If you’re thinking about going solar, you may also be thinking about the cost of installing a quality solar energy system…
It’s true, the initial outlay of cash can be a bit daunting when purchasing a green energy solar system. But when you think of the lifetime of energy savings, nearly free electricity for the life of your system, and even the potential for net metering credits, the pros far outweigh the cons. Not to mention how solar increases home value!
And now, it’s easier and more affordable than ever to go green with solar energy.
Solar Sam works with our Missouri solar and Illinois solar customers to get them the perfect solar solution within budget. We’re experts at helping to make solar affordable. Plus, there are tons of financing options (and even solar rebates and solar incentives) available!
In this post, we’re going to look at a few ways you can pay for a new solar energy system as a home, farm, or business owner.
The Cost (and Cost Savings) of Going Solar
The cost associated with putting in solar panels or a solar array can be significant. But as soon as your solar panels are up and running, you will see cost savings on your monthly bills right away.
Plus, you can feel great knowing you’re doing something good for the environment, using renewable green energy, and you’ve upped your home’s value!
How Much Does Solar Cost Versus Save
The cost of your solar energy system depends heavily on the brand of panels you select, as well as the size of your system. There’s no set cost for solar panels, and the price can even vary from one vendor to the next.
How much you can save also varies, depending on the type of panels you purchase, sun exposure, size of your system, and local energy rates. But to give a conservative estimate over the life of your green energy solar system, you could see average savings of $10,000 to $30,000! Imagine what you could do with an extra $10,000 plus!
Now, let’s take a look at how to pay for your new savings-generating solar panels.
Paying for Solar: What Are Your Options?
The first option you have is whether to buy or lease your solar panels. The financing options are totally different, and you’ll have more financing alternatives if you’re buying.
Buying Solar Panels Versus Leasing Solar Panels
To help make the initial cost of a solar energy system more affordable, the federal government, many states, cities, and local utilities offer financing, grants, solar rebates, and solar incentives.
However, many of these options are not available for leased systems; they only apply when you purchase solar panels outright. Do your homework before deciding to lease.
There are many financial programs, rebates, and incentives available for both residential and commercial renewable solar solutions. These programs help to make solar more affordable and include:
- tax credits
- solar rebates
- loan and mortgage programs
- grant programs
- energy efficiency rebates and incentives
- solar incentives
Note: To maximize the federal Renewable Energy Credit or the Business Energy ITC, buy sooner than later! These credits began to “step down”, or decrease over time, last year. The credits started at 30%, and they’re now at 26% in 2020.
By 2021, the federal solar tax credits will be at 22%. By 2022, the ITC will be down to only 10%, and it’s uncertain if the residential credits will continue. Take advantage now to maximize your renewable energy tax credit opportunities.
Check out https://www.dsireusa.org/ for details on all the programs available for Missouri solar and Illinois solar!
Another Way to Offset Costs
You might also consider that with net metering, you may earn credits toward your energy bills as well. This can help offset the initial cost of your panels over time.
Solar Sam Helps You Go Green and Save Green
Your solar provider should always work with you to find a system that fits your budget. At Solar Sam, we pride ourselves on helping you power up with the top brands, the latest tech, and the highest quality solar panels for residential, commercial, and agricultural applications.
Be sure to check out our incredible monthly deals to save even more on the price of your solar panels! Let Solar Sam help power your life with green energy run by the sun.