5 Reasons Solar Finance Saves You Money
By Peter Sutrin, Electrician
Published September 19, 2023

Are you considering going solar? It’s a smart move that not only benefits the environment but also your wallet. While the initial cost of a solar system might seem daunting, there’s a financing option that makes it an even brighter choice – a solar loan.

The Cost Comparison: Loan vs. Out-of-Pocket

Let’s break down the numbers. Purchasing a solar system outright might mean a significant upfront investment. However, with a solar loan, you can spread out the cost over time. As you make payments, you’ll see your loan balance decrease, and the best part is that the power generated by your solar system is practically free after it’s paid off.

 

With a solar loan, you’re on a path to energy freedom; with a power bill, it’s a risky game of ever-changing costs.

 

Now, compare this to the rising energy costs. In the past year alone, electricity bills have surged by nearly 40%, and experts predict this trend will continue. By choosing a solar loan, you’re not just financing a solar system; you’re investing in energy independence. You’re essentially locking in your energy costs at a lower rate, providing financial security against these increases.

The Solar Loan Advantage

Solar loans offer several distinct advantages:

1. Immediate Savings: From day one, you’ll enjoy reduced electricity bills. This is money that stays in your pocket, not the power company’s.

2. No Upfront Costs: You won’t need to empty your pockets to go solar. Solar loans are designed to be accessible, allowing you to start saving right away.

3. Fixed Monthly Payments: Predictable payments make budgeting far simpler. You won’t have to worry about fluctuating energy prices; you’ll have stability in your energy budget.

4. Ownership: Unlike buying from a power company, with a solar loan, you own your solar system outright. This means you get the full benefits of solar energy, including increased home value.

5. Government Incentives: In many cases, you may be eligible for federal and state clean energy incentives that further reduce the cost of your solar system. This translates into even greater savings.

Solar Loans and Home Loans: An Appreciating Asset

It’s not uncommon to invest in a home, a place where you build a life and create lasting memories. Home loans make this dream attainable for millions.

Similarly, solar loans make an investment in clean, renewable energy achievable. Both loans share one key trait – they pay themselves off while delivering significant benefits.

A home loan enables you to own a valuable asset, your house, that appreciates over time. Likewise, a solar loan lets you own a solar system, an investment that not only reduces your energy bills but also adds value to your property.

Over time, both loans become assets that not only cover their own costs but also provide you with substantial returns. So, just as you’d consider a home loan a smart financial move, think of a solar loan in the same light. It’s an investment that pays for itself while benefiting both your wallet and the planet.

The solar system is one of the only purchases on your property that helps reduce your monthly expenses. 

Overcoming the Fear of Loans

It’s common for people to be apprehensive about taking out a loan, even for a smart investment like solar.

However, solar loans are designed with your ease and financial peace of mind in mind. Many solar financing options offer easy approval processes and flexible terms and some even come with interest-free options, although it is important to be careful of “interest-free”; is anything ever really free?

By choosing a solar loan, you’re making a sound financial move. It’s an investment in energy independence, a barrier against rising energy costs, and a step toward a greener future. Don’t let the fear of loans hold you back from reaping the incredible benefits of solar energy.

Ready to take the leap? Contact us today to explore your solar financing options and start your journey toward energy independence.