Solar energy is about to get a lot less expensive in Baltimore, Maryland. A California-based business is going to offer zero-down and bad credit loans of photovoltaic equipment. These solar power rents are set to last 20 years or more.
MD with solar power
In Baltimore, a California-based company is stepping in to get solar power on more roofs. Zero down loans and rents can be offered to homeowners and businesses. This could be for all photovoltaic systems. The customers will need to pay the loan over the course of 20 years, which will cost much less per payment than a short term loan. If you are a consumer and hook your photovoltaic up to a municipal power, then you will end up having to pay less.
Details of solar energy
The biggest barrier to most homes and companies switching to at least partial solar energy has been cost. The cost of a basic solar energy system costs a lot. In fact, over $20,000 is paid for it. Some cities and states have tried to encourage renewable power systems by offsetting the costs with tax credits. SolarCity, a company in CA, is taking the idea private instead. Photovoltaic systems can be received with just a monthly fee. This is what SolarCity is offering. A short term installment loan is made to all of the homeowners and businesses that want the equipment while the business gets paid back over the years.
The effects solar energy could have
The way SolarCity makes money is through a rented power system. Still, is it wise financially to make this choice for consumers? Possibly. City power is what the solar energy systems could be tied into. Then, the power business can buy back excess power. The cost of maintenance and installing the power system needs to be balanced with the power bill savings that is coming in. The short-term loan of equipment can surely be worth the savings if power rates are high.
Articles cited
Baltimore Sun
articles.baltimoresun.com/2011-01-24/business/bs-bz-solar-lease-20110124_1_photovoltaic-systems-california-firm-leasing
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