One of the best ways to go green and save money for homeowners is solar power. However, the upfront costs of installing a solar power system can be a deterrent for even the most Environmentally minded consumers. Now there is a program which can off fray the initial cost of solar energy in the home by offering home owners to lease instead of purchasing their energy efficient electricity. The solar financing product, Solar Power Purchase Agreements (SPPAs) were introduced earlier this month. In a statement by the EPA:
“A Solar Power Purchase Agreement (SPPA) is a financial arrangement in which a third-party developer owns, operates, and maintains the photovoltaic (PV) system, and a host customer agrees to site the system on its roof or elsewhere on its property and purchases the system’s electric output from the solar services provider for a predetermined period.”
According to Residential Solar 101, “With SPPAs, a company retains ownership of the solar power system and you simply buy the power the system produces for a set contract period. Similarly, solar leases are growing in popularity and are yet another way to access to clean renewable energy.” Here’s how it works
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