As businesses around the world look to lower energy costs and move to renewable energy sources, many are turning to solar finance as a viable option. But where do you find solar financing? We’ve rounded up some of the best sources of financing for commercial solar projects in this guide.
Specialised Asset Rental Finance
Specialised Asset Rental Finance allows businesses to lease solar panels, inverters, batteries and any other equipment necessary for a functional solar energy system. This form of financing is attractive to businesses because they don’t need to commit to a long-term loan – but they can reap the energy-cost savings as soon as possible. Specialised asset rental finance providers will work with customers to arrange the right payment terms and help avoid large lump-sum payments.
Solar Roof Rental for Business
Solar roof rental is an option for business owners who don’t want to commit to leasing or buying a solar system outright. Through roof rental you can essentially get paid for the use of your roof space on a monthly basis. Solar roof rentals are becoming increasingly popular as they allow you to control and manage your energy costs. This type of financing is beneficial because it also allows you to take full advantage of renewable energy tax credits and other incentives associated with long-term leases or outright purchases. Additionally, solar roof rental agreements usually include maintenance services usually offered by the provider.
Benefits of Using Asset Finance for Solar Finance
Asset finance for solar finance allows businesses to purchase, or lease, a solar PV system without the typical large-scale upfront costs. This can be beneficial for small businesses that may not have access to traditional financing options. Additionally, asset finance typically offers better repayment terms than many bank loans, allowing you to spread payments over a longer period of time and minimize your impact on cash flow. Furthermore, the ability to quickly scale up your solar energy system helps businesses take advantage of incentives and renewable energy tax credits more easily.
Why Businesses in South Africa Need Solar Power
South Africa is facing unprecedented power cuts, sky-rocketing electricity prices and constrained supply. This is putting tremendous pressure on the country’s businesses, forcing them to consider renewable power sources such as solar energy. With solar finance, businesses in South Africa can access a reliable and cost-effective source of electricity and reduce their reliance on unreliable traditional utility providers. Solar finance also offers payment terms that are often more favourable than traditional financing options, making it easier for businesses to make the switch to clean energy.
Conclusion
Ultimately, when it comes to choosing the best solar finance option for businesses, there is no one-size-fits-all answer. It will ultimately come down to the individual needs of each business and its ability to access finance. However, with a range of solar financing options available in South Africa – from traditional banks to specialist lenders and energy suppliers – businesses should be able to find an option that meets their specific needs.