Zero down financing is available with low interest rates so this is usually the best option. However, if you have cash in the bank that is only earning a few percent interest, then solar is a great way to put that money to work earning up to 15% return on your investment.
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Like any other financial product, solar panel loans have different structures, terms, and conditions. In order to find the solar energy loan that is right for you, contact one of our sales team members today.
Solar is a Sound Investment
Solar energy cost has plummeted in the past decade. The average cost of solar panels is less than half what it was ten years ago.
As of today, most solar panel prices fall in the range of 50 cents to 70 cents per watt. Premium panels can climb above $1 per watt depending on their size, quality, and where they are manufactured. Our solar panel calculator uses standard size panels to estimate the cost of your system.
The government offers homeowners significant incentives for installing solar panels as an alternate energy source. For example, a residential federal tax credit allows taxpayers to claim 30% of installation costs for systems placed in service by Dec. 31, 2019. The credit dwindles to 26% in 2020 and 22% in 2021, and expires Dec. 31, 2021.
As long as you own your solar energy system, you are eligible for the solar tax credit. Even if you don’t have enough tax liability to claim the entire credit in one year, you can “roll over” the remaining credits into future years for as long as the tax credit is in effect. However, if you are not the owner of the system, you cannot receive the tax credit.