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A solar Power Purchase Agreement (PPA) is a financial agreement between a solar developer and a customer in which the solar developer owns and operates a solar energy system on the customer’s property and sells the electricity generated by the system to the customer at a set rate per kilowatt-hour (kWh).
Under a solar PPA, the customer agrees to purchase the electricity generated by the solar energy system for 25 years. The solar developer is responsible for financing, installing, and maintaining the system, and receives payments from the customer for the electricity generated. The customer benefits from lower electricity bills and the ability to use clean, renewable energy.
The rate at which the customer purchases electricity from the solar developer is typically lower than the rate they would pay their local utility for electricity from the grid. This rate is typically fixed or may increase slightly over time, allowing the customer to better predict and manage their energy costs.
At the end of the PPA term, the customer may have the option to purchase the solar energy system, extend the PPA, or have the system removed. PPAs have become increasingly popular in recent years as a way for customers to go solar without incurring the upfront costs associated with purchasing and installing a solar energy system.
A solar loan is a type of financing that can help homeowners or businesses to purchase and install a solar energy system on their property. The loan is specifically designed for solar energy projects, and may be offered by a variety of lenders, including banks, credit unions, and specialized solar financing companies.
The loan proceeds can be used to cover the upfront costs of purchasing and installing the solar panels, including equipment and installation costs. Unlike a solar lease or a power purchase agreement (PPA), which allow the customer to use solar energy without owning the system, a solar loan allows the customer to own the solar energy system outright.
A solar loan typically has a fixed interest rate and a repayment period of 5 to 20 years, depending on the loan terms and the lender. The monthly loan payments are typically lower than the monthly energy savings generated by the solar panels, allowing the customer to see a net positive cash flow from day one.
Owning the system outright allows the customer to take advantage of any tax incentives, rebates, or other financial benefits associated with solar energy. Along with increasing the value of your property, owning the system provides greater control and flexibility over the use of solar energy.