Installing a solar power system in your home in Georgetown, Texas, can bring you many financial benefits. Moreover, many solar companies offer a $0 down financing option to make this decision easier for you. You can install your solar system without paying any money at the time of installation. You don’t have to worry about the upfront costs even as you enjoy the cost savings offered by a solar system. But what does $0 down financing mean? How can I get it? Let’s explore these questions together.
$0 Solar Leases
A solar lease is an agreement between you and a leasing company. You make a fixed monthly payment to the lessor based on the number of panels you need for your household power needs. Under standard solar leases, the company owns the solar system and pays for its maintenance. Since they are paying for the solar system, the leasing company gets all the solar rebates and incentives associated with solar power systems.
Solar leases from reputable companies do not require any money when signing the agreement only that the individual is a homeowner and can pass a credit check.. Once the panels start generating electricity for your house, you start paying the rent for the system. This rent is usually up to 30% less than the ongoing utility rates.
The rental rate for leased solar power systems can typically increase by 1% to 3% every year, depending on the cost of electricity. When you shop for solar, you can find a lease that does not have an escalating payment over time.Â
$0 Solar Loans
You can also opt for $0 solar loans to borrow money to purchase a residential solar power system. It works like a bank loan – you pay the down payment with borrowed money and pay it back in easy monthly installments (EMIs).
Unlike a solar lease, you own the solar power system when you purchase it using a solar loan. So, you get all the federal and state benefits associated with solar power. These include solar rebates like the Solar Investment Tax Credits and the net metering benefits.
The EMI you pay every month is determined by the size of the solar system that is put in place.Â
Making the Most Out of Solar
When you go shopping for a residential solar system, you should know your options for $0 down financing in Texas. It will help you compare and choose the best plan for your specific needs.
