How to Cut the Costs of Going Solar

| 10/26/2016 9:18:00 AM

Tags: solar power, home energy, solar financing, Massachusetts, Vikram Aggarwal,


There are plenty of reasons to install solar panels on your home. Solar PV panels produce zero-emissions energy, which is good for your health and the environment. They also significantly reduce your electricity costs and can even be a smart investment for your retirement. Over the past few years, the cost of installing solar has fallen dramatically. Today, there are a growing number of financing options and incentives that will help you cut costs even further so you can enjoy all of the benefits of solar.

Solar Loans Offer Easy, Accessible Financing Options for $0 Down

In the early days of solar, equipment was so expensive that buying solar panels wasn’t an option for most homeowners. The only way that solar was affordable was through the solar lease. In a solar lease agreement, the solar company that installs solar panels on your roof maintains ownership, and you pay monthly “rent” to them in exchange for the benefits of clean solar energy. 

Solar leases require no up-front investment from homeowners, but they also offer lower savings than if you were to buy your solar panel system. Why is this? If you own your solar panel system, you enjoy the financial benefits of free solar electricity as soon as you break even on your solar investment.

By comparison, in a solar lease arrangement, you are always obligated to pay “rent” to the solar company for the duration of the 20-year term. As equipment and installation costs have fallen in recent years, buying solar panels outright has become more feasible for the average homeowner.

Even if you don’t have the cash on hand to purchase a solar panel system, there are a growing number of solar loan options available for homes and businesses across the country. With many solar loans, your monthly payments are low enough that you see net savings from month one of your solar panel installation.

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