How to pay for Solar
It’s no secret that solar quickly pays for itself. However, we know the struggle that comes with the upfront cost to install solar panels on your roof. The good news is that there are financing options that can help.
Yes, A Loan.
The easiest and most common way to pay for this renewable energy source is with a loan through your bank. These are often a Home Equity Line of Credit loan as you are investing in your property. Solar Panels increase the value and pay off quickly, so loans are generally easy to receive from your local bank. While every loan is unique, the average solar panel loan is 5-10 years and there are many financing options available for installing renewable energy.
Paying For Your Loan
Although the average solar panel loan is 5-10 years, they can be paid off even quicker than that. Once you have installed your solar panels, you will begin receiving SRECs (Solar Renewable Energy Credits) from your system that can go directly to your bank. The money that utility companies are paying YOU for installing solar panels allows you to make automatic payments on your loan. While it is not guaranteed that your SREC payment will cover your minimum monthly payment, it will certainly offset your loan.
In addition to paying for your loan, we also need to consider the money you are saving in electricity bills. As we talked about in the Incentives of Solar post, your electricity bill will lower within the first month freeing up more money to quickly pay off your solar panel loan.
The warranty that we offer guarantees that you won’t need to figure out how to pay for your solar panels again for years to come. The SunPower Complete Confidence Warranty covers every part of your solar panel system. Your panels, microinverters, racking and power production all have a 25 year warranty, and your monitoring hardware has a 10 year warranty. Your labor, shipping and parts are also included in your warranty. It’s simple, easy and guarantees that if something happens you’re not stuck having to figure out how to pay for your solar again.
We know that the cost of installing renewable energy can be overwhelming. But with financing, various incentives, and the best warranty in the industry, those upfront costs aren’t so daunting anymore.