Financing Options For Going Solar
Are there any rebates and incentive programs available for going solar?
There are solar rebates and incentive programs available, which vary depending on the state and municipality you live in. There is a 30% investment tax credit (ITC) provided by the federal government, allowing you to deduct 30% of the cost of installing your solar system on your income tax return. There are additional tax credits offered in some states, along with rebates and incentive programs offered in certain municipalities and by some utility companies.
What financing options are available for solar energy systems?
There are three basic financing options for going solar: you can pay cash for your system, take out a loan to pay for your system, or enter into a lease by way of a power purchase agreement (PPA). Tesla Solar offers $0 down financing with no payments for up to 18 months and up to 25 years to fully pay for your solar energy system.
Is it better to buy or lease my solar energy system?
It all depends on why you have chosen to go solar. If you want to maximize the return on your investment, buying the system probably makes the most sense. However, if your priority is to have an easy way of reducing your electricity bills while helping the environment, then you might consider a lease program.
Is one better than the other – solar leases and solar loans?
There are pros and cons to each. Both options will reduce your electricity bills and make a positive impact on our environment, but you need to read the terms and conditions of each agreement before determining which option makes the most sense for you.
What is the difference between a secured loan for a solar energy system and an unsecured solar loan?
The main difference is that a secured loan will require that you put up an asset, most likely your home, to act as collateral for the money you’re borrowing. An unsecured loan won’t require that you have collateral, but the interest rate would be higher to compensate for the higher risk being taken by the lender. To determine which option would work best for you, evaluate both offers.
How can I determine which solar loan is best?
Many different financial institutions provide solar loans, such as local and national banks, credit unions, specialty financing companies and solar system manufacturers. To determine which option would be best, compare offers from several different lenders.