While looking for information on where to buy solar panels near me Delaware Ohio, you might want to also consider whether you are going to buy the solar panels or rent/lease them. For those in Ohio leasing is not an option since it is unavailable. Of course, the decision about how you are going to finance your YellowLite solar system will depend on the particular financial goals you have set for yourself as well as where you are located.
Essentially, the main distinction between leasing and buying a YellowLite solar PV system revolves around ownership. Therefore, whenever you buy the system, you will own it either outright (that is if you paid in cash) or after you have repaid your solar loan. On the other hand, if you decide to lease the system or sign a PPA (power purchase agreement), then the system will be owned by a third party.
This distinction has a great impact on the savings, returns on investment, financial offsets, terms, maintenance and overall cost of your YellowLite solar panel system. Additionally, not every company offers solar leases and PPAs. This is why you might first want to check whether there are financing options available that will suit your needs and requirements.
Buying Solar Panel Systems
Essentially, it makes greater sense to purchase your solar panel system from YellowLite with cash, or at least try to finance the procurement with a solar loan. To buy, however, you should ask yourself the following questions:
- Am I looking to maximize the financial advantages of getting the solar panel system installed, rather than just benefiting solely from the environmental advantages the system will offer?
- Am I eligible to reduce my state and federal tax liability by getting federal investment tax credits?
- Am I a business, and can I realize several tax benefits by treating my YellowLite solar panel system as an actual depreciable asset?
- Am I looking to increase the market value of my home and/or property by getting a solar panel system installed?
By answering these questions honestly and candidly will give you a better grasp of the situation you find yourself in. It will, in addition, enable you get the impetus to start looking for information on where to buy solar panels near me Delaware Ohio.
Leasing Solar Panels
You also have the option of getting a solar PPA or a lease. You should consider this option whenever you:
- Are mostly interested in using the electricity simply because it was generated using renewable resources, and not on maximizing on the financial benefits that accrue to people who install YellowLite solar panel systems
- Are looking to avoid the responsibility of taking care of the repairs and maintenance of the solar panel system
- Are not eligible for state and/or federal investment tax credits, which typically result from investing in a YellowLite solar panel system
- Do not really want to have to wait until the forthcoming year to start receiving the financial benefits that come with such tax credits
Of course, there are a number of practical differences in terms of opportunities for financial offsets, savings, returns on investment, terms, maintenance and cost depending on the final financing decision that you will make. These include, but are not limited to:
1. The Initial Cost
a) Solar Cash Purchase/Loan
Most YellowLite solar power systems will cost you anywhere between $15000 and $30000 before you receive incentives and rebates. With a cash rebate, you should be able to reduce to final cost of the system by up to 50%. Similarly, YellowLite (like other major solar installers) will take care of the paperwork, while ensuring that we adjust the total purchase price to reflect the final net amount.
b) Solar PPA/Lease
Leases and PPAs will enable you receive the YellowLite solar energy system for very little or no down payment. However, you will also not qualify for incentives, rebates and tax credits. These credits, incentives and rebates will be enjoyed by the 3rd party who actually owns the solar panel system.
2. Maintenance
a) Solar Cash Purchase/Loan
Here, you will own the system outright. As a result, you will be responsible for its maintenance. It might be useful for you to note that the solar equipment you buy from YellowLite is durable. Similarly, it comes with warranties from the original manufacturer. Therefore, you do not really need to worry yourself about the maintenance and repair works that might be required in the future.
b) Solar PPA/Lease
The 3rd party which bought the system and leased it to you owns it. Therefore, this also means that they are responsible for its maintenance and repair. Luckily, most leases also come with free apps that you can use to track the performance and veracity of the YellowLite system.
3. Terms
a) Solar Loans
Most of the solar loans you will find in the marketplace today will generally be available with anywhere between 10 ñ to 20 ñ year terms. The interest rates also range between 3% and 8% depending on the lender. Be sure to check your FICO credit score. People with scores that are higher than or equal to 640 typically tend to get higher loan amounts, longer repayment periods and lower interest rates.
b) Solar PPA/Lease
PPAs and solar leases generally range anywhere from 20 to 25 years. After your lease period expires, you can renew the agreement or even buy the YellowLite system outright.
4. Returns on Investment/ Savings
a) Solar Cash Purchase/Loan
Once you learn where to buy solar panels near me Delaware Ohio, you will find out that you can save anywhere between 40% and 70% on your electric energy costs over the entire lifetime of the YellowLite solar panel system. Of course, this will depend on the federal and state tax incentives and on your property.
The solar energy system will provide you with free electricity over its entire lifetime (typically between 25 and 30 years).
b) Solar PPA/Lease
With a lease or a PPA, you will be able to save between 10% and 30% off the price you pay your utility company for electricity. Of course, this also depends on the federal and state incentives and your property. Therefore, you should consider comparing your YellowLite solar panel financing options before you decide to lease or buy your system. As you go about finding out more information about where to buy solar panels near me Delaware Ohio, therefore, ensure you explore all the solar panel financing options that are available to you.
Keep in mind that everyone is in a different situation. Consequently, the best decision for your property will depend on many factors. Where possible, register your property on a solar marketplace, then view the side by side comparisons and find out more about pre-screened solar installers such as YellowLite. This way, you will be able to get more information that you can use to gain a better understanding of the relative benefits and costs of buying/getting a loan versus getting a PPA or leasing your YellowLite solar power system.
Common Solar Panel Jargon
As you continue making the decision and while finding out more about where to buy solar panels near me Delaware Ohio, try to internalize the following information. This way, you will have a better understanding of the jargon that is typically used in the solar panel sales and marketing world:
a) Active Solar Panel
Active solar power involves the use of YellowLite solar panels to capture the energy from the sun and use it to either heat water or to produce electricity.
b) Amorphous
This is a type of solar PA (photovoltaic) cell. It is unlike monocrystalline and multicrystalline cells in the sense that it is not made from the interconnected solar cells that are typically created using expensive crystalline silicon.
Instead, thin layers of silicon are typically sprayed on backing material to create solar roofing tiles. Since the silicon is thinner than the accompanying silicon wafers in typical crystalline solar cells, the material costs are significantly reduced.
c) Drainback System
Drainback systems are types of water heating systems where the water within the solar panel will drain into a small bottle at the back once the pump is switched off. It protects the solar panel system against the damage that is typically caused by freezing and boiling, without using antifreeze.
d) Evacuated Tubes
These types of water heating panels use glass tubes to collect energy from the sun. The energy is then used to heat water running through containers installed at the top of the evacuated tubes.
e) kWp
Otherwise denoted as a kilowatt peak, this is the unit used to measure the maximum amount of electric power your YellowLite solar panel system will be able to generate. On overcast days, it is important to note, the system will produce less electric power than its actual kWp.
f) Passive Solar
This refers to capturing energy from the sun without using a collector or a panel. It involves using large south facing windows while minimizing the loss of heat through insulation.
To learn more about where to buy solar panels near me Delaware Ohio, please get in touch with YellowLite today. We are available via phone, email and live chat.
