Choosing Your Financing Plan
Especially during difficult times, Momentum Solar strives to do whatever we can to give our customers control over their rising electricity bills. To further help, we provide homeowners with a variety of financing options that give our customers financial freedom and stability. Here is an explanation of each plan to help you determine which ones works best for you.
What Is Solar Financing?
Homeowners switching to solar often implement a solar financing plan to help offset the initial cost of installation and add to their overall savings. Most reputable companies offer a few options to choose from where each plan has their own benefits. Momentum Solar offers its customers Power Purchase Agreements (PPAs), solar leases and solar loans. Homeowners are advised to choose their plan based on their income taxes, credit score, location and how long they plan on using solar energy.
Power Purchase Agreement (PPA)
The Power Purchase Agreement gives qualified homeowners the opportunity to pay for the energy that their system produces at a predictable rate that is lower than the local utility rate, but they pay little to no upfront cost for the system itself. Homeowners with a PPA also have price protection from rising electricity costs for the duration of the solar agreement. At the end of the agreement the PPA can be extended, or the system can be removed or purchased.
Like the PPA, homeowners can lease their solar panel system with little to no upfront costs. Leases offer a flat, fixed monthly rate for the solar panels whereas PPA agreements offer a rate based on specific energy production.
If you take out a loan to pay for your solar system, you are still eligible for the 26% federal solar tax credit. Solar loans allow homeowners to still see incredible savings on their energy bill without having to buy their system outright. At Momentum Solar, we can help you find a loan at a great rate to fund the purchase of your system.
Rebates and Incentives
Another way homeowners can save even more with their solar panel system is by implementing federal and local incentives. In many cases, customers can utilize both their financing plan and rebates to achieve maximum savings. We highly encourage customers to look into which incentives they qualify for with their chosen plan, as not all financing options and incentives can be paired up. For additional assistance, ask a solar specialist from Momentum to walk through your options with you.
If you’re still concerned about the cost of solar, ask us about Momentum’s flexible payment options. We offer customized payment plans that can include $0 upfront cost – saving you up to 30% off your utility bill immediately.
Solar power provides financial security with consistently lower bills and long-term savings. Take control of your energy bills today and switch to cleaner, price-protected energy.
Visit our website to see what state incentives, federal tax credits and financing options are available in your area.
Find Out if Switching to Solar is Right for You
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