Once you’ve decided you want to go solar and you’re sure that solar powered renewable energy is a good fit for your home the next question is “How will I pay for my solar power system?” There are a number of ways to pay for your renewable energy. Some options are to lease your equipment which allows you to go green without upfront costs. Other options that allow you to own your power and not rent or lease it are cash payment in full or financing. Owning your power maximizes your savings and returns.
Homeowners maximize their investment and savings when purchasing solar panels with cash, receiving immediate returns as there is no added interest and fees that are associated with loans. Purchasing with cash truly locks in your price for power today and in the future and exempts homeowners from future price hikes by power companies. Depending on the size of the solar power system installed, some homeowners will never see a Power Bill again. Installing solar panels on your home increases the value of your home and paying cash for your solar power system immediately results in increased equity to your home.
There are many options for financing your solar power system in Utah. Many financial institutions offer home improvement loans and home equity loans to cover solar photovoltaic (PV) systems. The benefit of each of these loans is the lower interest rate. Some key considerations when getting a solar loan are:
- Some would suggest that your monthly loan payment should be less than the cost of your average monthly electric bill. However, it is important to keep in mind that the cost of your power will continue to go up over time but the cost of your loan will not.
- Interest on a secured solar loan may be tax deductible.
- Even with a loan you can save 40 to 70 percent on electricity costs over the lifetime of your solar power system.
Integrated Solar Solutions offers financing options to help you go solar today. Some of our financing options include:
- 6, 12, or 18 month, no interest, same as cash loan. This allows you to get started today and either pay off your solar power system in one year or pay a portion and finance the rest.
- No Interest for 6, 12, 18 or 24 months then payments at a higher interest rate for the rest of the term.
- 18 month no interest with reduced rate for the life of the loan \
- Reduced Rate APR for 5 years to 12 years
- Equal payments, no interest for determined total payments ranging from 24 to 60 months.
- 20 year loan