There has never been a better time to make the switch to solar. As more people are becoming aware of solar energy’s long-term cost-effectiveness, the demand for solar installations is going up. After switching to solar energy, buyers also feel a sense of pride about reducing their carbon footprint by using clean energy for their daily needs.
Over the last decade, the solar industry has come a long way in terms of costs and efficiency. If installing costs kept you from going solar until now, there is good news ahead.
Thanks to several lending and tax measures introduced by banks, lending institutions, and governments in recent times, owning solar has never been this affordable and profitable.
Whether you’re looking for a loan or a lease, there are several easy and flexible financing options now available for customers looking to go solar.
So, don’t let the installation costs deter you from adopting solar, which can bring significant savings on energy bills and increase your property’s value.
Loan it to own it
Loans through home mortgage or the home equity line of credit are a popular choice with many homeowners. It’s no surprise because you don’t have to pay any upfront cost. Your monthly payments will be more or less the same as what you would usually pay to your utility provider every month. While utility power rates are subject to changes due to inflation and market conditions, your payments stay fixed every month.
With the current Investment Tax Credit (ITC), you can claim 26 percent of the installation cost from your federal taxes. That’s not all, you also own the system, thereby increasing the property value of your home.
Even if you can’t take advantage of the tax credit, you can opt for an easy loan option with an Annual Percentage Rate (APR) as low as 0.99 percent. These are clean-tech loans with a range of benefits – no collateral or lien against the property, no requirement of a down payment, easy approval and qualification. Moreover, these loans do not come with a pre-payment penalty, which means you can pay them off at your own convenience.
Ease of lease
If you go for this option, all you have to do is pay a fixed monthly lease amount depending on the installation’s estimated energy produced.
Even if you can’t own one right now, leasing a system still leads to more savings than your traditional monthly bill payments for utility power. You may not own the system, but you also avoid upfront costs.
With this option, the fixed monthly lease amount is all you need to instantly enjoy the benefits of clean solar power. You won’t have to worry about your carbon footprint anymore, either.
Future-proof with a PPA
A Power Purchase Agreement (PPA) is another good financing option for homeowners. This is an agreement between the customer and the developer. The developer installs the system on the customer’s property at little or no cost and sells the generated power to the customer at a fixed rate.
This monthly rate is usually lower than the region’s utility power rate. With the PPA option, you can end up saving on your electricity expenses for at least 20 years. As per the agreement, after this period, you can choose to either buy the installation, renew the PPA or discontinue it.
With so many financing options now available, interested customers find themselves more empowered to reap the benefits of clean solar energy in a way that’s friendlier to their budgets.
These flexible options for solar buyers are a testament to the trust that banks and the government have in the performance and ultimate benefits of solar energy and related products.
Homeowners are just a few steps away from becoming entirely energy-independent and immune to future utility price fluctuations.
Now is certainly a good time to go solar. In fact, it would be irresponsible not to go solar.
Choose GreenBrilliance for your solar needs
Our goal is to help our customers make informed decisions to invest in solar energy to bring them peace of mind. We offer our customers a wide range of easy financing options to pick from.
Contact us to find out about the solar financing option that’s best for you.