---
title: Understanding Lease Financing For Solar Carports & Structures
description: Understand lease financing for solar carports. Learn how Solspan's flexible financing options can make sustainable energy solutions more accessible.
image: https://solspan.uk/hubfs/Image%2011.webp
---

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# Understanding Lease Financing for Solar Carports

Posted May 28, 2024 8:14:35 AM by [Admin](https://solspan.uk/blog/author/admin)

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Leasing agreements are made every day, mostly commonly for properties and buildings and vehicles. But what you may not know is that other types of capital equipment can also be leased, including manufacturing machinery, solar panels and [solar carports](https://solspan.uk/solspan-solar-carports-car-parks-commercial).

Lease finance can be an affordable way to acquire new equipment and up to date technology to help your business grow, while also offering tax efficiencies and maintaining cash flow.

Solspan® has partnered with Tower Leasing to offer a range of finance options that make acquiring a solar carport simple, affordable and tax efficient.

## What is Lease Financing for Solar Carports?

The official definition of lease financing, also known as leasing, is a financial arrangement in which one party (the lessor) allows another party (the lessee) to use an asset, such as equipment or property, for a specified period of time in exchange for periodic payments.

Lease financing allows companies or public sector bodies to acquire and use buildings, vehicles or capital equipment, without having to make a large upfront payment for its purchase. Instead, the company makes regular lease payments over the duration of the lease term.

At the end of the lease term, the company may have the option to purchase the asset outright, renew the lease, return the asset to the lessor, or enter into a new agreement for updated equipment, depending on the type of lease agreement entered into.

## What are the benefits of leasing a solar carport?

By choosing to finance your new equipment, you will be able to enjoy some fantastic benefits:

Keep cash flow within the business rather than deploying it upfront.  
Get the equipment you want when you need it, not just when budgets allow.  
Enjoy 100% tax relief on the rentals payable.  
Pay monthly or quarterly payments over a chosen period of time rather than handing over one large lump sum.  
Keep up with the latest technology by upgrading the equipment at any time throughout the lease period.  
Structure your lease payments to suit your budgetary needs and allowances.  
Protect your existing credit lines by using leasing as an alternative funding facility.  
In many cases, the energy cost savings a solar installation allows can balance or even outweigh the interest payable on the lease payments

## What types of Lease Agreements are There?

There are three different types of lease agreements – operating leases, finance leases and hire purchase.

### Operating Leases:

In an operating lease, the company makes regular rental payments for the use of the carport but doesn’t actually assume ownership of the asset. Operating leases can be used for all kinds of capital equipment investment, but most commonly for IT equipment and other items that require regular upgrades.

### Finance Leases:

In a finance lease, the company makes regular payments for using the canopy, but effectively assumes responsibility for the asset with the intention of eventually owning it.  
The lease payments cover not only the cost of ownership but also repay the principal amount of lease (similar to a loan).

### Hire Purchase: 

Similar to finance leases, hire purchase involves making regular payments for the use of an asset with the intention of ultimately acquiring ownership. Ownership of the asset remains with the original vendor until the final payment is made. It’s commonly used for vehicles.

### How does leasing compare to cash purchase?

Leasing can help companies benefit from corporation tax savings, as the example below demonstrates:

Lease vs Buy Example:

Assumptions:

Project Cost: £75,000  
Lease Period: 3 Years  
Frequency: Monthly   
Company’s Tax Rate: 19%

Cash Purchase (Company A)

Year    Capital Allowance    Tax Relief  
1    18% of £75,000 = £13,500    Less 19% = £2,565.00  
2    18% of £61,500 = £11,070    Less 19% = £2,103.30  
3    18% of £50,430 = £9,077.40    Less 19% = £1,724.71  
Total Tax Relief: £6,393.01

Lease Rental (Company B)

Year    Capital Allowance    Tax Relief  
1    12 rentals of £2,658.00    Less 19% = £6,060.24  
2    12 rentals of £2,658.00    Less 19% = £6,060.24  
3    12 rentals of £2,658.00    Less 19% = £6,060.24  
Total Tax Relief: £18,180.72

\*Corporation tax is calculated on a sliding scale from 19% to 25% depending on the company’s profitability. For simplicity, a tax rate of 19% has been used in this example.

Company B has chosen to lease its equipment and has gained an extra £11,787.71 in tax relief.

How will the lease agreement work?  
Choosing a lease finance option for your solar carport is very simple. When costs are agreed, we work with you and Tower Leasing to agree a payment plan of monthly or quarterly payments over a time scale of your choice – typically up to three years. Leasing agreements are customisable to your needs, allowing you to acquire capital equipment in a way that works best for your business.

Once the contract terms are agreed upon, we carry out the carport installation for you. Once the project is completed, you make regular payments directly to Tower Leasing, while enjoying the cost savings and carbon reduction benefits a Solspan® solar carport offers. 

About Tower Leasing  
Tower Leasing has been operating in the asset finance industry since 1989. Throughout this time the organisation has built many strong relationships with equipment suppliers and businesses in need of equipment across the UK.  
Tower takes care of the entire lease process to ensure suppliers and customers enjoy a simple and quick leasing experience. 

Along with strong connections with 20+ financial institutions, Tower has access to its own book funds making clearing customers for finance a simple process.  
Kensington Systems will be working alongside Tower to provide you with an investment solution that will benefit your business.

[Get in touch](https://solspan.uk/contact-solar-carports-carparks-solspan) today to find out how a leasing solution could work for your solar carport project and discover some [solar savings](https://solspan.uk/solar-savings-index).

 

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