Solar Strategy: How to Pay for a Residential Solar Power System

Posted by New Day Solar
4 months ago | December 11, 2018

Do you feel like you are caught between a rock and a hard place trying to come up with the cash to pay your utility bills? There’s no question that energy costs are going up, which makes it more of a challenge for a family to pay these expenses.

If the idea of having a solar power system installed has crossed your mind, then you should crunch the numbers to see if it makes sense for you and your family. Some people assume that they can’t afford a solar system because their finances are already strapped with the mortgage and utility costs. There are financing options available that can help you maintain the same expenses, or even reduce your immediate costs.

Options to Pay for a Solar Electric System

Here a few common options to pay for solar power equipment:

  • Leasing: Pay a monthly fee to use the equipment for a specified timeframe. While it might seem like a good option to avoid upfront costs, we don’t recommend that you agree to a leasing contract. You will continue making monthly payments, but you never reach a point where the solar power system is paid in full. As a result, you will always have payments for the duration of time that you are using the equipment.
  • Cash: If you have a saving account dedicated for home renovations, then you might put that cash towards a solar installation. Paying for the system upfront means that you can eliminate monthly energy payments or greatly reduce the amount that needs to be paid on your utility costs.
  • Financing: One of the most common solutions is to finance the solar system. This financing plan can be designed to manage your monthly payments at a similar level to what you are currently paying your utility for electricity. Once the system is installed, your electricity costs will drop or be eliminated. The money that you would normally pay to the utility company will instead be paid to your solar power loan. When the loan is paid in full in 12 years, then the payments go away, and you can continue enjoying the benefits of clean energy for your home. You will pay for 12 years, instead of being on the life time payment plan with your utility company.

What is the best solution to funding your solar power installation? If you are wondering how much a solar system will cost, you can call New Day Solar for a no obligation quote.   With 30 years of experience, our team can help you find the right energy solutions for you and your family.   Call us today at: (855) 444-6329 or visit us at www.newdaysolar.com.

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