When I was looking at solar, I was given three financing options to consider. 1. Outright purchase of panels to cover my electricity needs 2. Lease program over 20 years - I just pay a monthly lease payment, but I do not own the panels 3. Pre-pay for my electricity usage for the next 20 years. I went with option #3. I calculated what my monthly, yearly usage was based off retrospective data, then extrapolated out 20 years adding in a bit of buffer since I wanted to switch over to an electric dryer and electric water heater. I then wrote a check and had the panels installed. I do not own the system, but that is fine since my solar company is incentivized to keep it running smoothly and updated with the latest technology. They are making money off the excess electricity my system produces by selling it to the local utility. I'm in effect renting them my roof to produce electricity, some of which I use. They constantly monitor my production and have even emailed me to trim back a tree since it appeared my production dipped a bit when the tree threw a shadow on a couple of panels.
What was my out of pocket cost? $7000. I didn't get any rebates (those go to the solar company), but I'm covered for 20 years against any rise in rates (and I have never experienced a decrease in electricity rates).
What was my out of pocket cost? $7000. I didn't get any rebates (those go to the solar company), but I'm covered for 20 years against any rise in rates (and I have never experienced a decrease in electricity rates).