Finance Solar Energy and Still Come Out on Top
Solar panel installations require an initial investment that is not always an amount a homeowner can pay in cash. So is it still worth going solar when you have to finance your solar panels? Yes! You can pay your loan back quickly when you combine your monthly savings on your power bill, solar tax credits, and energy company incentives.
When Does It Make Sense to Finance Solar Panels?
If you have a down payment for solar panels that gets your monthly payments to be less than or equal to your power bill savings, go solar without feeling a change in your monthly budget. You can pay back your loan while paying the energy company less money.
For example, if you usually pay $250 per month on your power bill and your bill is reduced to $50 per month after your solar panel installation, you will save $200 per month. If you have to finance your solar panels and can calculate a monthly payment of $200 or less, you can pay your loan payments with the money saved.
Reaping the Benefits After the Loan Is Paid
Once your solar panels are paid off, you get to enjoy a surplus of money each month. On top of this, expect your energy company to provide you with credits for using less energy each month.
In addition, the government offers a 30% tax credit during the year you install your solar panels. That means you can deduct 30% of your solar panel total charge from your taxes owed at the end of the year. The tax credit is officially known as the Residential Clean Energy Credit and is offered as an incentive to go solar and benefit the environment in the process.
Contact a Solar Company You Can Trust
Discuss all financing options with New Day Solar to see what options make sense for your solar energy investment. Our team can help you see the benefits of solar and answer any questions about your property. If that interests you, call our pro team for a free consultation: (855) 444-6329.
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