Are you ready to acknowledge all the advantages of solar panel systems? If so, you might consider dressing your rooftops in solar panels as soon as possible. Unfortunately, money can still get in the way of your decision to go solar. But if you think you can’t afford to switch to solar power, you just haven’t seen the bigger picture yet. What if we told you there’s a way to get solar panels for no cost?
It may sound impossible, but there is a way. Read on to learn more about the potentially free solar panels and see your zero-down purchasing options.
One of the reasons you’re interested in installing solar panels (apart from saving the environment) might involve saving money. You may have heard just how cost-effective these systems are. After a while, they pretty much start paying for themselves. Thanks to their relatively short payback period, all the money you’ve initially spent on your solar panels will find its way back to you in the course of 6-10 years.
However, you still have to pay the initial installation costs — or do you? After all, you have been promised the possibility of solar panels being completely free. But how does getting solar panels for no cost actually work, and is it even possible?
The so-called free solar panels refer to the apparently chargeless installation of these systems. In reality, this type of solar program serves as an advertisement for solar leases or solar power purchase agreements (PPAs). While it is true that they imply free-of-charge solar panel installation, the story doesn’t end here.
The truth is, you do get solar panels installed for free (with no money down). Thus, this arrangement includes no payment up-front and only charges you for the amount of electricity your panels produce. This way, you’ll be paying your solar panel company instead of the electricity supplier. However, you won’t be the one owning the system.
In other words, you won’t be charged for the installation and maintenance, as this solar lease agreement will only make you a user or renter of the solar panels and not their owner.
What Are Your Alternatives?
In a way, solar leases are a perfect option for those who are only looking to save money on utility bills and experience the benefits of solar energy. But if you’re looking for something more, leasing might not be your best option.
Deciding to sell your property someday might create new problems. Put differently, not owning your solar panels means you won’t be able to sell them together with your home. But what you can do, is transfer the lease to the new homeowners, providing they’re up for it. If not, you might have to cancel your lease altogether, which can leave you with additional fees. Therefore, a better option for going solar might be getting a solar loan.
Solar loans imply borrowing the money for solar panel installation from a lender. In such a case, either your bank or the solar panel company will lend you the money that you need to pay for the panels upfront. The result is that you still go solar for no money down, but this time, you are the one owning the system. You’ll pay your lender back over time and will remain eligible to receive rebates and incentives for your system.
Key Takeaways on Getting Solar Panels for No Cost
Free solar panels are an attractive choice for those looking for a zero-money-down solar system installation. Unfortunately, they aren’t the best way to enjoy all the advantages of going solar. Solar leases or PPAs might not be the best solution for those who want to own their solar panel systems. Instead, such individuals can opt for a solar loan from their bank or a solar company and repay them later.