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power purchase agreement

Everything You Need To Know About Solar Financing

by Sponsored Content May 1, 2018

Are you interested in installing solar panels on your roof? Solar power is growing in popularity. However, it is also important to understand that solar panels can be pretty expensive. Many people simply cannot afford solar panels. This is why many are looking for other ways to finance their solar project. Believe it or not, there are plenty of options out there. Within this comprehensive guide, you will learn about solar financing and ways to fund your solar project.

solar financing

Taking Out A Loan

If you have a good credit score and a friendly relationship with your bank, you should consider taking out a loan.

The interest rate of the loan will depend on your credit score and financial situation. Some people may have trouble getting approved, but others will not. For additional information about taking out a loan, you should visit the Better Credit Blog. There are also solar loans designed for this specific purpose. With this type of loan, you’ll generally be able to save 40 to 70% over the panels’ lifetime. Solar loans are pretty similar to home improvement loans. So, they shouldn’t be too difficult to figure out.

A solar loan is a good option, because it will offer instant returns. You’ll be able to save money on your electric bill and that money can help you repay the loan in a reasonable amount of time.

Solar Lease

If you work with a solar installer, there is a good chance that they’re going to recommend leases or a power purchase agreement. These are good ways to get the panels that you need, while also reducing your electricity bill. There are plenty of companies that offer PPA options. With this in mind, you’ll be able to shop around extensively to get the best deal. Many will also require nothing upfront, but you may be required to make some type of down payment if your credit is bad.

Just remember that you will not actually own the system. Any financial benefits and tax credits will be owned by the system’s owner. Nevertheless, getting involved in a lease of PPA is a good way to decrease your electricity costs by as much as 10 to 30%. Remember that many contracts will last as long as 20 years.

Doing It On Your Own

Another option is doing it on your own. After all, you really do not need to rush the process. Whether you install the panels right now or in a few years, you’re still going to save money in the end. If you’ve already got money stashed away, you can use it to fund the project. If not, you should start saving for this project right now.

You might even be able to chat with your friends and family members. They might be willing to lend you money. The other options are quicker, but doing it on your own ensures that you do not get into debt or have to sign a contract.

When considering solar, there really are many ways to gather solid financing for your project. Be sure to review all of your options and choose the one that works best for you.

This post was paid for by Better Credit Blog; image from Maria Godfrida on PixaBay

May 1, 2018 0 comment

Solar Projects

River Bend Solar Farm In Alabama Has 300,000 Solar Panels To Power 15,000 Homes

by Steve Hanley March 13, 2017

written by Steve Hanley

The largest solar farm in Alabama history is now online and contributing about 75 megawatts of clean renewable energy to the electrical grid maintained by the Tennessee Valley Authority. The TVA service area includes 9 million customers in seven southern states.

River Bend solar farm in Alabama

Jay Stowe, vice president of distributed energy resources for the Tennessee Valley Authority, says, “It is a 640-acre solar energy center. There’s about 300,000 solar panels that will be able to produce enough power to supply about 15,000 homes with carbon-free electricity.” The River Bend solar farm cost $150 million and is the largest in the TVA system or the state of Alabama.

Stowe says the electricity produced at the River Bend Solar Energy Center will keep more than 100,000 tons of carbon dioxide out of the atmosphere every year. That’s like taking more than 22,000 cars off the road for one year. The economic benefits are just as important, he says. “During construction, it employed over 350 workers, and most of those were from the local area.”

The solar farm will continue to support the local economy for years to come. “The project will add more than nine million dollars in property taxes to support local schools and services,” according to Stowe.

The River Bend solar farm was developed in cooperation with NextEra Energy Resources, which will operate the facility. It will supply electricity from the River Bend solar farm to the TVA for the next 20 years pursuant to the terms of a power purchase agreement. The solar panels are mounted to a tracking system that allows them to follow the sun across the sky which maximizes the amount of electricity produced.

“Solar energy just makes sense. It’s economic and it’s on par with many other forms of generation and it’s clean,” NextEra spokesperson Bryan Garner tells WHNT News. Alabama can experience periods of extreme weather. Garner

March 13, 2017 3 comments

Going Solar

UK Studying Track Side Solar Panels To Power Electric Trains

by Steve Hanley January 11, 2017

written by Steve Hanley

Electrical grids are inefficient and outdated. A partnership between Imperial College London and 10:10, a climate change organization, is exploring the possibility of installing solar panels along side railway lines and using them to power electric trains directly. Rather than feeding electricity from the panels back into the grid to be redistributed to the railway system, the idea of connecting trains directly to the solar panels would be far more efficient.

electric trains

According to the university, the research team will be the first in the world to test the “completely unique” idea, which it said would have a “wide impact with commercial applications on electrified rail networks all over the world. It would also open up thousands of new sites to small and medium scale renewable developments by removing the need to connect to the grid.”

The British train authority, National Rail, is already investing heavily in increasing the number of trains in the UK that are powered by electricity in order to curb costs and reduce greenhouse gas emissions from the the railway system.

In many rural areas of the UK, the electrical grid has reached its limit for both integrating distributed energy generation and supplying power to train firms. “What is particularly galling is that peak generation from solar and peak demand from the trains more or less match but we can’t connect the two,” explained 10:10’s Leo Murray, who is leading the project. “I actually believe this represents a real opportunity for some innovative thinking.”

The project will start by studying how to convert existing third rail systems which supply electricity through an auxiliary rail running alongside the main rails. “Many railway lines run through areas with great potential for solar power but where existing electricity networks are hard to access,” explained professor Tim Green, director of Energy Futures Lab at Imperial College London.

The university will collaborate on the technical aspects of the project with Turbo Power Systems — a firm that works on distribution and management of power in the railway sector — while 10:10 is leading on research looking at the size of the long-term power purchase agreement (PPA) market for directly connecting renewables to transport systems. “I don’t think you get a better fit for PPA than a train line,” added Murray. “A rural train line even more so, the project would open up many investment opportunities across the country and further afield.”

Solar power is often best used in microgrids which provide electricity directly to the areas near where it is generated. Microgrids are especially important to rural areas and places where no grid infrastructure currently exists.

January 11, 2017 0 comment