Be Your Guide To The Best Priced Solar System

Has your phone been ringing from solar companies?  The solar industry is fraught with hungry salespeople seeking the next sell.  Even though the solar industry might be offering some excellent savings on your energy costs, low-rates on solar installations, and environmentally relevant options for energy use, we sometimes may experience a sense of irritation from the sheer volume of information and frequency of contacts.  It's times like these we wish to take these decisions into our own hands.  In this article, we will offer some advice on the best ways to pay for your solar panels. 

HahaSmart suggests letting your reasoning skills guide your choices with useful information.  Buying solar panels can take time and financial investment.  However, some decisions are smarter than others. Buying solar panels requires investment and more decision-making than leasing, but looking over the long-term, taking the long-game, the benefits of owning your system are unmeasurable.

Best Ways to Pay for Your Panels

Cash Purchase

Purchasing your solar electric system as a whole system with cash is the best way to achieve the best value for your purchase. Typical costs range from $15,000 to $20,000 after tax credits.  Another massive incentive is that purchasing solar can decrease your electricity charge by 70 to 100 percent.  Of course, many other factors may change this cost,  depending on the size and orientation and slope of your roof, and local regulations and policies. However, take to heart that most solar energy systems pay for themselves on average within five to seven years.  It's clear that this is a great model for overall energy savings, and there will be no extra interest costs for your purchase.  In the meantime, we are sure you are wondering how else you might pay for a low-cost solar system without having a liquid cash supply under the mattress.  We will describe some possible ways to finance your new solar dreams. 

Home Equity Loans

If you need to bankroll your solar panel purchase, perhaps the most cost-effective means of doing so is to utilize a home equity loan or a home equity line of credit.  In these types of loans, your house serves as collateral, and typically these selections have low-interest charges (currently about 3 to 5 percent annually). There are some tax-deductible incentives for us to pay attention! The interest rate you end up paying is tax deductible. Home equity loans typically range from 5 to 20 years and you can usually sign up to have fixed interest rates. Equity lines of credit, however, last on average ten years and have variable rates.  Paying attention to this variable interest rate is essential, as it can cause it to grow as time passes.  If you don't own a home, or have the ability to obtain equity types of loans, and you don't have mountains of cash on hand, fear not, there are still options! 

Solar Loans

There are unsecured and secured solar loans offered through several companies and solar institutions. When taking on an unsecured loan, your house won't act as the collateral point.  Also, and unfortunately, the interest isn’t tax deductible. But, you can still make up for the costs down the road with your overall energy savings.  Numerous solar installers work with banks that extend solar loans; however,  you can most often find better rates by directly working with credit unions and banks. Something we should be looking out for is for high origination fees. When exploring all options for unsecured or secured personal solar loans, leave no stone unturned.  Fannie Mae also grants consumers financing for solar system purchases and installs by its HomeStyle Energy Mortgage Program when individuals purchase a new house or refinance.

In Conclusion 

Buying solar panels can take time and financial investment.  However, some decisions are smarter than others. Purchasing solar panels requires investment and more decision-making than leasing, but looking over the long-term, taking the long-game, the benefits of owning your system are unmeasurable.

If you want to move into the future and join the solar revolution, or if you want to find out what solar panels are right for you, go to HahaSmart.com and try our price checker tool. You can see how much a system will cost, and how much you can save over the next 20 years. 

For more information relating to going solar, don't forget to visit our solar blog section for more handy guides and articles