Many people who want to get photovoltaic panels may not realize it is possible to get a solar array with nothing down. As technology advances, better panels are capable of being built for more reasonable prices, and this makes retrofitting a building an option for people who might not have been able to afford it before. There are two options when it comes to securing panels for a building, purchasing and leasing solar panels. Companies know that these are expensive pieces of equipment, and are willing to provide payment plans to make it feasible to own a system. For someone interested in the long term, purchasing a system setup is a good course of action, even if it is initially more expensive. One of the benefits of buying is that it provides a faster return on investment than alternative payment methods. Also, when purchasing there is no worry about what will become of the panels in the event of a move.
There are also low interest loans, debt based financing, and helpful tax incentives like solar rebates. From January 1st of 2006 to December 31st of 2016 the federal government is offering a tax credit for solar energy systems that can cover as much as 30 percent of the entire cost. Some states also offer the option of net metering for system that are already in place. Net metering means that any extra energy that is generated by the PV panels can be sold back to the utility company. These plans are to assist property owners with decreasing their energy costs without forcing them to make an expensive capital investment. If this still proves to be too expensive the home owner can look into a solar array with a nothing down lease.
Getting solar with nothing down usually means that the consumer will receive fixed monthly payments for the installation of the panels and handling their maintenance during the course of the agreement. This method is a good way to lock in low rates for electricity, since utility costs are always rising. Solar using a nothing down lease can make a difference when it comes to gaining immediate savings. Usually, these payments, paired with the new decreased utility bill, are less than the current cost of utilities. These agreements can typically span 15-20 years. When the plan expires there is the option to extend the lease or have the panels removed, and some companies even allow the used panels to be bought. Each company has its own approach, so there are no specific lease terms that can be expected. The purchasing or renting approach will depend on the needs of the specific building paired with the budget of the owner.
Solar with nothing down is a form of financing that can make this renewable energy source an option for those on a budget. Whether the motivation is to decrease environmental impact or to decrease electric bills, a set of photovoltaic panels is an investment that works to pay for itself once it is installed. Whether it is an outright purchase or leased, a new photovoltaic system will make a positive impact on the cost of energy.