Asset finance is another option for funding commercial solar PV systems in the UK. Asset finance involves leasing the solar system from a finance provider, rather than paying for the system upfront. This can provide several benefits for businesses, including:
Lower upfront costs: By leasing the solar system, businesses can avoid the high upfront costs associated with purchasing the system outright.
Cash flow management: Leasing the solar system allows businesses to spread the cost of the system over time, making it easier to manage cash flow and avoid large, unexpected expenses.
Tax benefits: Businesses can often claim tax relief on the lease payments for the solar system, further reducing the overall cost of the system.
There are several different types of asset finance available for commercial solar PV systems, including:
Hire purchase: This involves paying a deposit upfront and then making regular payments over a fixed term. At the end of the term, the business owns the solar system outright.
Operating lease: This involves making regular lease payments for a fixed term, after which the solar system is returned to the finance provider. This option may be more suitable for businesses that do not want to take on the responsibility of owning and maintaining the solar system.
Finance lease: This involves making regular lease payments for a fixed term, after which the business has the option to purchase the solar system for a nominal fee.
At Clad-It, we work with finance providers to offer asset finance options for commercial solar PV systems. Our team can help businesses determine which financing option is best suited for their needs and can provide a range of services to design, install, and maintain their system. Contact us today to learn more about how we can help businesses harness the power of the sun and reduce their energy costs.
