This has been a frequent question for those planning to purchase their home solar panel installation outright with cash: Do I pay all at once or is there a deposit? Just like showing you the entire process of installing solar panels on your home, let’s break down the solar panel cash payment schedule here for you!
Is It Really Cash?
It doesn’t have to just be cash, but any payment tendered to us that is not financed by us. You can have a check, your own financing, or even something like a disbursement from a HELOC.
Cash Payment Structure
The payment schedule for cash purchases are as follows (otherwise payment terms with third party finance companies vary depending on funding source and will be specified in the finance company’s agreement):
- The first payment of 25% is due at the time of the contract execution. Drawings may not be prepared for the utility company and authority having jurisdiction, if applicable, until this payment is received.
- The second payment of 25% is due upon receipt of approval from the utility company and authority having jurisdiction, if applicable. Materials and Equipment may not be purchase until this payment is received.
- The third payment of 25% is due within two (2) business day of when the installation is complete and the system is able to function in accordance with its intended purpose. Commissioning by the utility company may not be scheduled until this payment is received.
- The final payment of 25% is due upon commissioning by the utility company. Please note that while T&K Electric will work diligently to schedule with the utility company, we have no control over when the utility company will actually commission the system.
Solar Panel Financing
If you decide that paying outright isn’t for you or you just want to explore your options, let us know and we can show you how it all pencils out. With complete transparency, we’ll help you to make the most informed decision for your situation and budget.