There are many great reasons to invest in solar energy and battery storage for your home.
Maybe you're looking to save money or want to be more energy independent and be sure that you’ll have power (via battery storage) in the event of a 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 can be a bit intimidating. In this article, we want to help you get familiar with some solar financing options--just in case you're considering upgrading to solar now or in the future.
If you’re like most Americans just getting started with solar, you’re probably asking yourself:
Full disclosure--the upfront costs associated with a solar installation can be out of reach for many homeowners. The good news is that various solar financing options are available, designed to match your budget and lifestyle, quickly making solar a reality.
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.
Retail Installment Contracts (RICs)
A relatively common financing option is a Retail Installment Contract (RIC). With RICs, you upgrade to solar by agreeing to make payments over time.
If you don’t want to pay the total cost upfront, you can finance the system with monthly payments at a competitive rate. With a RIC, you can keep the tax credits, build equity, and enjoy utility bill savings with clean, reliable energy.
Power Purchase Agreement (PPA)
Solar leases and PPAs are perfect if you want to go solar, lock in a predictable energy cost, aren't concerned with tax credits, and enjoy your solar system being managed and maintained professionally.
With a lease, you’re financing a solar system and paying monthly installments based on the total cost of the system, not system performance. Typically, a lease is an option in states where PPAs are unavailable.
A PPA is a financing agreement between a homeowner and a solar company. The company installs and maintains a solar system on the homeowner’s property, and the homeowner agrees to purchase the solar energy produced by the solar system at a $/kWh rate (with an agreed-upon annual rate of escalation). A PPA is a good option for homeowners who want predictable energy costs, no upfront or maintenance costs, and will not benefit from tax credits.
EverBright offers two PPA options, both with 25-year contract terms and maintenance included:
EverFixed: Homeowner monthly payments are calculated based on a yearly average solar productivity (estimated annual kWh/system size - kW) at the agreed upon $/kWh rate (with an agreed upon annual rate of escalation). This gives the homeowner greater certainty about their energy costs, which helps with budgeting and financial planning. In addition, it’s easier for the homeowner to understand, as it avoids the need to explain the variance in solar production throughout the year. EverBright guarantees the system’s production. Our EverFixed Plus offering has all the features of our EverFixed product, plus a battery storage add-on.
EverFlex: Homeowner monthly payments are based on the actual power generation that the solar system produces monthly.
We've got you covered--any way you choose to finance your battery storage and solar system.
EverBright makes upgrading to clean energy accessible and affordable with various residential solar financing options.*
*Not all products are available in all areas
It’s no secret that more homeowners are financing solar rather than paying cash upfront. Offering financing options makes solar panel installation more attainable to the average homeowner.
Every successful sale starts with getting your prospect to care about the problem you are solving. In solar, this can be tricky because most homeowners don’t stay up at night fretting about their electricity bill.