Compare Your Options
When it comes to paying for your solar energy system, the good news is, you have options. You could pay cash up front, finance your purchase with a loan or use a government-approved program to borrow against your home’s equity for the cost of going solar.
Savings: Solar Power Financing vs Your Utility
As you can see in the chart below, regardless of which financing option you chose, it is better than staying with your utility.
Under any financing scenario, your monthly payment will be low and you can qualify for a valuable tax credit to apply towards your purchase of a solar power system.
Over the next 20 years, you could save thousands of dollars by going solar and dumping your local utility.
So what are you waiting for?
The Cost Of Energy Over 20 Years
The cost of energy from your utility is getting more expensive by the day. Historically, utility energy rates have grown at a rate of 6% per year, which really adds up over the course of 20 years.
The good news is, you don’t have to keep being ripped off by your local utility. Going solar remains a viable alternative to paying your utility more each year, regardless of how you pay for your solar energy system.
The chart below depicts the relative costs of energy over a 20-year period, comparing the costs of your utility to various financing options for your solar power system.
As you can see, whether you choose to pay cash, take out a 12- or 20-year loan, use a property assessment loan or lease a solar power system for your home, the decision to go solar is a financial no-brainer.