While people like the idea of using a renewable resource to provide electricity to their home or business. They often are stopped by not having the funds available to pay for the installation of solar panels. The panels play a vital role in converting sunlight into an electric current that supplies power to a building. Fortunately, there are options available that make financing the installation of solar panels possible. With no money down solar in NJ, commercial or residential owners can afford to have solar energy panels installed on their land.
Solar Leasing or Solar PPA
Solar leasing allows a property owner to pay no money down on solar in NJ. During a course of 20 to 25 years, they will make a monthly payment that will pay for the installation of the solar panels While another option is a Solar Power Purchase Agreement which is like to leasing. Instead, the property owner will pay by how much power is created by the solar panels. Unfortunately, with leasing the solar panels the individual is not eligible for a tax credit or SRECs.
Solar Loans Are the Most Popular Option
Individuals searching for financing opportunities for installing solar panels, they often select to take out a solar loan. Commercial and property owners who qualify for this type of financing will be permitted to receive a tax credit for using a renewable resource to power their building. They will even qualify for SREC which is a certificate the owner receives when they have generated 1MWh. These certificates then can be sold or traded to an SREC broker to earn extra cash. A loan requires no money down and the financing must be paid back within a specified time.
Learn How You Can Qualify
Green Power Energy can provide the information on how you can qualify for financing to have solar energy panels installed on your property. They offer the services required to transition a home or business from using traditional electricity sources to a more economical method.