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Home Solar Purchasing Options
Saving on monthly energy bills and achieving energy independence are the two main reasons homeowners purchase solar panels. Special government incentives and rebates allow you to save on the initial solar investment.
There are two ways to acquire affordable solar panels and become energy-independent: purchase or lease. The most important element to understand about each option is that when you lease your solar panels, the leasing company owns your system and can collect any available tax incentives. When you purchase solar panels, you get to keep the tax incentives for yourself. To help you get started, we've outlined the most popular options below. If you still have questions or want to discuss this further, our solar experts always stand by to help.
Cash Purchase and Loans
Today, financing part or all of a solar system purchase is possible. Various secured and unsecured options are available for 12 to 20 years. Sun Valley Solar Solutions recommends financing only the necessary portion of the net cost after incentives to get the best payback.
In addition to a loan, a buyer can acquire short-term credit financing and incentives to keep initial out-of-pocket expenses low without long-term financing.
An added benefit to purchasing or financing your solar electric system is the net increase in your home's real property value. According to estimates by the National Bureau of Economic Research, solar panels added a $20,194 value premium to the sales price of a home (houses in the study were in the mid-$500,000 range).
Cash Purchase Payment Structure
Since the average return on an all-cash solar power system is 4-9 years, many buyers choose a cash purchase. We structure our cash payments into three easy steps:
- The balance of the payment when you connect to the utility company
- 80% payment at installation
- The balance of the payment when you connect to the utility company
Home Equity Financing
Standard and special mortgages are available to homeowners who want to finance portions of their solar investment. In one case, an energy-efficiency mortgage credits a home’s energy efficiency in the mortgage itself. Some options target new home construction, while others apply to existing home improvements. Our solar integrators can help you determine the best fit for you.
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