Buying Solar with 0 Down
There are several ways to buy solar for your house with zero money down. Here are some options:
Solar Lease: With a solar lease, you don't own the solar panels, but you pay a fixed monthly fee to lease them. The solar company installs and maintains the panels, and you get to use the electricity they generate. Usually, there is no upfront cost for the installation, and the monthly lease payment is lower than your current utility bill. This option can be attractive for people who want to save money on their electricity bill without having to make a large upfront investment.
Power Purchase Agreement (PPA): A PPA is similar to a solar lease, but instead of paying a fixed monthly fee, you pay for the electricity generated by the solar panels. This means that you only pay for the energy you use, and you can save money on your electricity bill from day one. The solar company owns and maintains the panels, and you can usually sign a long-term agreement with them to ensure you get the best possible rates.
Energy Efficient Mortgage (EEM): An EEM is a type of mortgage that allows you to finance the cost of energy-efficient upgrades to your home, including solar panels. This means that you can roll the cost of the solar panels into your mortgage, and pay for them over time. This option can be attractive for people who want to own the solar panels and benefit from the energy savings, but don't have the cash to pay for them upfront.
Government Incentives: Depending on where you live, there may be government incentives available to help you finance your solar panels. For example, the federal government offers a tax credit for homeowners who install solar panels, and many states and local governments offer additional incentives, such as rebates or low-interest loans.
To get started, you should research the various options available in your area, and compare the costs and benefits of each. You can also consult with a solar installer or a financial advisor to help you make the best decision for your specific situation.