The New Jersey Public Utilities Board (BPU) offers a free solar panel installation program for state residents. The program is called NJ SUN and is open to both homeowners and business owners. Introduction As with most purchases of durable or expensive goods, paying cash for a solar power system is generally the most cost-effective way to obtain the system. However, many homeowners and other types of homeowners who are considering investing in solar energy cannot or prefer not to pay in cash.
In addition, the owner of the solar power system must assume regulatory and performance risks to amortize the investment. There are no free solar panels, and there is no free solar program. If you're hearing about “free” or “free” solar energy programs, they're likely to give you a cheap sales pitch to tempt you to sign a solar energy lease or power purchase agreement. Truly free solar panels don't really exist.
While verified installers may offer the panels themselves at no cost, you, as the buyer, will have to pay for the installation. Many local cities and counties also offer direct reimbursements to help with the costs of solar panel systems and installation. The environmental benefits of solar energy are more or less the same regardless of who installs the system, so it's key to focus on financial benefits. This sounds great: you can say that your house is running on clean energy and you can even target the solar panels on your roof to prove it.
A solar loan allows a homeowner to borrow money from a lender or solar developer for the purchase and installation of a solar system. The revolutionary thing about solar energy leases was that they made it possible for virtually anyone with a roof to use solar energy. Now that you understand the nuances between solar energy leases, power purchase agreements, and solar loans, it's important to evaluate the return on investment in each scenario. In both types of agreements, a company will place solar panels on your roof with no money upfront, but will charge you for the electricity they produce.
However, if you choose a “no-cost” solar program or PPA, your installer will receive this credit instead of you. Under these solar financing agreements, a solar energy company will install a solar system on your roof at no initial cost to you for installation, enrollment, or maintenance. Solar loans generally come in the form of unsecured personal loans, home equity loans or lines of credit, and in-house financing options offered directly through a solar installation company. Solar energy leases and solar PPAs are not scams in and of themselves, but landlords should be careful and educated before signing a lease.
Department of Energy's Sun Shot Initiative: A Homeowner's Guide to Solar Financing: Questions to Ask and Solar Information for Customers; Guide for Residential Consumers to Solar Energy from the Solar Energy Industry Association (SEIA). The most important of these is the solar loan, which combines the “zero zero” aspect of solar leasing with the benefits of system ownership (“the best of both worlds”). In the Bloomberg article, Dorian Bishopp blames the solar panels on his roof for costing him nearly 10 percent of the value of the house he sold in March. Under HOA rules, you may not be able to use the front of your house, so you may be stuck with panels facing the wrong direction and not being able to maximize your solar input.
Think of it like renting solar panels or simply buying your energy from a solar energy company instead of a utility company. .
