• Let’s talk financing options:
- Ownership: You own the assets, keep all the tax credits, collect the SREC checks, and get 100% of the free energy. When you sell your property, you sell the value of the solar energy system. The Boston Globe 7/25/15 article demonstrates that a typical 6000 watt residential solar system recoups $18,000 in higher home sale price.
- Solar Loan: This program is ideal for homeowners who would otherwise consider leasing or PPAs (Power Purchase Agreements) since it allows MA residents to keep the tax credits and SREC payments that are typically forfeited to leasing and PPA companies. Plymouth Solar Energy is recognized as an Expedited Installer by the MassCEC (Massachusetts Clean Energy Center), and we're authorized to initiate your solar loan application.
Lease: You enter into a long-term agreement under which you may surrender your tax credits and sign away your SREC payments to the solar power leasing company. At the end of the lease term (often 20 years), the homeowner will have to choose to renew the lease, purchase the dated system, or have the system removed from their home. The solar power company can place a lien on your home for the length of the lease, complicating your refinancing and home equity loan opportunities. This was a popular option before the Mass Solar Loan was announced.
PPA Contract (Power Purchase Agreement): You enter into a long-term agreement to purchase power at a reduced rate. In exchange, you allow a large power company to install a solar power plant of their choosing on top of your roof. The solar power company takes your tax credits, as well as your quarterly SREC payments for the length of the agreement. The future buyers of your property will need to re-negotiate this agreement with a third party. Prior to the release of the Mass Solar Loan, this option was enticing because it was usually available at no up-front cost. Often overlooked, the solar power company will place a lien on your home for the value of their equipment for the length of the agreement, potentially complicate resale of your home.