Solar Financing & Solar Loans
Solar Finance Calculator
Does Financing Make Sense?
Let’s say you take out a $10,000 loan at 5.75% interest over 7 years to finance your solar system.
Here’s how the loan payments might stack up against your energy savings:
You’ll pay a few thousand dollars more in loan interest and fees, but you stand to save over $29,000 in energy bills over the life of your system.
3 Reasons to Finance
1. Ditch the Utility Company
Start rolling back your meter the moment you flip the switch. You can reduce or completely eliminate your electric bill from Day 1.
2. Keep the Incentives
If you take out a loan, you can still claim the 30% Federal Tax Credit as a reward for investing in renewable energy. Applying that credit to your loan can help accelerate the payback schedule.
Companies who offer solar leases or PPAs keep the credit for themselves, which dampens the value of your investment.
3. It Pays to Go Solar
Even with loan payments, a $10,000 grid-tied system can pay for itself in about 6 years. Since most solar panels are warrantied for 25 years, there’s plenty of time left to reap the rewards of cheap, renewable energy.