When you are considering switching to solar energy, many decisions need to be made – with payment being a large one. While solar panel systems have gone down in price over the years as solar technology became more widely available, inflation has also hit us in every corner.
The significant upfront cost makes it difficult for many homeowners to invest without access to the right type of funding. Fortunately, there are ways you can finance solar panels today while still being able to reap the benefits of affordable renewable energy.
In this blog post, we’ll explore all your solar panel financing options – so let’s get started!
The Benefits of Solar Energy and How it Can Be Financed
Solar panels are quickly becoming the preferred choice for powering homes and businesses. The list of benefits to this renewable source of energy is extensive.
It reduces carbon emissions, saves money on electricity bills, provides energy independence, and increases property value. The most recent advances in financing options have made solar energy even more accessible through solar loans, solar leases, and power purchase agreements (PPAs).
Understanding the Costs of Installing Solar Panels
Solar panels are a fantastic investment for anyone looking to upgrade their home and reduce their carbon footprint. According to the Solar Energy Industries Association, Colorado ranks 13th for total solar capacity installed. Many companies are joining the solar system revolution, including all Walmarts, Targets, and Amazon warehouse locations in Colorado.
According to Energy Sage, the average 2022 gross cost to install solar panels in Colorado is $17,100. While the initial costs of installation may seem daunting, it’s important to understand that with solar panels, homeowners can drastically reduce their monthly energy bills and even earn money back through net metering programs.
Solar Incentives to Help You Save Money
Tax credits, rebates, and incentives are powerful tools that help you keep more money in your pocket. With the right approach, you can leverage these to lower your solar loan on the front end if you choose that approach to finance solar panels. The key is understanding what’s available and taking action to claim your share of the benefits.
Fortunately, a reputable solar panel installation company will have a team available to help you navigate the complex world of solar tax incentives. It’s important to note that while most will qualify for the Federal Solar Tax Credit, your city or county can offer initial incentives and even utility companies! So why wait? Start exploring your options today and discover the savings that await!
Sorting Through Solar Financing Options
Going solar has become more than just a trend in today’s world. It’s a logical step towards a sustainable future for our environment and wallets. Consider these solar power financing options to see which might fit your individual needs.
Some solar companies might claim they offer a solar loan, but be sure to ask questions about credit score requirements and who funds the loans. Another solar company might present a solar lease as an option. These are largely not recommended, as solar leases prevent you from qualifying for the federal tax credit, and they can be repossessed if you miss a payment. Another option is to utilize a home equity loan for financing solar panels. However, home equity loans are only as helpful as the new rates you will be stuck with for the remainder of your loan. Personal loans can also be utilized for a solar energy system, which depends largely on your credit score.
Questions to Ask Before You Sign a Solar Loan Contract
Before signing a solar contract, it is important to ask the right questions. With the rise in the popularity of solar energy, many companies are vying for your business. By doing your research and asking the right questions, you can ensure that you are choosing a reputable company and fully understand the contract’s terms and conditions.
Some questions to consider asking include: What warranties are included? What maintenance options are available? Will the system still function during a power outage? By being proactive and doing your due diligence, you can feel confident in your decision to go solar and enjoy the many benefits that come with it.
Solar by Peak to Peak – Your Solar Panel System One-Stop Shop
Solar energy is an excellent way to provide renewable and reliable power for homes, businesses, and communities. Advances in solar technology have made it possible for more people than ever to invest in the sun’s power. By understanding the costs and financing options for installing solar panels, you can make an informed decision if going solar is right for you – and maybe even save some money!
Solar by Peak to Peak is your one-stop shop solar solution, offering solar loans through Good Leap and solar installation backed by a company that’s been in the roofing business for decades. Trust us to handle your solar loan correctly from the start – call today!
