ZERO DOWN SOLAR
Grand Valley Power customers now qualify for zero down solar. That’s right, Colorado’s oldest Rural Electric Cooperative is also the first Cooperative to bring zero down solar to its members. No credit check … no 20-year promissory note … no equipment to install. How would you like to make monthly installments for 5 years and receive a benefit for 20 years?
Traditional Zero Down Solar
How does traditional zero down solar work? First of all, the disclaimer “With Approved Credit” applies. If you qualify for zero down solar, you must then sign a 15-20 year promissory note which will be reported as debt with the credit bureaus. That’s right; you have to sign a commitment that is longer than some mortgages. Then at the end of the term, you are left with multiple options; purchase the equipment outright for the remaining balance of the note, sign a new promissory note that extends the payments to cover the remaining balance, or terminate the agreement with the company at which point the equipment will be removed from the property and a new roof may need to be installed.
Grand Valley Power Zero Down Solar
What are the benefits of GVP’s Zero Down Solar? The most significant difference between traditional zero down solar and Grand Valley Power’s zero down solar program is no credit check. That’s right, just by being a member of GVP Rural Electric Cooperative you qualify. The installment term is 5 years and can be terminated at any time by the member with no penalties. You can lease 1 or 41 panels, the choice is yours even if you lease only one panel this year and then want to add another panel to your portfolio next year. There is also no equipment to install. Since Grand Valley Power has already built the Solar Farm, located along I-70 near 29 Road, you are simply leasing the production from one of the existing solar panels and the credit is applied to your bill just as if the panel was placed on your rooftop. Receive all the benefits of a clean, local renewable energy source without any of the risks.
By signing a solar farm lease agreement and choosing the monthly installment option, you are agreeing to a $15 per month charge added to your Grand Valley Power bill. Each panel that is leased will provide an average of $4 per month in bill credits. These bill credits are calculated at the same kWh rate that you are charged. Therefore if rates are to go up in the future, the bill credit from these solar panels will rise proportionally. The monthly installment amount of $15 is locked in and will not rise in the future. Once the five year installment plan is complete, you will no longer be responsible for any charges while still receiving another 15 years of bill credits. If you move to another location within Grand Valley Power’s service territory and the lease is paid in full, you may choose to have the bill credit transferred to your new location without any fees or you can simply leave them with the original property and use the bill credits as marketing material for selling your house. If you move before the installments are complete, you simply walk away, no penalties or early termination fees, and the panel is re-leased to another Grand Valley Power member.
All of the benefits of zero down solar with none of the risks! Call Derek Elder, Member Services Manager, at (970) 623-8580 for more information.