It’s no secret that financing has found a permanent residence within the solar industry. Solar arrays carry high up-front costs which, without financing or leasing options, make them unaffordable for the majority of home and business owners. As the solar market continues to become more competitive, manufacturers and distributors are forced to expand their services and adapt to consumer trends.

Financing a system often relieves all of the upfront costs for the consumer. In most cases, the solar array will not offset 100% of the electrical usage. This leaves the home or business owner with a monthly payment for the array along with any additional electrical usage pulled from the utility company. Though it may seem like just another bill to add to your monthly expenses, the combined total is generally significantly lower than the original electric bill.

Most recently, manufacturing giant, Yingli has partnered with a CIT, “the leading provider of financing to small businesses and middle market companies”. Through the partnership, Yingli can offer its U.S. customers with financing options for purchasing and installing modules. The partnership illustrates not only growth in the solar industry, but manufacturers evolving with the market to provide the consumer a more streamlined experience. In fact, several of the companies currently dominating the market are focused specifically on financing and leasing solar arrays.

These companies essentially take all of the paper work, upfront costs and maintenance out of the system leaving the consumer with a lower monthly payment. SunRun for example, “will buy, install, and take care of your solar system - covering the high upfront cost of panels, inverter, hardware, installation, monitoring, and repairs – you just pay for the electricity you generate. SunRun takes the guesswork out of the cost of solar power.” While this option may be ideal for many home and business owners, it does not necessarily provide the same economic benefits as owning the system. Without owning the system, the consumer is not able to exercise the tax credit or any potential incentives offered by the state or electrical provider.

The bottom line remains, solar continues to become more accessible through alternative payment and ownership plans. While having several options can make it a daunting task for the consumer; collecting bids and information is a quick, informative (and usually free) process. Most companies are happy to explain their payment structure and how it can best fit your needs.