We at Seapoint Solar offer different ways of obtaining solar energy, we offer buying & leasing solar in South Jersey on all solar systems. Buying a solar system is optimal for a lot of people who are looking for long term benefits. When buying a solar system it is a more expensive upfront cost but over time will save you more money than if you had stuck with regular power grid electricity. Buying a solar panel system will typically cost you $20,000 to $50,000 upfront and then payments over a period of time, but you do get 30% of that initial down payment back in a tax incentive. Over time with owning a solar panel system you will get certain long term benefits such as no electricity bill, credits on excess power generated, and you'll receive certain incentives.
When excess power gets generated the power goes into the local power grid, which means that you'll be getting money back each month you generate excess power. This could actually make you a bit of money in the long hall as once the system has been paid off that return on excess power is just money now in your pocket.
The other side of the buying & leasing in South Jersey process is leasing a solar system. Leasing a solar panel system will net you short term benefits but you will lose out on the long term beneficial aspect of a solar system. We at Seapoint Solar lease our systems out via our Power Purchase Agreement (PPA), this agreement allows you to save 15%-30% on your electricity costs for years to come without the risks and complications of actually owning the solar system. the 15%-30% of savings roughly estimates to $40 saved a month which can be huge depending on what you were paying for your electricity bill and how large of a system you are leasing.
Other than buying & leasing solar in South Jersey, there is a PPA lease, going with a PPA means you can possibly go solar with $0 down, you'll need to speak with a solar installer to confirm this. After the PPA lease is up you'll have several options on what to do next, the first being re-up your lease. Re-upping your lease will be the most cost efficient way to continue using solar power as you will continue to pay the lease price you've been paying. The second option is buying the solar system at a fair market price, this is cheaper than buying a new system as its already installed and you've already payed a portion of it. The third option is to just get rid of the system and go back to grid electricity, which could be cheaper short term but will end up hurting your wallet in the long run.
You will have to meet certain requirements when trying to start a PPA. The requirements mean that you will have to be located in a specific state, have an electricity bill of over $100 a month, live or own your home for more than 2 years, must have a good or excellent FICO credit score of 650 or more, and of course you'll have to want to go solar.
The states that offer the PPA lease are as follows:
- New Jersey
- New Mexico
- New York