In Arizona, the benefits of installing solar panels go beyond reducing your carbon footprint. With plenty of sunshine all year round, a solar system can result in significant financial savings, plus a host of other incentives. Read on to learn how you can use a $0 down plan to make the switch to solar without the large upfront cost.
What Is $0 Down Solar?
The average cost of solar installation in Arizona is between $10,455 and $14,145 for a 5kW solar panel system. If you don’t want to pay it all at once, you can use $0 down solar financing. This means you won’t incur any upfront payments for materials or installation. Instead, you enter into an agreement with your solar provider that you’ll make monthly payments on the system while the provider takes care of everything else, including any maintenance or repairs that are needed.
Popular $0 down options include solar leases and power purchase agreements (PPAs). With a solar lease, which typically lasts for 15 to 25 years, you’ll need to pay a fixed monthly payment in exchange for using the panels. Given that most solar installations last for 20-30 years, all you have to do is consistently make the payments until you fully own your system.
Benefits Of $0 Down Leasing
No upfront payment
This is the greatest benefit of a $0 down solar lease agreement. If you want to avoid solar loans and the hassle of PPAs, this is the best option for you. A $0 down solar lease simply means that once you sign the contract, your only obligation will be to make monthly payments once the system is up and running.
No maintenance costs
Not only do you have no upfront cost in a $0 down solar lease, but you can also sit back and enjoy your system without having to worry about maintenance. During a lease, your solar provider still technically owns the system, which means they carry out all maintenance and repair tasks while you keep the savings.
Drawbacks Of $0 Down Solar
No federal tax credits
Residential solar installations in Arizona come with various solar incentives and tax credits. However, when you lease your solar panels, you can’t qualify for any of these benefits because you don’t yet fully own them. If you were to use cash to cover installation, the solar system would be officially yours and you would be eligible to receive the various financial incentives right away.
Fewer savings
Although you will incur $0 in installation costs, you start making the lease payments once the installation is complete. In some cases, lease payments can be quite high and might not account for much savings when compared to your monthly electric bill.
Go Solar For $0 Down With Solar Optimum
At a time when electricity prices are on a clear upward trend, installing solar panels can help you keep your utility bill to a minimum. If you’re looking for a quick, easy way to make the change to solar, taking advantage of $0 down leases can help you avoid the large upfront installation fees.
Ready to go solar in Arizona? At Solar Optimum, we offer easy solar leasing for $0 down and 0% APR. Contact us today to learn more about our services and get your free solar estimate!
