Financing Your Home Solar System
As with any large purchases, financing can be a difficult concept to grasp. “Will buying it straight out be the best way to go?” “What if a lease is better for my purchasing power?” “What exactly are the benefits of getting a loan over 20 years?”
We know, it’s a scary decision. We weigh our options as an investment, but also as an immediate need.
Solar is no different. Purchase, loan and lease are the three most popular ways to finance your home solar system. These are reputable pathways that are dependable and predictable as a means to invest.
So let’s break down the options and what they mean for you.
Loan – Our most popular option. We partner with local or national banks in order to pay for your Solar. You will borrow the lump sum, and pay interest over the life of the loan. We offer very competitive loans, as low as 2.99% over 20 years. If you have a tax burden to take advantage of the 30% federal tax credit, this is the best way to start saving on your electricity bill now, without a huge lump sum payment.
Lease – The lease program makes the most sense if you cannot take advantage of the 30% tax credit by not meeting the tax burden. The financial institution owns the panels, and will take the credit themselves. This may work in your favor by being able to get your lease payments much lower than your average monthly bill.
Purchase – Theres nothing more permanent, more satisfying and more immediate than a cash purchase. As they say “cash is king”. If you outright buy your system you will get the strongest return on investment, as there is no interest calculated into the financing. Since you own your system, you can take advantage of the 30% government tax credit (as long as you have the tax burden to apply it towards), allowing you to put that towards your system or any other investment you can think of.
Of course, every system and every contract is different when it comes to financing a solar system. Always look at the fine print in any contract. The problem being, everyone has different financial needs and complexities that are specific to them. The only way to know what is best for you, is to look at the numbers. The best way to look at the numbers? Meet with our Solar Consultants! They have seen anything and everything there is to see over the hundreds of installations they’ve consulted on. If you have any questions, we’re here to answer them, even if you’re just taking the first steps on researching a Home Solar System. Give us a call or send us an email 559-733-8313, [email protected]