The decision on how you want to finance your solar system primarily depends on your preferences and budget. It is imperative to go for solar leases when you lack funds for the installation and maintenance expenses and if you are unable to collect the 26% income tax credit. There is more information that you should know before you consider a lease in Connecticut. Read about them and find out the steps you need to take to acquire a solar lease below.
What is a Solar Lease?
Solar Leases are ideal for anyone who does not want to pay the upfront costs of a solar system installation, and cannot take advantage of the tax credit. With a solar lease or solar ppa, you pay a fixed monthly rate based on the amount of electricity produced bythe solar panels. This amount is always lower than the rate you would otherwise pay for that electricity through your local utilities. Homeowners find this beneficial for dependable solar ownership while getting a professionally managed system without extra costs. Solar companies maintain the efficiency of your system and conduct monitoring to ensure quality services at all times. The maintenance services they offer are free of charge covering repairs, insurance, and warranties.
Do I Need to Make a Downpayment for a Solar Lease in Connecticut?
There are options to enter a solar lease for $0 down. You only have to pay for the power the system produces, and the lease covers the installation and maintenance expenses for you. This way, you can guarantee that you can benefit from solar panels without paying for anything upfront. Solar companies take care of everything else, so you are also guaranteed exceptional performance. Lastly, most solar leasing companies are eligible for subsidies unavailable for small-scale and residential programs.
The CT Solar Lease Program
The CT Solar Lease Program enables financial assistance to help residents incorporate a photovoltaic (PV) or. The program allows Connecticut residents to lease with either fixed or escalated monthly payments. At the end of a 20-year term, residents can do any of the following:
- Purchase the solar system at a fair market value
- Extend your lease for a few more years with eligibility for a reduction in the monthly payment
- Uninstall the system and cease the lease altogether
When you decide to put your home up for sale, the lease transfers to the preceding owner so long as they continue to abide by the contract previously agreed to.
Green Power Energy is Offering Solar Leasing Through Sunnova
Green Power Energy partnered with Sunnova to optimize finance options for consumers through solar leases. Unlike other leasing companies, Sunnova offers a more extended, 25-year solar lease. It is to attract more consumers and reduce the costs of monthly lease payments. If you sign a lease as early as today, you can lock-in 2020 utility prices for the next 25 years. This long-term commitment provides you with a way to keep the ever-increasing electricity rate at bay. Imagine paying for power in 2020 based on the utility rates in 1995!
Additionally, they emphasize that a more extended lease period could guarantee better long-term services. Sunnova covers 25 years of warranty that includes repairs, maintenance, and regular monitoring. They ensure that your system sustains its performance through the years and refund or credit you for any difference.
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