Last week, Green Tech Media reported that for the first time in years, more new solar customers chose ownership of their system over a solar lease. Why are so many solar customers choosing to own their solar system, and which way is right for you? Let’s look at the four most common ways to go solar.
You buy the system up front, and drastically reduce your electric bill with no monthly payments. You also qualify for a 30% tax credit on the amount you paid for your install. A cash purchase requires the initial investment, but will result in the largest long term savings!
Banks know solar is a good investment, and many have loans specific for solar upgrades. With a solar loan, you pay monthly over 5, 10, 15 or 20 years for your solar install. In almost all cases, your loan payment is LESS than your utility bill prior to solar. You still get the benefit of the solar tax credit, which you can use to lower your loan payment.
Solar Lease and PPA’s
Solar leases and power purchase agreements are similar to renting your solar system. A third party owns the system, and is responsible for its maintenance over the term of the lease (usually 20 years), and you enjoy a lower rate of power than what your utility charges.
PACE (Property Assessed Clean Energy)
With a PACE program, you can finance the purchase of your solar installation through your property taxes. This works like a loan, and you still qualify for the 30% tax credit. There is no credit score requirement, and the loan is transferable if you sell your house.
Call Solar Technologies today, and speak with one of our Solar Consultants at (888) SOLPOWER 765-7693. They will walk you through all the options and find the financing that is right for you! Or request your free quote online now.