Did you know that almost half of the homeowners in the United States have considered solar power as their primary form of energy? Although only a small percentage of homes have solar installation, the number is expected to grow exponentially in the coming decades.
Have you ever wondered what the cost of solar installation is, and whether or not you can afford it for your home? Here are some of the ways that you can ease the cost of solar installation and still get the solar energy system that you want.
Get a Loan
If you want to make monthly payments toward your solar power system rather than a lump sum, there are many different types of solar financing options. For a low-interest rate, you can try getting a personal loan from your bank or credit union.
Many solar companies also offer solar financing as an incentive to gain new customers. You may be able to negotiate a monthly payment that you can afford with your solar company if they want your business for the solar installation.
Solar Tax Credits
To further save money on your solar installation bill, make sure that you take advantage of all solar tax credits that you can get. You can start with the federal solar tax credit, which takes a hefty amount off of your bill and makes it tax-deductible.
You should also check with your state and local policies for further tax credits and financing opportunities. By using multiple types of tax credits and rebates, you could significantly reduce the amount you pay in solar costs.
Lease Your Panels
Did you know that you can actually lease your solar panels rather than buy them outright? Although you do not get to take advantage of tax credits with leasing, the cost is much less up-front.
However, leasing will probably end up costing you more in the long run. If you rent a home or you simply want to jump on solar energy without paying thousands, then it may be the perfect opportunity for you.
Factors in Solar Energy Cost
On top of your regular solar installation fee, you will also have to consider how much power your family uses and the size of your roof. You may need more solar panels if you use a significant amount of energy to power your home.
If you want to break even or save on your electric bill, then you may end up paying more money upfront for more solar panels and a longer installation process.
Learn the Cost of Solar Installation
If you feel unsure about getting solar installation for your home due to the cost, you should not be intimidated. With this guide, you can learn all about the cost of solar installation and know exactly what you will pay for.
Want more information about how you can save money with a more eco-friendly home? Check out our site for more ideas and inspiration for going green in your everyday life.