There are many ways that many solar companies (including ours) will make going solar affordable. Depending on which financing instrument you choose, you could go solar for no cost up front, or you could pay $30,000 out of your own pocket – the latter will be the best deal for you as a homeowner, as you would own your solar panels outright. In all cases, you can start saving money right away. Electricity bills will be reduced and your government rebates will kick in quickly.
The first step is to start talking to solar companies in your area. Once you are in touch with a few solar providers, your sales rep will be able to point you in the best direction, for financing your panels.
Solar Works Energy located in Albuquerque, New Mexico can provide you all the solar information you would need. The most popular methods to finance solar installations is through purchase power agreement (which sadly is no longer allowed here in NM), a home solar loan, a solar lease and buying your solar panels outright.
With a solar loan, you would not have to pay any money upfront for solar installation and design costs. Think of it like buying a car and making a loan payment back to the bank. The end objective is that once you have paid the loan in full, you will own the system. The loan will be fixed over a term, but it will be fixed – Otherwise, your utility bill wouldn’t be. The solar dealer maintains the system until the homeowner makes full payment for it. It is a cheap way to go solar. Again, as your energy bill is concerned, you will start saving as soon as the system gets activated.
Depending on your homes location, leasing your panels is a viable option. A 20 to 25 year lease is most common. Again, it will cost no money upfront for design and cost of solar installation. Monthly payments are made throughout the duration of the lease and in some cases, energy credits can be earned through the system of net metering if excess power is generated. Typically, the solar system is maintained by the solar dealer.
When consumers buy solar panels outright, the system and the power it produces is totally owned by the homeowner. This makes the owner responsible for maintaining the system. Most panels do come with some sort of warranty, as does the installation. Owners of solar panels will become eligible for a state or federal tax credit if they choose to apply for it on their own.