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Solar Morgate:

Under a solar mortgage, OFGEN Financial Solutions will lend you the money to buy the solar system. Your business takes ownership at the time of purchase and has full use of the system. OFGEN Financial Solutions secures the loan with a mortgage over the solar system.

You repay the loan in equal monthly instalments, and once the final payment is made and the loan is repaid, the mortgage over the loan is removed.

You can elect to have a balloon payment (a residual) at the end of the specified term.

A balloon payment will lower your monthly repayments making the solar system more affordable on a month-to- month basis

A finance lease is where OFGEN Financial Solutions buys and installs the solar system and leases it to you for your use.

Finance Lease:

As the 'lessee' you are responsible for the solar system at the end of the lease at the residual value in the contract.

During the term of the lease you pay OFGEN a monthly instalment. Once the repayment term ends, you pay the residual value at which time legal ownership is transferred to you.

The key difference between a finance lease and an operating lease is that ownership of the system at the end of the lease term is guaranteed.

A finance lease also differs from an operating lease for accounting purposes where it is recorded as an on-balance sheet entity.