Investing in solar panels is a smart investment for your home or business in the North Coast, however the upfront cost can be a significant barrier. There are a few different ways to pay for your solar panel installation, and each one will have an impact on how long it will take to see a return on your investment. The options include:
- Cash Purchase
- Solar Loans
- Solar Leases
- Power Purchase Agreements (PPAs)
Six Rivers Solar is a leading solar installer in the Redwood Curtain, offering high-performance residential, commercial, and off-grid solar solutions. We’ve been in the renewable energy industry since 1980, and have worked with all of the different payment options listed above to help homeowners and businesses achieve their sustainability goals—here’s the differences between them.
Cash Purchase
If you are able to, buying your solar panels outright offers the most benefits. With a cash purchase, you’ll completely own your solar panels without extra fees or interest. Plus you’ll also be eligible for incentives, like the solar tax credit, that offer significant savings on the cost of installation.
- Fastest return on investment
- Eligible for incentives
- No added fees or interest
Solar Loans
Getting a solar loan is also a great option if you don’t have the funds to pay for your solar panels with a cash purchase. Since you will still own your solar energy system, purchasing your solar panels with a loan still qualifies you for incentives. At Six Rivers Solar, we work with Sungage Financial, Halo, Skeps, Sunlight Financial, and Mosaic, which offer zero-down options, quick approvals, and more.
- Lower upfront costs
- Eligible for incentives
- Strong return on investment
Solar Leases
With a solar lease, a leasing company will pay for your solar installation and you will make monthly payments to them in order to use the system. While solar leases do offer a low upfront cost, you will not own your solar panels and therefore won’t qualify for the solar tax credit and other incentives.
- Low upfront costs
- Not eligible for incentives
- Low return on investment
Power Purchase Agreements (PPAs)
Power purchase agreements are similar to solar leases, only instead of paying to use the solar panels, you pay for the power that the system produces, usually per kWh. Also with PPAs, you do not own your panels and will not have access to incentives.
- Pay per kWh of energy used
- Not eligible for incentives
- Low return on investment
Find the Best Solar Financing Solution for You with Six Rivers Solar
If you’re considering making the switch to solar energy, our team of professional installers can help you determine which financing option is best for your needs and budget. Our goal as community members in the HumCo and Del Norte County area is to help homeowners and businesses understand the cost, benefits, and ROI of solar energy systems. This is why we start every installation with a free, no-obligation consultation and offer start-to-finish services using the industry-leading equipment.
