Edison homeowners are no strangers to zero-down solar and no-money-down solar offers. In fact, zero-down solar has been a consistent part of the residential solar industry for many years now. However, what’s been changing is what it actually means.
Earlier, no money down solar used to refer to solar leases and solar PPAs, as they allowed solar buyers to enjoy all the benefits of going solar without actually buying it. They were innovative solar financing solutions that required a $0 down payment. Hence the term zero-down solar.
Recently, solar loans have emerged as the more attractive option for homebuyers looking to go solar. And in their quest to make solar loans as attractive as solar leases and PPAs, financing companies are even willing to go the extra mile and offer the former without a down payment. So, zero down solar now also refers to solar loans without a down payment.
So, the big question – is no money down solar really worth it in Edison?
The answer to that question really depends on your unique needs and preferences. Let’s consider all the cases.
Solar Leases and PPAs
As part of these arrangements, you neither own the solar system nor qualify for any of the financial incentives on it. You enjoy the benefits of solar power without making an initial investment. In return, the benefits (cost savings mainly) are not as big as they’d be if you actually owned the system.
When the contract terminates, usually at the end of 20 years, the financing organization will take the solar system, or allow you to buy it for a fraction of its original value.
Also, since you don’t own the system, you don’t have to take care of it either. All maintenance will be the responsibility of the financing company.
A no money down solar loan allows you to enjoy the benefits of solar without making an initial investment; however, you will be making monthly payments to the financing company. The interest you accrue over the years on the solar loan will be low since Green Power Energy offers rates as low as 0%!The great thing about solar loans is that you are cash flow positive from day one!. Once you own the system after the standard 10-year term, all the solar energy it generates is free for the rest of the system’s life, which can be as long as 30 years.
In a nutshell, both types of no money down solar are designed with unique benefits. The question is: what works the best for your needs?Still, need more help choosing the right financing option? Call us.