Jessica PirroJanuary 3, 20204330
The new decade is upon us!
In our last post, we answered some common questions that homeowners will have before getting a solar panel installation. But after homeowners choose to get a solar power system for their power needs, there’s still going to be some questions that the homeowners will need to be answered.
What Are the Financing for Solar Power System Options?
What Rebates for Solar and Solar Incentives are Available?
Rebates for solar and solar incentives are going to vary depending on the area that you live in. The most significant is going to be the federal investment tax credit (ITC), which will allow you to deduct 26 percent of your solar panel installation from your taxes. Some states are going to offer additional tax credits, and certain municipalities and utilities are going to offer cash rebates for solar among other solar incentives.
What is Your Financing for Solar Options?
There are going to be there financing for solar power system options: you can purchase your solar power system in cash, take out a loan for solar to buy your solar power system, or sign a solar lease.
Should You Buy or Lease Your Solar Power System?
The decision to buy your solar power system or get a solar lease will depend on your reason for getting a solar panel installation. If you’re interested in maximizing the financial returns for your solar power system, buying the solar power system is most likely going to be a better decision. But, if your priority is an easy, maintenance-free way to reduce your energy bills and help the environment, you should consider a solar lease.
Which are Better Loans for Solar or a Solar Lease?
Loans for solar panels and solar leases both have their advantage and disadvantages. Both options are going to reduce your monthly electricity bills and your impact on the environment, but the terms and conditions of each type of agreement are different.
What is the Difference Between Secured Loans for Solar and Unsecured Loans for Solar?
The main difference between secured and unsecured loans for solar is that secured loans for solar are going require that you promise an asset, typically your home, as collateral for the money that you borrow. Unsecured loans for solar do not, but their interest rates are typically going to be higher to compensate for the increased risk that is taken by the lender. To understand which financing for the solar option is better for you, you should evaluate both offers.
How To Evaluate Solar Panel Installation Quotes?
How do You Choose a Solar Installer?
There are a few criteria that everyone should choose when selecting a solar installer. Confirm that they are certified, licensed and insured, have relevant experience, and can provide references. You should meet with your solar installer in person before you sign an agreement to be sure that you are comfortable working with them.
How Should You Compare Different Solar Panel Installation Quotes?
If you have multiple quotes from different solar installers, comparing them can be difficult. Not all solar installers are going to use the same underlying assumptions and metrics when they equipment and financing for solar options to homeowners, so it will be best to compare your solar power system quotes side by side.
What Happens During the Solar Panel Installation Process?
The first step to getting a solar panel installation is going to be receiving and comparing multiple solar panel installation quotes. These solar panel installation quotes are going to include a variety of solar power equipment choices, financing for solar options, and solar company reviews. When you find one that you’re happy with, your solar installer will conduct a site visit to assess your property. Once you select a quote, your solar installer will file the necessary paperwork to have your solar power system approved. The actual solar panel installation will take a day or two to complete.
What is a Shared Solar Power System?
How is a Shared Solar Power System Different From Rooftop Solar Panels?
When you choose to buy into a community solar panel installation, you are going to receive a portion of the energy generated by a large solar power system that is located somewhere else in your area. Unlike a home solar power system, a community solar panel installation isn’t going to be installed on your roof. Community solar panel installations along with rooftop solar panel installations are both going to result in net savings on your electricity bill, but each will offer distinct benefits.
How Should You Evaluate Your Options?
First, you are going to want to decide whether you prefer to own your share or find a subscription-based program. Ownership means that you will make an up-front investment to save money in the future, while subscription-based programs offer savings over a set period. There are several different subscription structures for you to consider when comparing community solar power offers. Other considerations include the location of a project and how soon it will begin delivering savings.
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