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What is a solar power purchase agreement (PPA)?
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A PPA is a financial arrangement where a third-party developer installs, owns, and operates a solar energy system on a customer’s property. The customer purchases the electricity generated at a predetermined rate, often lower than the local utility rate. PPAs require little or no upfront cost and provide long-term savings. They typically last 10 to 25 years, after which the customer can buy the system or extend the agreement. PPAs are popular for businesses and municipalities seeking to reduce energy costs and carbon footprints.