With interest rates on the rise and general inflation steadily climbing, purchasing a solar system isn’t feasible for a lot of customers. Instead of going into debt or spending your savings on a system, what if you could just get cheaper power?
This can be achieved with a PPA, or Power Purchase Agreement. PPAs can be very valuable savings options, as long as they're done right.
At Project Solar, we've always strived to provide the best priced, most transparent solar process, and we're sticking with these values as we launch our new PPA option.
Keep reading for a breakdown of the PPA details and options available through Project Solar.
Project Solar PPA Basics
A PPA is an alternative financing option where the customer doesn’t own the solar system. It’s a bit like renting out your roof to produce power.
Not owning the system may seem like a disadvantage at first, but there are a lot of benefits: it means you don’t have to worry about maintenance or repair (or any potential associated costs), for one.
But perhaps the most impactful benefit is the fact that you don’t have to pay for the system upfront. Instead, you buy the power it produces at a less expensive rate than your utility company offers.
This effectively reduces your power bill, and you don’t have to pay anything for the equipment.
Project Solar's PPA options are tailored to provide ideal savings for each customer. Our Customer Experience Team can help determine what plan is the best option for your situation.
Right now, we only offer PPAs in California—however, we’re working to expand our service area for other customers as soon as possible.
EverFixed Plan
The EverFixed Plan is the most basic PPA option we offer.
With EverFixed, Project Solar customers will pay a fixed monthly cost. This payment is based on a set rate per kWh, multiplied by the average projected monthly production of the system.
EverFixed Plus Plan
The EverFixed Plus plan works the same as the EverFixed plan, but a backup battery is added. This battery can store electricity for the evenings, when it typically costs more.
This allows customers to use even less grid power, further reducing costs. Systems with backup batteries can also disconnect from the power grid during outages, which means that your system will keep powering your home if the grid goes out.
PowerShift Plan
In some areas, a backup battery isn’t necessary, but a consumption battery can be beneficial.
A consumption battery uses smart technology to arbitrage energy. Basically, it will store energy for use during peak usage times, when power is most expensive, as well as export energy during the times that provide the highest buyback rates.
This battery option doesn’t include a System Controller/grid transfer switch, meaning it cannot disconnect from the grid and provide power during outages.
Our PowerShift PPA option features all the benefits of the EverFixed plan, plus a consumption battery to provide further savings and minimize grid usage.
For further information on the difference between consumption and backup batteries, check out this article in our help center.
What if I decide I want to purchase my system later?
Interest rates are expected to improve as inflation goes down, and financial situations in general can change unexpectedly.
Regardless of the reason why, purchasing/refinancing your system down the road is definitely possible.
To do this, you’ll need to be over 5 years into your agreement. You can also purchase the system at the end of the agreement if you wish.
If you do decide to purchase your PPA system, a third party appraiser will determine the price.
To get started with a Project Solar PPA and lower your energy costs, click here.
