The Vermont-based Clean Energy States Alliance (CESA) has released a new guide to residential solar photovoltaic system financing.
The free online publication is intended to help homeowners make sound decisions and select the best financing option for their needs. The CESA prepared the guide through the New England Solar Cost-Reduction Partnership, a project under the U.S. Department of Energy's SunShot Initiative Rooftop Solar Challenge II.
The guide describes three popular residential solar financing choices – leases, loans and power purchase agreements – and explains the advantages and disadvantages of each, as well as how they compare to a direct cash purchase. It also clarifies key solar financing terms and provides a list of questions homeowners should ask before deciding if and how to proceed with installing a solar system.
‘There are lots of financing options for homeowners who might not be able to afford the upfront cash outlay to buy a system outright,’ says Nate Hausman, CESA project manager and author of the solar guidebook. ‘However, not every financing option is right for everyone. This guide is designed to help.’
The full guide is available here.