SolarCity has come up with a new form of financing a solar system called MyPower, which is a hybrid of a lease and a power purchase agreement (PPA). Its a loan that is paid off in monthly payments that, together with a homes new electric bill, will be lower than a homes old electric bill. The loan period is 30 years rather than the 20 year period of the lease or PPA. But the homeowner can pay the loan off quicker if they want, and SolarCity will still monitor and maintain the panels for 30 years. The homeowner will own the panels rather than a third party, and so will get the benefit of the 30% federal tax credit. SolarCity estimates this new arrangement could allow customers to save up to 40% on their total electric bill.
Posted on: Thu, 09 Oct 2014 00:08:55 +0000
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