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How to Pay For Your Solar Panels

By June 26, 2020 No Comments

When deciding on how to pay for your solar panel system, it is important to take into account all of your financial options. We say the term “options” because you do in fact have many ways to pay for your solar panels. We believe that choosing the best payment option is dependent on you understanding all of these options first. By understanding all of these options, we can assist you in making the best decisions for your financial needs.

 

Buying Your Panels:

Buying your solar panels outright can be a pricey endeavor. However, for those who have the opportunity to do so there are many state incentives to help you. When tax time comes around, the Federal Solar Tax Credit can let you earn up to 26% of the installation costs back. With this, you earn all of the benefits of solar without having to add on any monthly payments for anything. The average lifetime savings that comes from purchasing your solar system can be up to $126,000. Buying your solar panel system is one of the best ways to earn the most savings.

 

Leasing Your Panels:

An alternative to buying your system, which is the most common payment we see, is a solar lease program. Our solar lease program allows you to have all of the benefits of solar without having to somehow come up with a lump sum of funds. You will only have one bill a month, your electricity bill. Your electricity bill will be a fixed rate based on how much energy you are using, how may solar panels you need, and your past electricity bills. All of these factors help us determine the best way for you to save money. For many of you who have signed a 30-year mortgage, your leased solar panels could possibly line right up with the timing of your mortgage. However, if you happen to move at any point in time, do not stress. Your solar panels and lease agreement can be passed onto the next buyer. This is also a great way to raise the value of your home and sell your home quicker as solar is becoming more and more popular.

 

Solar Loan:

If you do not like the idea of a lease and still do not have the cash on hand to pay for your solar power system outright, you could apply for a solar loan. This allows you to finance the cost of your solar energy overtime. However, because you are taking out a loan, your fixed percentage rates are dependent on your credit score. The higher your credit score is, the lower rates you will need to pay. The lower your credit score is the higher rates you will have to pay. In order to choose the best loan for your financial situation, it is beneficial to shop around through financial institutions that offer solar loans. This can help you find lower interest rates if possible. Your financing options are very important to us, as we want to be able to provide you with the best experience that we can with your solar energy.

 

With so many benefits in mind, it’s easy to see why purchasing a solar panel system is a wise financial investment for homeowners in New Jersey, Pennsylvania, and beyond. For more information, contact Vision Solar today.