Solar Financing 101

In our blog post today we are going to be talking about the one thing that is on everybody’s mind: money. Going solar is a great investment that helps the environment, adds value to your home, and saves you money. The benefits are huge, but people often wonder how they will be able to afford this big investment. There are a lot of misconceptions about current solar financing, based on how financing used to be, so let’s look at the differences between the past and now.

Your Solar Financing Options

When you receive a free solar analysis from Shine Solar, we will tell you your financing options and what plan looks best for you. We understand this is big investment and want you to feel as secure in your decision as possible. When we run the numbers to get your solar analysis, we will be transparent and will tell you if solar is the best option for you or not. If solar is right for you, then we will tell you what you can expect your monthly payments to be and how much you will be saving. You can learn more about affording solar here.

How you can see your savings in a month

So let’s say that your current electrical bill is $180 a month. You purchase a 5KW system this year and that costs $18,000. The 30% Federal Tax Credit will take off $5400 of that cost and you won’t have to pay any of the money back for the first year. After you have installed your solar panels, your electrical bill goes down to $80 per month. Then you start your solar payments which is another $80 per month. This means that you will already be saving $20 per month in the first year! This is a hypothetical case and each home is different, but this is a common situation for many of our customers. You really can start saving money the first month you go solar! Some may be concerned about their solar payments each month, but the fact is, you’re already paying the bill. The benefit to solar energy is that, your monthly payment will never increase and will eventually go away. The same cannot be said for utility bills, which can increase annually with no assurance as to what the rate of increase will be. Also, your will never pay off your utility bill. There is no end in sight with your electric bills. Whereas with solar, your monthly solar payment will never change or increase. Your solar payment also will eventually end, allowing you to fully enjoy your savings.

Playing the Long Game

Going solar isn’t a trendy fad that will be gone in a few years. Solar energy is a great way to create clean energy and to save money. Going solar is a lifetime investment. We understand that. And we are prepared to be with you the entire time. Here at Shine Solar, we are playing the long game. We realize that things can go wrong and we are going to be here to help fix any problems you may have with your solar panels We will do everything we can to make your investment in solar more than worthwhile.