Solar Panel Financing
Investing in solar energy is a smart way to reduce your energy bill and work toward a carbon-free future. Save even more money by learning everything you need to know about the financing options available.
How to Purchase Solar Panels for Your Home
Switching to solar power will help you take control of your monthly energy costs, reduce your carbon footprint, and protect yourself against rising electricity prices. If you’re thinking about installing solar panels, you have a few options: full ownership, leasing, and PPAs.
Benefits of Owning Your Residential Solar Panels
Owning solar panels outright is one of the most cost-effective ways to invest in solar technology.
With full ownership of your solar energy system, you can take advantage of the following benefits:
Increased Home Value
Energy savings
Net metering opportunities
Tax incentives and credits
Independence from traditional power companies
Reduce Your Monthly Utility Bills and Contribute to a Net-Zero Future
No matter how you choose to invest in solar energy, you’ll help reduce your monthly utility bills and contribute to a net-zero future. However, the most beneficial way for homeowners to invest in solar panels is to purchase them outright.
Solar Panel Leasing & PPAs: What You Need To Know
Because there are numerous financing options, as well as state and federal tax credits, available, purchasing to own your solar panel system is the most cost-effective and beneficial way to make the switch to solar.v
Leasing programs and Power Purchasing Agreements (PPAs)
Allow homeowners to buy back the energy produced by solar panels from a third-party provider, but the homeowner does not own the system. With a lease or PPA, you’re typically locked into a long-term contract, and you’ll pay an agreed-upon rate for energy from the provider, which will vary depending on your location, system size, and other factors.
Solar Financing Opportunities for Homeowners
Purchasing a solar panel system can incur some intimidating upfront costs, but with tax credits and additional financing opportunities, you can reduce the amount of money you have to pay out of pocket. Plus, the added savings from reduced monthly utility bills will quickly make your investment worthwhile.
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Grants for Solar Energy
High Energy Costs Grants
For homeowners in rural areas with extremely high energy costs, the Rural Utilities Service (RUS), which is a subsidiary of the United States Department of Agriculture, offers grants of up to $20,000 to purchase, install, repair, or replace energy systems like solar panels to improve energy generation or distribution.02
Solar Energy Rebates
In some states or municipalities, you may be able to apply for a rebate after you get solar panels installed. Your utility company may also offer rebates for installing solar panels. These rebates tend to come and go and are only available for a limited time in select areas to incentivize more homeowners to switch to solar energy.
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Solar Panel Loans
Depending on a number of factors (including your income and credit score), you may be eligible for a number of competitive loans to finance your solar panel system. Check with your bank or credit union to see if you qualify for low-APR or fixed rate loans before looking into online vendors so that you can get the best rates!
How Installing Solar Panels Will Save You Money Over Time
Investing in solar energy leads to financial stability and long-term benefits, as well, making solar panels a worthwhile investment for financial and environmental reasons!
Lower Energy Costs
Powering your home with solar energy can save you up to thousands of dollars over the life of your solar panel system, which often spans 25 to 30 years.
Net Metering
The option to sell excess energy back to the grid can help you earn credits towards energy bills or even earn more money.
Increased Home Value
Homes with solar panel systems are more appealing to environmentally-conscious buyers as well as those who are interested in reducing their utility bills, so if you ever plan to sell your home, you may be able to sell it at a higher price.
Tax Incentives & Credits
When you install solar panels, you may be eligible for state or federal tax credits, which can cover a sizable portion of the overall cost of your system.
Questions About Getting Financing for Solar Panels?
Start saving on your energy bills and switch to solar energy today! If you have any questions about our solar panel systems or if solar energy is right for you, please contact us. Our team would be happy to answer your questions!