Can't Afford A Solar Panel System? There Are Ways To Help You Pay

The cost to install a solar power system in a home ranges somewhere between $15,000 and $21,000 on average. For the typical homeowner, this is a lot of money to come up with. Hence, some property owners will shy away from the idea altogether. Don't fret. You can still experience the benefits of solar power in your home without blowing your savings.  

Contact Your Local Government

Depending on where you live, you may be able to get the assistance you need from your local government. Some areas offer grants to homeowners to help cover a part, or all, of the cost to install the new panels on their home.

Even if they don't offer a program that pays for the installation, they may still have loan options that allow you to make payments on the system as part of your tax payment. Contacting your county or state environmental or energy office will help lead you in the right direction.

Consider a Lease

A lease option is another way you can mitigate the cost of the installation. Leasing solar panels is much like leasing a car. First, you may be required to provide a down payment. However, the amount you need to pay is a mere percentage of the cost of the actual system.

In return, the panel company will install and maintain the system on your home. After which, you will be responsible for paying a preset amount each month for the service. If you move or decide you no longer want the system, you can terminate the contract and the panels can be removed.  

Solar Loan

Some credit unions, banks and other financial institutions are now beginning to offer solar loans. They function just like any other loan and you make payments as agreed. One advantage this option affords you is that it allows you to take advantage of any tax incentives or credits that are available for homeowners with solar panels, which isn't always the case with grants and lease options.

If you qualify for an annual credit, when you combine the money you're saving from the tax credit and your energy cost savings, the panels will basically pay for themselves over time. Speak with your financial institution to see if they offer this service.

Don't let a fear of cost keep you from experiencing the benefits of a home solar power system. There are a number of options that can help you cover this cost.