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Financing Solar Panels

Adrienne SorensenOctober 4, 20186860

Financing Solar Panels

There are several elements to think about when figuring the price of panels in your home, but the three things we know for sure is that installing panels will increase its value, those panels will pay for themselves in a few years, and save you hundreds of dollars a month on your electric bill. Over time, the savings increase every year.

 

Someone who lives in a cloudy climate with snow in the winter is going to get a different output with the same solar panels than a person in a warm sunny climate. Someone in a colder cloudy climate is going to need more panels than the person in the sunny climate to get the same energy output.

 

On the other side, if it is 100 degrees out and the homeowner uses the air conditioning all day, while heating a pool, and leaving the television and lights on all the time, they are going to need more panels to cover their energy prices.

 

Federal & State Programs

There are several federal and state programs that assist homeowners offset the price of installing panels. No matter what the cost or what state the homeowner lives in, everyone can save cost on the price of going solar. The biggest incentive is the Federal Solar Tax Credit, also known as the investment tax credit (ITC) which allows you to deduct 30 percent of the cost of installing panels.

 

That means for every $10,000 spent on panels there is a tax deduction of $3,000. This credit applies to both residential and commercial solar systems and there is no cap on the amount that qualifies for the tax credit. This is a big reason why both business and residential solar continues to get more popular year after year.

 

Financing Installations

In addition, many installers work with banks to finance solar panel installations and many banks are willing to finance the cost of going clean energy. Even though making the jump is expensive, you don’t have to purchase for it all at once. Think of it like a reasonable car payment.

 

Unlike a car, when the panels are paid for, they increase the value of the residence and they continue to save you money over a long period of time. Cars just lose value and price more money to run. The return on investment in installing panels gets better every day, and as it becomes ubiquitous, the cost will continue to decrease, while the benefits of installing solar will only increase.

 

If you want to move into the future and join the solar revolution, or if you want to find out what solar panels are right for you, go to HahaSmart.com and try our price checker tool. You can see how much a system will cost, and how much you can save over the next 20 years. For more information relating to going solar, don't forget to visit our solar blog section for more handy guides and articles.

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