The benefits of solar are easy to appreciate. The harder part is figuring out how to make solar fit alongside everything else you’re investing in.
That is exactly where Participate Energy’s prepaid solar lease changes the rules. The homeowner makes only one lease payment for 70% of the total net solar system project cost and has the option to buy out the lease and own the solar system after year six.
You may also hear this structure called “synthetic cash.” The idea is simple: You pay 70% of the system cost upfront through a prepaid lease. The remaining value is supported by federal 48E tax-credit incentives and third-party partners. Eligible homeowners may also be able to combine the program with additional benefits, such as PowerPair incentives or monthly utility bill credits. Incentives, eligibility, and final terms vary.
If you have compared solar financing options, wondered about the difference between a solar lease and a loan, or looked for a way to go solar with a lower upfront cost than purchasing a system outright, Participate Energy’s prepaid solar lease is worth understanding.
How Participate Energy’s Prepaid Solar Lease Works
Unlike a traditional solar lease, Participate Energy’s prepaid solar lease replaces monthly lease payments with one upfront payment. If paying the full amount upfront is not the right fit, financing is available for the 70% prepaid total.
The lease program is available for:
- Home solar panel systems
- Home solar panel systems plus battery storage
- Battery-only systems
During the initial lease term, Participate Energy owns the system.
Beginning on the six-year lease anniversary, homeowners have the option to buy out the lease at its fair market value. Depending on future lease obligation credits earned, that value could be close to zero.
Why This Lease Is Different
For many homeowners, the word “lease” comes with questions, and that is understandable. The red tape of using a product someone else owns when it was not returned in satisfactory condition has made leases a less than popular option in many industries. Most of the time, these stories apply to car leases where there is damage or excessive wear and tear.
Solar systems do not experience the same daily wear and tear as a vehicle. They are installed on your roof, backed by a 25-year warranty and typically covered by homeowners insurance.
Participate Energy’s prepaid lease offers another way to structure the cost of solar, even as incentives continue to change.
What If Your Plans Change?
If you sell your home, Participate Energy’s prepaid solar lease is easily transferable to the new homeowner, so the agreement does not automatically end when you move. As previously mentioned, homeowners have the option to purchase the system at Year Six if their goals change over time.
Why Work with Yes Solar Solutions?
As a North Carolina-based company, Yes Solar Solutions handles your entire project with a 100% US based sales, design, engineering, installation and customer support team from start to finish. We are proud to be the only NABCEP-accredited solar company in the Raleigh area; a distinction only achieved by 11 solar installers in the country.
We thoroughly understand how Participate Energy’s prepaid solar lease compares with purchasing or financing a system, to help you decide which option best fits your home.
The Bottom Line
In summary, a prepaid solar lease gives you an easy way to begin profiting from the electricity savings generated by solar. With the Participate Energy program, homeowners can make one lease payment for 70% of the total solar and battery system cost with the option to own the system in Year Six.
If you are looking for a great way to reduce your electricity bill and help mitigate climate change, give us a call at (919) 459-4155. We would be happy to provide a free home assessment and a no obligation cost estimate.
