# Contracting vs Purchase vs Leasing: Which Financing Model Fits?

Contracting, purchase and leasing are the three financing models for commercial PV systems, and the choice is driven by the balance sheet, not by price. With a purchase, the business receives the GREIV subsidy from Pronovo (up to 30% of the reference costs) directly and realises the full ROI with payback in 4-6 years. Contracting eliminates the equity requirement entirely; the GREIV stays with the provider. Leasing spreads the capital outlay over 5-10 years (Ampere Dynamic experience) and builds ownership without immediate CAPEX.

Three financing models for commercial PV systems compared: contracting, direct investment and leasing. With the GREIV nuances and a decision process.

Kanonische Seite: https://www.ampere-dynamic.ch/en/knowledge/contracting-purchase-leasing-comparison/
Veröffentlicht: 2026-03-11

**Key Takeaways**

- Three models are on the table: direct investment (purchase), leasing and contracting (PPA or lease model). The decision is driven by the balance sheet, not by price.
- GREIV eligibility follows ownership: with a purchase, the buyer receives the payment directly. Under contracting, the GREIV stays with the system provider that owns the installation.
- Leasing builds ownership without an immediate CAPEX outlay. GREIV eligibility depends on the contract structure.
- Ampere Dynamic delivers all three models and advises, independently of any manufacturer, on the variant that fits the company profile.

The decisive question is not which model costs the least. The decisive question is what the company's balance sheet allows, and which matters more: building ownership or cash-flow neutrality. That trade-off differs with company size, balance sheet structure and strategic priorities.

## Three models at a glance

**Direct investment (purchase)** is the classic model: the company finances the PV system entirely from equity or a bank loan, becomes the owner immediately and receives all returns directly. The [GREIV one-off payment](https://www.ampere-dynamic.ch/en/knowledge/glossary/einmalverguetung/) goes to the business: up to 30% of the investment costs of a reference system, calculated per project ([Pronovo, FAQ on the one-off remuneration](https://pronovo.ch/de/foerderung/photovoltaik/haeufige-fragen/)). Full depreciation runs through the business assets. The model suits companies with a strong balance sheet and the aim of realising the maximum ROI over the system's entire lifetime.

**Leasing** spreads the capital outlay over a term of typically 5-10 years (Ampere Dynamic experience from financing discussions for systems from 100 kWp). Depending on the contract structure (financial leasing versus operating leasing), economic ownership sits with the business or with the lessor. Under financial leasing the business may be GREIV-eligible; under operating leasing the entitlement stays with the lessor. At the end of the term the system usually passes to the business. The model protects liquidity and builds ownership without a CAPEX outlay.

**Contracting (PPA or lease model)** means: the provider (Ampere Dynamic or a financing partner) builds and owns the PV system on the business's roof. The business pays a fixed price per kWh or a monthly flat rate. No equity requirement, no balance sheet burden. Because the provider owns the system, it receives the GREIV one-off payment. Ideally that saving is passed on to the business as a lower kWh price. Suited to businesses with a zero-CAPEX strategy that want to reduce energy costs without capitalising an asset.

## Contracting, purchase or leasing: the key differences

**Contracting, purchase or leasing: the key differences**

| Criterion | Contracting | Purchase | Leasing |
| --- | --- | --- | --- |
| Equity requirement | None | CHF 200k to 2 million+ | Partly financed |
| Ownership of the system | With the provider | Immediately with the buyer | At the end of the term |
| GREIV eligibility | No (provider receives the EIV) | Yes | Possible (contract-dependent) |
| Tax depreciation | Not possible | Yes (business assets) | Lease instalments deductible |
| Economic risk | With the provider | With the business | Shared |
| Suited to | Zero-CAPEX strategy | Strong balance sheet, full ROI | Protect liquidity, build ownership |

The ranges in the table are Ampere Dynamic experience for systems from 100 kWp to 2 MWp. Who receives the one-off remuneration (Einmalvergütung) is governed by the Energy Promotion Ordinance ([EnFV, SR 730.03](https://www.fedlex.admin.ch/eli/cc/2017/766/de)): the entitled party is the operator of the system, not the owner of the roof. On the GREIV nuance under contracting: the business loses no subsidy it would have been entitled to. Ownership sits with the provider, who is GREIV-eligible. A serious contracting model passes that cost saving on to the business through the lower kWh price. Under purchase and financial leasing, the business as owner submits the GREIV application itself.

## The decision process: four steps to the right model

Four questions lead to the model; the third hinges on the EnFV subsidy rules and the fourth on the contract structure.

**The decision process: four steps to the right model**

1. **Balance sheet and liquidity analysis** — Check how much capital is available and whether capitalising the fixed asset on the balance sheet is strategically desirable. This question decides whether direct investment or an alternative model makes more sense.
2. **Strategic view on ownership** — Decide whether owning the system is part of the corporate strategy. Whoever wants ownership, and whose balance sheet allows it, chooses purchase or leasing. Whoever only wants lower energy costs chooses contracting.
3. **Check subsidy entitlements** — Clarify whether GREIV eligibility is strategically relevant for you. With direct investment, up to 30% of the reference costs flow back as GREIV from Pronovo. Under contracting, the kWh price falls instead.
4. **Choose and structure the contract model** — For leasing: clarify with your tax adviser and lawyer whether financial or operating leasing affects GREIV eligibility. The contract structure decides whether the system qualifies for the subsidy.

## Which model for which company?

**Strong balance sheet, ownership strategy:** Direct investment is the economically superior choice over the system's lifetime. The business receives the GREIV directly, depreciates the system for tax purposes and realises the full ROI. Payback typically in 4-6 years for industrial systems from 100 kWp (analysis of delivered Ampere Dynamic projects).

**Limited CAPEX, focus on cutting energy costs:** Contracting eliminates the investment requirement entirely. The business pays a fixed price per kWh and benefits immediately from lower electricity costs without burdening the balance sheet.

**The middle way:** Leasing suits businesses that want to build ownership but do not have sufficient capital immediately, or that want to protect liquidity. The lease instalments are tax-deductible.

> **Tax and legal advice recommended**
>
> The choice between leasing variants (financial versus operating) and GREIV eligibility depend on the exact contract structure. Ampere Dynamic recommends advice from your tax adviser and lawyer before the financing model is finalised. Our team coordinates the technical planning in parallel with the legal review. [More on our financing models.](https://www.ampere-dynamic.ch/en/services/financing/)

For the subsidy programmes available for your [photovoltaic system](https://www.ampere-dynamic.ch/en/solutions/photovoltaics/), from KLEIV to GREIV, read our comprehensive subsidy guide. Our financing service accompanies you from choosing the model to submitting the subsidy application.