ADVERTISEMENT
See Inside December 2009

The No-Money-Down Solar Plan

A new wave of start-ups wants to install rooftop solar panels on your house. Upfront cost: nothing

The biggest thing stopping the sun is money. Installing a rooftop array of solar panels large enough to produce all of the energy required by a building is the equivalent of prepaying its electricity bill for the next seven to 10 years—and that’s after federal and state incentives. A new innovation in financing, however, has opened up an additional possibility for homeowners who want to reduce their carbon footprint and lower their electric bills: get the panels for free, then pay for the power as you go.

The system works something like a home mortgage. Organizations and individuals looking for a steady return on their investment, typically banks or municipal bond holders, use a pool of cash to pay for the solar panels. Directly or indirectly, homeowners buy the electricity produced by their own rooftop at a rate that is less, per kilowatt-hour, than they would pay for electricity from the grid. Investors get a safe investment—the latest generation of solar-panel technology works dependably for years—and homeowners get a break on their monthly bills, not to mention the satisfaction of significantly reducing their carbon footprint. “This is a way to get solar without putting any money down and to start saving money from day one. That’s a first,” says SolarCity co-founder Peter Rive.

X

"The No-Money-Down Solar Plan" is available in the following issues, please make a selection below

December 2009
December 2009 - $7.99
The Dawn of Solar Power
The Dawn of Solar Power - $9.99

This is only a preview. Get the rest of this article now!

Select an option below:

Customer Sign In

*You must have purchased this issue or have a qualifying subscription to access this content


It has been identified that the institution you are trying to access this article from has institutional site license access to Scientific American on nature.com.
Click here to access this article in its entirety through site license access.

Share this Article:

Comments

You must sign in or register as a ScientificAmerican.com member to submit a comment.
Scientific American Back To School

Back to School Sale!

12 Digital Issues + 4 Years of Archive Access just $19.99

Order Now >

X

Email this Article

X