BLOG Financing Your Solar Energy Project: Available Options and Incentives Oct 23, 2024

Thinking about going solar? Whether you're looking to save money on your energy bills, reduce your carbon footprint, or take advantage of tax incentives, investing in solar energy is a smart choice. But figuring out how to finance your solar project can be a bit overwhelming. Luckily, Solar Savings by Garrett is here to help break down the available options and incentives for our valued customers.

Cash Purchase

The simplest way to finance your solar energy project is to pay for it upfront with cash. While this may require a significant upfront investment, it also offers the quickest payback period and the highest long-term savings. Plus, by owning your solar panels outright, you may be eligible for additional tax incentives and rebates.

Solar Loans

If you don't have the cash on hand to pay for your solar project upfront, a solar loan may be a good option. Solar loans typically have low interest rates and can be tailored to fit your budget and energy goals. With a solar loan, you can start saving money on your energy bills right away while paying off your system over time.

Solar Leases

Another popular financing option is a solar lease, where you essentially rent your solar panels from a third-party provider. While you won't own the solar panels, you can still benefit from lower energy costs and potentially save money on your monthly electricity bill. Keep in mind that with a solar lease, you may not be eligible for certain tax incentives or rebates.

Power Purchase Agreements (PPAs)

A Power Purchase Agreement (PPA) is similar to a solar lease, but instead of paying a fixed monthly fee, you pay for the electricity generated by the solar panels on your property. PPAs are a great option for homeowners who want to go solar without any upfront costs or long-term commitments. With a PPA, you can lock in a stable electricity rate and start saving money from day one.

Incentives and Rebates

In addition to the financing options mentioned above, there are also a number of incentives and rebates available to help make your solar project more affordable. The federal Investment Tax Credit (ITC) allows you to deduct a percentage of the cost of your solar system from your federal taxes. Many states also offer additional rebates and incentives for installing solar panels, so be sure to check what is available in your area.

At Solar Savings by Garrett, we are committed to helping our customers find the best financing options and incentives for their solar energy projects. Our team of experts can help you navigate the process and answer any questions you may have. Contact us today to schedule a consultation and take the first step towards a cleaner, more sustainable future with solar energy.