One of the most stubborn myths about solar energy is that it is too costly for most homeowners. In reality, solar is more affordable than ever, and the options for financing home solar are increasing all the time.
Solar energy systems can work well in a wide variety of places, including foggy and cold climates, and on overcast days. Germany, a country not known for massive sun, leads the world in home solar.
Many homeowners are able to get solar with no money down, and see reduced energy costs immediately as well. Even if you pay cash, the system pays for itself in less time than ever.
A recent study showed that homeowners who purchase a solar energy system actually add to their property value. Homes with solar on the roof are likely to sell more quickly, too.
The many ways available to finance solar provide incredible flexibility to make solar savings a reality for you. All it takes is an understanding of what’s right for you.
All of the options to pay for solar on your roof depend on whether you will own the system outright or if you will lease it.
When you own your system, the savings go straight to your wallet for as long as your system produces power. Whether you pay cash or get a loan, incentives and credits may (if available where you live) offset a big slice of the system’s cost.
Specialty loans and mortgages can make paying for your solar energy system easier over time. Ask your installer about new programs, such as loans that are paid through your home’s property tax.
Leasing allows you to power your home with solar energy (and lock in your energy rates) without spending your own money. A company installs and manages the system for your home, and you pay an agreed-upon rate for your energy bill.
Solar leasing agreements typically come in two models. With one, you pay a set fixed monthly rate regardless of how much energy your system produces. With the other model, called a power purchase agreement (PPA), you pay based on how much energy it produces each month.
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