, solar loans and leases, and power purchase agreements (whereby homeowners contract with a third party to buy, install and maintain an array on their property). The cost of electricity from solar panels is now lower than the cost of retail electricity in many parts of the country, so you’ll typically pay less on your monthly bill regardless of how you finance your panels.
Check with your local solar installer to learn about state-specific incentives, but the CESA guide can get you started.