Solar Panel Financing: This Is What You Need to Know
Interested in making our planet a better place? Want to save money each month on your electricity bills?
Installing solar panels at your home, business, or even RVs is becoming more and more accessible every year. Technology and manufacturing continue to improve. As a result, the cost of installing solar energy is much lower than before.
Plus, solar panel financing makes it easy for any household to get solar power today. Now you can start experiencing the benefits of solar panels much sooner.
Have you been wondering how to pay for solar panels? Check out the solar panel financing strategies to make your home more efficient and eco-friendly.
Benefits of Solar Panels
Having solar power at your home is an incredible way to save money. Using solar panels to generate electricity can greatly reduce your electricity bill. Your home will likely still use some traditional electricity on days when there is less sunshine.
While solar panels cost quite a bit upfront, most homes will recoup the cost over a period of years, depending on the efficiency of their panels. That being said, there are different types of panels for different budgets.
The most efficient panels, monocrystalline will cost more. Other options, such as polycrystalline and thin-film panels are more affordable.
Installing more solar panels across the country and the world will help reduce our dependency on fossil fuels. This is important to move towards a more sustainable future.
Solar Panel Financing Help
The average cost of residential solar panels is between $9,000 and $15,000. It depends on the size of your home and the efficiency ratings of the panels installed.
Numerous programs offer rebates and tax credits to incentivize homeowners to install solar power. You can receive a federal tax credit of up to 22% on the total cost of your panels and installation.
There may also be regional or city incentives, or solar-specific financing options available, which you can search for here.
Keep in mind, having your panels installed by professional solar panel installers is important to receive credits and deductions. Installation must meet local building code requirements.
Solar Panel Financing Options
Even with a tax credit, homeowners are still required to pay for the majority of the solar installation.
Many people opt for a personal loan from their local bank to pay for their solar panels. Some banks even offer energy-efficient upgrade loans. These can provide lower interest rates on things like solar power.
You can use home equity loans or home equity lines of credit (HELOCs) for your energy upgrades. You can even get an energy-efficient mortgage. These allow you to borrow extra for your home to use towards energy-efficient upgrades.
Many solar panel installers also offer to finance directly. You can even lease solar panel equipment, which is maintained by the company that installed and owns the equipment.
Anyone Can Get Solar Power
With federal tax incentives and many different solar panel financing options available, there’s no reason not to consider solar power for your home. It’s never been easier to power your home or business by the most abundant power source we have; the sun.
Looking for more tips and tricks to improve your home? Make sure to check out the rest of our blog today.