With the rising cost of energy, many homeowners and businesses, looking for cheaper, more sustainable energy alternatives, are turning to roof-mounted solar panels. Solar panels offer energy independence, providing homeowners with the ability to generate their own power, freeing them from fluctuating power company rates, and dramatically reducing their carbon footprint.
One of the first things many homeowners want to know before going forward with solar is just what the costs are for solar panels. The good news is that the cost of solar panels has dropped considerably over the past few years. In fact, solar panels currently cost about half as much as they did in 2008, and about 100 times less than they did back in 1977.
But while the price of solar panels is fairly standardized across the globe, it’s the cost of installing them that varies. Just how much you will pay for solar installation depends upon a number of different factors. These include what region of the country you live in, how much roof space you have, and other factors related to installation and permitting.
Solar Payment Options
Some solar customers choose to pay for their solar panel installation with cash up front. Other homeowners secure lending from their credit union. Still other people choose to take advantage of the various available financing options, some of which allow for no money down with financing terms that typically range between 10-15 years.
Going Solar for Zero Down
In many instances, you’ll find it possible to get solar panels installed for as little as no money down. Not only that, but you could end up with a monthly payment that’s no greater, and often less, than what you would be paying your power company every month.
Since most customers who install solar panels find they’re capable of generating all the energy they need right from their own rooftops, they’re often able to reduce, or even altogether eliminate their monthly energy bill.
“Right now my bill from the national grid is minus $30,” said Donna Fickett, a solar customer from Quincy, Massachusetts.
There are obvious advantages to being able to replace your monthly electric bill with a monthly payment on a system that will ultimately render you energy independent. Especially when you can make the change without the upfront cost associated with a down payment.
Leasing Options
Whether it’s a car, home, or any other big-ticket item, most of us would generally prefer to own rather than lease. The same is typically true of homeowners looking to invest in solar. However, depending on your own personal situation, owning your solar system is not always the most practical choice due to income and other mitigating factors.
For homeowners interested in solar who, for whatever reason, might find it difficult to meet the terms of ownership, there are affordable leasing options available. SUNworks leases never come attached with payment escalators and because the leases are associated with the number one solar panel on the market — SunPower — customers have access to industry leading power output.
Saving Money in the Long Run
Studies have determined that over a 20-year period, going solar will enable the average homeowner to generate roughly $20,000 in savings. So regardless of what payment option you end up choosing, over the long-term, the cost of going solar is mitigated by the money you will save by reducing, or altogether eliminating, your monthly energy bill.
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.