When considering something totally new and different for your business, like purchasing industrial solar panels, you might not be sure where to start.
- What questions should you be asking?
- Who should you ask?
- How do you know if the answers you get are accurate, complete, and unbiased?
As with many new endeavors, it’s likely that you can use some help navigating this decision. So, Let’s get started!
Similar to the residential solar panels, financing commercial solar projects can be done through any one of the available options –
- buying outright with cash
- taking a loan
- signing a lease agreement
- financing the solar project by entering into a Power Purchase Agreement (PPA)/Solar Services Agreement (SSA).
In fact, solar installers and their suppliers are the most common source for financing commercial solar panels.
Many lending institutions like banks and credit unions have come forward to make financing commercial solar projects easy. That is why arranging for a solar installation these days is not much different from leasing or purchasing other business equipment.
Property assessed clean energy (PACE), allows solar and other projects, such as energy efficiency or water savings, in many states of the United States to be financed and repaid alongside taxes. While New Mexico has recently passed legislation to allow businesses to finance their solar panels for commercial buildings via addition to property taxes, no PACE programs are currently applicable here.
In case you wish to read up more on commercial financing options for your solar installation, you can take a look at Solar Financing Options for homeowners – an infographic.
You could also get an idea of the costs by using the To lease or to own: Simplified solar calculator.
There’s a lot to learn and understand about industrial solar panels when you’re in the beginning stages of exploring commercial solar projects as an option for your business. If you ask the right questions and push for unbiased answers, you’ll be able to go into the process armed with a strong understanding of what you need and who can provide it—the foundation of good business decision-making.