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How Do I Finance for My Solar Power?

How Do I Finance for My Solar Power?

 

If solar energy is so great, then why is the transitioning process to photovoltaic panels slower than we’d expect?

With potentially grand savings, an eco-friendly resource that requires little maintenance, consistent pricing that is not affected by the availability of oil and coal fuels, and greater security, why isn’t the entire globe making the remarkable purchase of a lifetime?

The answer is simple – cost.

Purchasing solar panels requires a relatively large initial investment with a range that is dependent on how much energy you consume and need. For many, an upfront payment is just not an option. Or is it?

For most people, it’s easier to say yes to the 5 dollar daily cup of coffee frappuccino for the next 50 years than putting a lump sum payment for panels.

 

Let’s do the math.

solar financingIf I paid for a 5 dollar cup of joe each morning for the next 50 years, I will have spent $91, 250! Wowzers! Some simple math can really place priorities into perspective.

If you’re questioning whether solar panels may be a fruitful investment, please contact us, The Solar Company, for your free visit and consultation.

As consumers, we are accustomed to spending small amounts in an extended period of time rather than a huge amount all at once – completely understandable.

What people don’t realize is that the solution can be simple. All it may require is a little research into your financing options. Sometimes it’s not limited to how much you currently have in your checking account.

 

Let’s explore.

The first question you may want to ask yourself is how much energy you consume. By maximizing energy efficiency, you not only save money and become more eco-friendly, you can also feel better about yourself. So ask yourself: do I use CFLs? Are my appliances energy efficient? Is my home or building well insulated?

The less energy used or wasted means the fewer panels required, which generally equates to a lower cost for your system.

Once you’ve determined how much energy you consume, you can start exploring the most suitable financing options.

At The Solar Company, we are able to offer SunPower Smart Financing. This lending program offers five different lending options designed to meet individual economical circumstances. This particular program uses home equity loans to help you achieve great rates. Feel free to consult our finance department for more information regarding your individual needs.

Besides our lending program, you can also explore other options available to you.

The federal government supports energy-efficient mortgages. Interested customers just need to seek out different EPA-approved lenders to determine whether their home meets the qualifications. This option increases the borrowing limit and essentially allows homeowners to add the cost of their solar panels into their loan.

Another option that others have used which you can choose to do as well is to use your line of credit.

Certain cities have also approved homeowners to fund their solar panel system by placing a low-interest tax lien on the home.

In California particularly, rebates and solar tax credits are offered for renewable energy. You can read more under California Solar Tax Credit.

Solar systems can be more affordable than you think. Take the time to research your financing options and your individual energy needs. The best way to do that is to ask questions. More options may be out there so dig deep. Doing your homework never made better sense.



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