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What is a Power Purchase Agreement (PPA)?

A solar Power Purchase Agreement allows for a third party to own and maintain a solar PV system on a host's property (typically the roof). The host will then purchase power from the third party. The host benefits from no or little upfront costs, fixed electric bills, and no risks. The third party acquires the risk of financing the system, but receives the incentives and tax credits from the system, along with the host's payments for the power.