Owning a home can be expensive. Things like general maintenance and monthly utilities can be costly. That’s why most of us pay attention when we hear about something that could save us a lot of money.
You’ve probably heard that one of the ways to save money as a homeowner is to install solar panels. Switching to solar doesn’t just reduce your electric bill. It provides real savings right away, allowing you to pay less than before. And the longer you have your solar panels, the more money you save!
But you might be worried that you can’t afford to go solar, and that’s a perfectly normal fear. We’re here to put those worries to rest. Read on to find out the best solar power financing options for you!
What Are My Solar Power Financing Options?
Once you’ve made the decision to go solar, you have several different solar power financing options. If you have the capital upfront, you are good to go! But most people probably need a little help. Take a look and decide which of the following solar power financing options work best for you.
Take Out A Solar Loan
If you want to own your system, taking out a solar loan might be the best option for you. You might think will be yet another monthly bill you’ll have to pay. But just remember that your monthly savings from using solar power should be greater than your loan’s monthly payment.
Consider — you’ll likely save anywhere from 40% to 70% over the lifetime of your solar panels. On top of that, the interest on your loan could also be tax deductible. (You’ll want to talk to an expert, though, because that changes depending on where you live!)
Take Out A Solar PPA
Another option to get your solar panels installed is to take out a solar power purchase agreement (PPA). A solar PPA is a form of a long term solar lease.
You only pay for the solar power produced based on a low fixed rate that is usually less than what your local utility company charges.
Homeowners can save 10 to 30 percent per month over the traditional utility’s electricity bills without any upfront investment required. And you don’t even need to worry about maintaining the system. The third party company you lease from will be responsible for everything, from installation to maintenance.
What Solar Power Prices Can I Expect?
There are a few factors to determining solar power prices, like:
- The size of your home
- Your monthly energy use
- How well your home can generate solar (in other words, do trees cause too much shadow?)
For example, if you have a 3-bedroom, 2 bathroom home with an average monthly energy bill, you probably would not need a large solar system. But if you use your A/C a lot or have a large home with a pool, you could require a much larger system. Just remember that the solar power prices you pay will pay for themselves over time and then some.
Benefits Of Using Solar Power
Although it might seem costly up front, making the decision to install solar panels onto your home will be a lifetime ROI. You’ll increase the value of your home with some buyers paying on average an additional $15,000 for the addition of solar panels. And homes with solar panels usually sell faster than those without.
Contact Sungevity For Next Steps
Financing solar is a great way to get started, and Sungevity makes it easy. You can take out a loan, or contact us for a solar PPA. Sungevity will be responsible for your home’s solar power lifespan, and even install and maintain your solar panels for you.
Contact Sungevity today to work out the best solar power financing options for you!
