Solar energy is considered one of the most affordable sources of electricity worldwide, with overall costs 80% lower than they were 10 years ago. A common misconception in the home solar realm is that it is too expensive to install panels, but the majority of homeowners are actually switching to save money. Luckily, the solar industry has been refining itself over the years and service companies now have multiple financing options available.
Below we have broken down some of the most common forms of financing you can consider for your home. A solar representative at Zenergy Solar will also be able to review each option with you to help you determine which option is the best fit.
Lease
Solar leases are exactly how they sound – you’re essentially renting the solar panel system on your roof from the solar company you sign a contract with. With no money upfront, you will receive a low, fixed monthly rate for your panels that will not fluctuate – no matter how much power your home uses.
If your home is eligible for solar savings, you will receive two bills: Your small lease payment, and when applicable, any usage leftover on your normal utility bill. This could end up saving you anywhere from 20-40% every month depending on how much solar your system produces.
Loan
Solar purchases used to be reserved for a very niche demographic of homeowners that have the financial means to purchase a $30,000 system outright. But we have good news: $0 down loans are more prevalent in recent years, enabling homeowners to purchase solar systems without breaking the bank.
If you own your system, you could save between 40-70% on total electricity costs over the lifetime of the panels. Once the system is paid off, you will also be able to sell any excess power that your system overproduces back to your utility company – so you’ll actually be making money.
Cash Options
Customers that are interested in paying cash for their solar systems may do so completely upfront, or with a deposit and shorter loan payments than a $0 down option.
Zenergy Solar offers 10, 15, 20, and 25-year loan financing terms with APR rates as low as 0.99%. One of our dedicated representatives will be able to review each option with you to determine if a $0 down loan, lease or cash option would work best for your financial needs.
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Sources:
https://www.energysage.com/solar/financing/solar-leases-and-solar-ppas/
https://www.energysage.com/solar/financing/your-financing-options/
https://www.energy.gov/eere/articles/paying-solar-tips-financing-residential-system
