Financing Solar

Baker Electric Home Energy offers various financing options which take into account your needs and goals for getting solar panels. These include a variety of residential solar choices like cash purchase, loan, or lease. We’ll help you decide which fits your lifestyle best.

Why would you consider a Cash Purchase?

Considering a cash purchase offers the lowest cost per kilowatt hour and is potentially tax deductible.

With a cash purchase, you buy and own the system, along with all the energy it produces. A cash purchase requires the highest upfront cost, but will generally pay for itself in five years or less, and provides you with the lowest cost per kilowatt hour. When you purchase your solar system outright, it also allows you to utilize the Investment Tax Credit.

Benefits of purchasing your solar include:

• You own the solar system
• Contract value is paid directly to the solar provider
• Investment Tax Credit (ITC) is claimed by you
• Studies show purchased solar can increase home value
• Return on investment in as little as five years

Why would you consider a Lease/Power Purchase Agreement (PPA)

Considering a Lease/PPA means zero upfront costs.

Leasing is an attractive way to go solar because it requires no money up front. With a leasing option, you don’t own your solar system, and simply make a monthly payment to the Lease Provider.

Choosing to lease your solar installation is best thought of as paying for the electricity generated by the solar rather than the installation itself. Our lease option offers total product and production guarantees for the entire 25-year lease agreement. Much like a loan, you will have a lower-cost, fixed payment for your solar each month rather than an electric bill from your utility company, and it requires no money down. Our lease payment plan does not include any escalation factors — the amount you pay each month stays the same for the entire 25-year lease. The lease is transferable in the event you decide to move.

When you lease your solar, you see immediate savings with $0 up-front costs and monthly payments typically 25%-35% less than your current average electric bill (assuming 100% energy offset). While there are no upfront costs, you must have a 650+ FICO® Score.

Benefits of leasing your solar include:

• $0 down
• Fixed (vs escalating) monthly payment — immediate savings
• Customers still benefit from ITC through lowered monthly payments
• If the home sells, the lease can transfer with homeownership (based on simple credit requirement)
• System removed or lease extended after the life of the lease
• Includes 25-year Full System Warranty
• Includes Solar Production Guarantee and 3rd Party Monitoring