One of the biggest questions when homeowners consider solar power is related to cost. When people think solar, they often jump straight to thoughts of thousands of dollars out of pocket and a long wait to recoup the money.

The truth, though, is quite different. Overall, solar panel systems have decreased in price significantly over the past decade. There also are many tax benefits that can defray the cost of a system, and the savings in electric bills is immediate and significant.

Today, there are also ways to have solar panels installed with no money paid up front. These options allow those who might not have the cash available but who want to lower their carbon footprint and their power bill to join the growing solar revolution.

Zero Down Loans

A growing number of companies are offering loans for solar panel systems with no down payment necessary. In this scenario, the homeowner reaps the benefits of a solar setup immediately on their electric bill and owns the panels after the term of the loan.

With solar panels getting more durable all the time, and with many systems under warranty for 20 or 25 years, this plan offers the opportunity to reap significant benefits without the initial outlay. In some housing markets, this might be the best way to get into solar energy.

The caveat with this type of offer is that homeowners should look at any local, state and federal rebates and tax benefits before going with this option. The rules on tax benefits can differ from city to city, and in some areas, benefits and rebates might be lost under this scenario, which would lessen the benefit overall.

For many owners, this could be the perfect way to get into the solar world.

Solar Panel Leasing

Just as companies are offering zero-down loans, they also are offering solar panel leasing programs that give homeowners the benefits of solar panels on their electric bills without the burden of ownership. In this scenario, the solar company owns and maintains the panels, while the homeowner gets the electricity and the lower bills immediately.

“This is a way to get solar without putting any money down and to start saving money from day one. That’s a first,” says SolarCity co-founder Peter Rive.

This kind of offering has been steadily growing since 2008 with homeowners who want the lower power bills but don’t want to maintain their solar panels. This method offers quick and easy benefits with little or no stress.

The sacrifice for homeowners who choose this method is the loss of tax benefits and rebates, but over the long term, the lower electricity bill can add up to a significant savings.

These days, solar power isn’t only for those who have cash at the ready for purchase. While in every scenario, a cash purchase of solar panels will reap the largest benefits and savings, there are viable and accessible ways to join the solar power world without emptying your wallet.

If you’d like to find out how installing solar panels on your roof can help you drive your electric bill down to zero, contact us today for a free quote.