Go Solar - NO Upfront Cost
You can get a solar loan and pay nothing upfront for your home solar panels. Lock in savings with a low fixed monthly payment. Own your solar panel system to take advantage of tax credits and rebates. Best of all, the Solar Loan is like having a blank check to get the solar panel system you need.
For a typical 3-bedroom home with a current electricity bill of $200 per month, we might recommend a medium sized 5 kW solar system.
Your new solar system will generate enough electricity to offset what you are currently paying to the utility company from $200 to as low as $30 per month.
Your Solar Loan payment would be $0 upfront and $120 per month. So you could actually save $50 per month from the first month. Once the loan is paid, you can enjoy free solar electricity for 25 years or more!
Other Popular Solar Financing Options
In addition to solar loans, there are several solar financing and incentive options to be aware of when thinking about going solar. Net Metering will let you earn credits from your utility for excess power, while a Feed-In Tariff (FIT) involves earning revenue for your excess solar power. Some states have market-based auction programs called SRECs Solar Renewable Energy Credits where power credit can be sold to institutions.
Other popular options to pay for solar panels is a Solar Lease in which you lease the equipment for a long-term. You can also consider a Solar Power Purchase Agreement (PPA) where you only pay for the solar power, locking in your electricity rate over time.
However, you will get the biggest financial gain by owning your solar system. If you don't want to pay cash, then contact your bank about Solar Home Equity for the best rates. Another great way to pay for your solar panels is a solar home improvement loan , which is a government FHA-backed Title-1 Home Improvement Loan is designed for homeowners with or without equity. An innovative community financing program available in some areas is PACE Municipal Financing | Property Assessed Clean Energy. With PACE, you pay for your system over time, just like your property taxes. As part of your research, be sure to compare Solar Loan vs Solar Lease options before proceeding.