Solar Panel Financing
Power Purchase Agreements
Power Purchase Agreements (PPA) are a two-party contract that is a type of Third-Party Ownership (TPO). The power is purchased at a fixed rate, as the system is not owned by the homeowner, but by the solar company. With a solar PPA, you agree with the solar company to pay per kilowatt-hour for the electricity produced by their solar panels.
With a Solar Power Purchase Agreement, you are paying for the power, not the equipment. You do not have to pay the high up-front costs of solar panels and equipment. Typically repairs, maintenance, and monitoring are included in the contract. This means that you are getting all of the benefits of solar without having to worry about occasional costly expenses of solar, such as maintenance and repairs.
Benefits of a Solar PPA
- Reduced Energy Costs
- Limited Risk
- Flexible and Affordable
- Potential Property Value Increase
FEDERAL TAX REBATE
What is the Federal Tax Credit?
A taxpayer may claim a credit of 26% of qualified expenditures for a system that serves a dwelling unit located in the United States that is owned and used as a residence by the taxpayer.
The 26% Federal Solar Tax Credit has been extended for solar + battery backup!
SOLAR ENERGY LOANS
Solar panel loans are similar to home improvement loans in that they are a conventional bank loan that allows you to pay for your solar panels by fixed monthly payments with competitive interest. Your primary lender would be the best option to get more information about your specific financial situation.
Keep in mind that there is a significant difference between a solar panel loan and a regular home improvement loan. A solar panel loan allows you to leverage debt to own an asset that generates value for your home as well as generating electricity to minimize your electrical payments.
The HERO program, or the Home Energy Renovation Opportunity program, is a partnership between contractors and local governments that helps more people make home upgrades that save energy and water. Instead of homeowners paying for their solar panels upfront, HERO participants receive financing plans from HERO, from five to twenty years long. And, instead of paying it off like a credit bill, homeowners pay it on their annual property taxes and qualify based on their home equity.
The financing process is simple and straightforward. You can apply online with the HERO program, and they provide quick approvals.
The process looks like this:
- Apply – Find out how much your home is approved for
- Select – Choose the eligible products and select the contractor for the job
- Sign – Sign your financing documents
- Complete – Finish the installment
SunRay Solar has had a fruitful partnership with the HERO program and is proud to be a HERO Registered Contractor. Thanks to the HERO program, SunRay Solar can install panels right away, and homeowners can immediately slash their electric bills.
SunRay Solar is also a Channel Partner, which means we have a unique position that contractors can qualify for based on sales numbers, establishing an excellent internal record with HERO and, most importantly—customer satisfaction.
SunRay Solar is proud to offer top-notch service for your solar and roofing needs, and to do it in an affordable way for many homeowners, thanks to HERO.