What financing options are available for my solar project?

What is net metering and why is it so important?

Most solar panel systems are hooked up to the municipal electricity grid, and are therefore called “grid-tied” systems. Net metering ensures that the local utility will purchase any excess electricity that you produce. It is the system that utilities use to credit solar energy system owners for the electricity produced by their solar system that is put back on the grid. The excess electricity is commonly referred to as net excess generation, or NEG for short. With net metering, you only pay for the electricity that you use beyond what your solar panels can generate. If your system generates more than you need and you can supply it to the grid, the utility will credit you for this excess electricity. Net metering policies vary in each state so talk to your sales representative and do your research.

What solar energy rebates and incentives are available?

The largest incentive is the 30% Federal Tax Credit which allows you to deduct 30 percent of the cost of your solar system from your taxes. Other solar rebates and incentives are available and will vary based on your location so be sure to check with our knowledgeable sales representative to find out what you may be eligible for in your area.

How much will solar panel maintenance cost?

All solar systems typically come with a 20+ year warranty that you can use if your system needs maintenance, however, solar panel systems are made of durable tempered glass and require little to no maintenance during their lifespan of 25 to 35 years.

Should I buy or lease my solar panel system?

Both of these financing options have their advantages. Purchasing your solar system is generally the best way to maximize any potential savings and take advantage of the 30% federal tax credit, however, if you are looking for a way to reduce your electricity bills with no upfront out of pocket costs, then leasing is a very economical decision as well.

What are my solar financing options?

There are three major solar financing options to consider when you are ready. First is to purchase the system which makes you eligible for the 30% tax credit and becomes an asset that you own. The next option is to lease the solar system from the installer at a flat fee per month like a “rent” for the length of the lease. The third option is to do a PPA (Power Purchase Agreement) where you are purchasing power generated by the system and your payment is based on a fixed rate/kWh agreed to with the installer. Your payments with the PPA option will fluctuate based on your consumption each month while always staying at the fixed rate/kWh.