Want to finance your home solar system?

Want to finance your home solar system?

April 28, 2022

EverBright is your one-stop solution for all things solar financing.

There's a laundry list of great reasons to invest in solar energy and battery storage for your home.

Maybe you're looking to save money on your monthly electric bill. Or you want total energy independence to be sure that you’ll have power (via battery storage) in event of a utility blackout. Maybe you're socially responsible and are genuinely concerned about climate change. Or perhaps you want to fit in among a group of solar-savvy neighbors.

Whatever the reason, going solar seems more and more like a bright idea.

Going solar is still very new for most of us, and it can be a bit intimidating. So, in this article, we want to help you get familiar with some solar financing options--just in case you're thinking of upgrading to solar now or in the future.

If you’re like most Americans just getting started with solar, you’re probably asking yourself:

● Is solar right for me?
● Is right now a good time to go solar?
● Will it be a worthwhile investment for me in the long run?
● How much will it cost me to install solar panels on my roof?
● And how will I pay for it?

Full disclosure--the upfront costs associated with a solar installation can be out of reach for many homeowners. The good news is that there are various solar financing options available--options designed to match your finances and your lifestyle--quickly making solar a reality for you. So, what solar financing options are there? What are the differences between each option? And which choice is right for you? Let’s dive in.

Whether you go with a solar lease or a solar loan, both financing options allow you to pay off the cost over several years.

With solar financing, you can take out a solar loan or do third-party ownership like a solar lease or PPA (Power Purchase Agreement) with the option to do fixed payments or pay-as-you-produce.

A relatively common type of loan is called a Retail Installment Contract (RIC). RICs are slightly different from loans. With RICs and loans, you essentially upgrade to solar by agreeing to make payments over time.

If you don’t want to pay the total cost upfront, you can instead finance the system with fixed monthly payments and a competitive interest rate. You can keep the tax credits, build equity, and save money with clean, reliable energy.

Solar leases and PPAs are perfect if you want to go solar, pay nothing up front, lock in a predictable cost of energy, aren’t concerned with tax credits, and enjoy your solar system managed and maintained professionally.

Leasing gives you clean, dependable power with a complete service package, 24/7 system monitoring, and the option to purchase the system early or at the end of the term.

PPAs are great if you want stress-free solar and more flexible payments. With a PPA, you pay a fixed price—per kWh—for power generated by the system. Typically, this payment is highly competitive compared to what utility companies charge. And the benefits increase when you make a sizable down payment.

Introduction to EverBright financing solutions

We've got you covered--any way you choose to finance your solar and battery storage.

If you don't want to pay a lot upfront and want to own your system--and keep all the tax benefits while generating clean power--the EverOwn RIC is perfect for you.

EverEasy, EverFixed, or a EverFlex PPA can be a great option if you don't want to be responsible for maintenance, want predictable rates and a smaller electric bill, and want the opportunity to own your system without a substantial down payment.

If you’re ready, EverBright makes going solar easy, reliable, and affordable with various residential solar financing options.

EverBright financing solutions

Ready to get started, or have more questions for an EverBright solar expert? Find more information on our homeowner page.

Note: The terms “Loan” and “Lease” are for ease of reference only.

We have a simple, stress-free process, making it easy for homeowners to switch to clean and reliable power.

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