Solar panels are becoming increasingly popular as the public becomes more aware of both the benefits of solar power and the technology’s improved affordability.
According to a report from the Solar Energy Industries Association (SEIA), the average cost of residential solar photovoltaic (PV) systems has fallen by 50% since 2010, making going solar more attractive than ever before.
Despite these plummeting costs, however, many homeowners are still hesitant to make the switch to solar due to concerns about upfront costs.
The truth is that there are several financing options available that can make going solar more affordable.
If you're interested in solar power but don't know how to make it more affordable, read on to discover seven tips to get some ideas…
1)) Research Rebates and Tax Credits
The federal government offers a tax credit for solar power that covers 26% of the cost of installation.
Some states also offer additional rebates.
Doing your research upfront can help you save a significant amount of money on your total costs.
2)) Consider a lease or Power Purchase Agreement (PPA)
With a lease or PPA, you can often get solar panels installed with little or no money down.
You'll then make monthly payments for the use of the panels, which is often lower than your current electricity bill.
At the end of the lease term, you may have the option to purchase the panels outright or renew the lease.
3)) Choose A Less Expensive System
If you're tight on budget, you can still get solar installed by choosing a less expensive system.
A smaller system will generate less power, but it's a good way to start using solar without breaking the bank.
You can always add to your system later as your budget allows.
4)) Get Multiple Quotes from Different Companies
When you're comparing pricing from different companies, make sure you're comparing apples to apples.
Some companies may include additional charges that others don't, so it's important to get all the details upfront before deciding.
Also, don't be afraid to negotiate!
The price isn't set in stone and you may be able to get a better deal by haggling a bit.
5)) Save Up and Pay Cash Upfront
If you have the discipline to save up and pay cash up front, you'll avoid paying interest on a loan and will likely get a discount from the solar company as well (since they won't have to finance the project themselves).
It may take longer to save up the full amount this way, but it will be worth it in the end!
6)) Get a Solar Loan
If saving up a large sum of cash isn't feasible, then consider a solar loan that allows you to finance your system with little or no money down and pay it back over time with fixed monthly payments.
This can be a good option if you don't have the upfront cash to pay for a system outright but still want to take advantage of the financial incentives available for going solar.
There are many different types of solar loans available, so be sure to shop around and compare offers before signing on the dotted line.
7)) Go Solar With A Group
When you go solar with a group of people, you can pool your resources and get discounts on bulk equipment purchases.
You can also negotiate better terms with your solar installer.
There are many communities’ solar programs across the country that allow you to go solar even if you can't install panels in your own home.
Solar energy is becoming increasingly popular due to its environmental benefits, but the initial investment can be costly for many homeowners.
There are however several ways that you can make solar more affordable for your home.
By taking advantage of available rebates and tax credits, considering leasing or PPAs, opting for smaller systems, and getting multiple quotes from different companies, you can find ways to make solar work within your budget.
In some cases, you may even be able to get discounts by paying cash upfront.
By doing your research and being aware of available options, you can find ways to afford solar power for your home.