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In today’s environmentally-conscious world, making the switch to solar energy is more than a trend—it’s a commitment to a sustainable and self-sufficient lifestyle. But before making the commitment to solar, it’s important to understand the finances of going solar, particularly how to pay for it.
Understanding Your Solar Financing Options
A reputable solar installer will provide several comprehensive solar financing solutions to help you determine which works best for you. This education is critical when considering the installation of solar panels. When selecting a solar installer, make sure that they provide transparent, straightforward information to you, and explain the ownership options associated with each financing method. Having all of this information will help you make the most financially prudent decision.
Solar Loans: The Path to Ownership
Solar loans are an increasingly popular financing option for homeowners looking to invest in solar energy systems. Unlike power purchase agreements (PPAs) or leases, where a third party owns the solar system and sells you the electricity generated, solar loans allow you to own your system directly.
Solar Loans: Requirements + Considerations
It is worth noting that a solar installer will likely have credit score requirements. A minimum score of around 600-650 is standard. The solar loan is a great option for homeowners who have a fair (or better) credit score but not the capital to pay for a system upfront and in cash. The financing provider will generally offer term options between 5 and 25 years, and your solar installer will help you determine the best choice for your individual financial needs.
Solar Loan Incentives
Because ownership is made possible through the solar lease, homeowners who elect to lease their systems can also qualify for the 30% federal tax credit, plus the $5000 New York State tax credit. Combined, these generous incentives can often cover 50% (or more!) of the total system cost, making solar even more affordable. What’s even better is that, by using a solar loan, you can make the switch to clean energy for $0 down!
Explore Solar Loans
Solar energy is an invaluable resource in the pursuit of a sustainable lifestyle. Through solar loans and personalized financing options, solar is more accessible than ever.
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Save up to 30% on day one and say goodbye to rising electric bills
Save up to 30% on day one and say goodbye to rising electric bills
About the Author
EmPower Solar develops, engineers, installs, and services solar and battery systems for residential and commercial clients. Since 2003, EmPower Solar has empowered thousands of New York homeowners and businesses with 47 megawatts of distributed solar. Its vision is to create a new energy paradigm powered by clean, renewable energy for a more prosperous, healthy, and civil world. The company culture is defined by the EmPowering Way, which results in consistent 5-star customer service reviews. For more information visit empower-solar.com.