Solar Panels for Home- Cost of Solar Panels

You Can Afford Solar Today, solar power is affordable for almost
everyone. The fact is, if you can afford to pay your
current electric bill, you can afford solar. Declining prices of solar panels together
with the availability of a variety of financing options have made solar panel systems affordable
for every budget. Your financing options include solar loans,
solar leases or PPAs and most don’t require you to put any money down upfront. Regardless of how you finance your new solar
power system, your monthly loan or lease payment is likely to be less than your current electric
bill – so you start saving money right away without incurring any upfront costs. And, overtime, as electricity prices continue
to rise, your savings will continue to grow. A solar loan is a great way to finance the
purchase of your solar system. Solar loans allow you to own your system and
maximize your savings and financial returns. You get to take advantage of all rebates and
incentives that reduce your purchase price, lower your taxes and in some cases, even provide
additional income. These loans may be secured – using your property
as collateral – or unsecured.

Loan terms can be anywhere from 7 to 20 years
with interest rates ranging from 4%–10%. Your monthly payments with a solar loan will
be lower than a solar lease or PPA, but it may take a little more paperwork and time
to apply for one. Solar leases and PPAs, on the other hand,
are like renting. The leasing company installs the solar panel
system on your roof and sells you the electricity at a price lower than that charged by the
utility. The leasing company owns and maintains the
system. They allow you to save on your electric bills
without actually purchasing the system. These options have monthly payments that are
higher than that of a loan, but applying for them takes less time and paperwork. Which is of the two is more suitable option
for you depends on your financial goals and objectives. Some criteria you may want to consider while
making your decision include: Do you want to own or rent your solar panel system? How much money do you want to save each month? How much paperwork and time do you want to
put into getting a loan or lease? and do you want your solar panels to increase the value
of your home? Please check out our presentation on comparing
solar loans with leases.

Now that you understand your options, you’ll
need to choose the one that’s best for you. The EnergySage Marketplace is an excellent
starting point. The Marketplace will help you get quotes from
multiple pre-screened installers and financial companies. It will also provide you with apples-to-apples
comparisons of the financial benefits associated with purchasing the system and financing it
with solar loans, solar leases or PPAs. The Marketplace make it easy for you to evaluate
each option and choose the one that will best meet your needs and financial objectives. For more information about this and other
topics such as the types of available solar loans, leases and PPAs, how to compare them
or to start shopping, visit the solar section of

You May Also Like