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When it comes to installing solar panels on your roof, you will need to make a number of decisions. Many Goddard, Kansas homeowners cannot afford to pay the full upfront cost of solar panels. It is where Solar Lease and Solar Power Purchase Agreements or SPPA come into play. These are the perfect options for any homeowners in Goddard, Kansas, looking to enjoy clean energy and reduce electricity costs without carrying the financing burden. Under both these financing types, the homeowner does not own the solar energy system on their roof, and it is owned by the leasing or the PPA company. Even though solar lease and solar PPA are often used interchangeably, there are differences between the two. Our solar specialists at Crown Roofing & Solar Company of Goddard help you understand the differences so that you can make an informed decision.
Solar Lease | Solar PPA | |
Initial Investment | Usually, there is no upfront cost. | There are little to no upfront costs. |
Term Length | Leases are locked for about 7-10 years or more and are transferable to the new homeowner. | The agreements are signed for anywhere between 20 to 25 years and are also transferrable to new homeowners. |
Electricity Cost | You do not pay for any electricity that the solar PV system generates. | The solar service provider will charge a set rate per kilowatt-hour. |
Monthly Payments | You pay only a flat monthly fee to use the system and cover all power produced by the system. There might be an annual increase in the fee. | You will be billed on the actual energy use based on the price-per-kWh set by the utility company, and there might be a fixed annual increase of about 3%. |
Maintenance | Under a solar lease, services such as monitoring, maintenance, and insurance are optional. | The solar service provider will monitor, maintain and cover the warranty of the system throughout the term of the agreement. |
End of Term Options | You can choose to buy the system, extend your lease agreement or remove the system from your roof. | With solar PPA, you can again buy the system, extend the agreement, or remove the solar panels. |
So, which one is better? Solar Lease or SPPA? It is all about your needs and what is best for your situation. Both these options are excellent for those looking to enjoy the perks of solar without paying any upfront costs. There are solar service providers who install more capacity solar panels than you actually need, as it means more money for them. At Crown Roofing & Solar Company of Goddard, we work with you to ensure that your system is the right size for your needs now and in the future. Not too small, nor too big – just the right size.
Our in-house finance team can help you identify the right solar financing solution based on your needs and make the entire process of securing finance as seamless as possible. Give us a call to book a free, no-obligation consultation
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