09 Oct Financing for Solar Panels
Here in Florida, people know us for our glorious sunshine. Unfortunately, we also deal with some of the highest electric rates in the country. Purchasing a solar power system now is one way to take control of providing for your own energy needs and keeping your utility bills manageable.
Now’s the Time for Solar
Many people consider outfitting their homes with solar panels so they can convert those plentiful rays of the sun into a source of electricity. Prices on solar systems have never been lower, financing is available, and a 30% federal tax credit on solar panel cost makes the thought of going solar even more attractive.
Florida law requiring solar systems to tie into the power grid eliminates the bother of maintaining battery storage backups. During the daylight hours, the extra power produced feeds back into the power system causing your meter to run backward. When you need more power, the meter runs normally, and service continues uninterrupted. With modern solar cell technology and Florida’s abundant sunshine, solar systems can provide all of the power you need to operate your appliances, your swimming pool pump, and even your air conditioning.
Few things are more gratifying than declaring your independence from FLP and owning your own renewable solar-powered energy plant. Imagine the satisfaction of selling the power you produce back to the electric company at the same retail rate they charge you. At night or on darker days, you draw energy from them and only pay for the excess. With the amount of sun we receive in the average year, solar system customers typically come out way ahead of the game.
By investing in a solar system now, you can eliminate the hassles of fluctuating electric bills. Your monthly cost is fixed, and once you pay off your solar power plant, you will start to enjoy free electric power from the sun. Bison Roofing & Solar can work with customers on financing possibilities with the goal of reducing their monthly payment to an amount lower than their current electric bill. Payment options come in three forms, which are:
- Unsecured Financing
- PACE Financing
Each of these payment methods provides its own unique benefits and opportunities for an affordable way to invest in green, renewable solar energy for your home. Let’s take a closer look at each option to see which one is right for your situation.
If you have the money available, cash payment may be the way to go for your solar installation. A 10% down payment with Bison Roofing & Solar will get the process started with the rest of the balance due when the system is ready to begin providing you with electricity. When you pay with cash, you do not have any monthly payments or interest charges. You will start enjoying total independence from the utility company immediately as your solar system starts generating free power from the sun. You can take the 30% federal tax credit on the total cost of your order and use it for whatever you like. Paying cash does represent a substantial upfront investment, but if you can comfortably afford it, the return is higher than if you choose an extended payment option.
Bison Roofing & Solar works with lenders to provide customers with personal loans to finance their solar installations. A down payment is not required, and you can amortize the 30% tax credit back into the investment to reduce the total amount owed. Your credit rating determines the interest rate and terms, but they are competitive with other financing options on the market. Like other personal loans, you would incur the debt, so this is usually not a good option if you are planning to sell your home soon. However, the decision to invest in upgrading to solar energy will start paying dividends immediately and continue to reward you into the future.
Property Assessed Clean Energy (PACE) financing is a program that allows you to borrow money to pay for your solar installation and repay it through your property tax payments. This program is especially beneficial if you think you may sell your home one day since the loan stays with the property and not with you.
PACE loans increase your property tax payments for a set amount of time (five to 25 years) with no down payment required and at a reasonable interest rate. As an added benefit, you can apply your 30% tax credit to reduce the amount of the loan. With PACE financing, you start realizing the financial benefits of generating your own electricity, and the monthly costs will typically be less than if you continued renting your energy from the electric company.
Bison Roofing & Solar in Florida
There has never been a better time to break free from energy dependence and go solar. The tax benefits and other incentives won’t be around forever, so now is definitely the time to act. Let the experts at Bison Roofing & Solar help you decide which financing option and solar system configuration are right for your needs. Request a free evaluation today for more information.