10 Tips for How to Afford a Solar Upgrade for Your Home

As eco-consumer rates increase, renewable energy device sales rise. In 2020, the solar energy industry achieved its most profitable year. An enhancement of renewable power production supports President Biden’s Build Back Better plan.

As eco-consumer rates increase, renewable energy device sales rise. In 2020, the solar energy industry achieved its most profitable year. An enhancement of renewable power production supports President Biden’s Build Back Better plan.

He established a national carbon neutrality goal upon entering office. Converting our energy reliance away from fossil fuels and towards solar power can significantly decrease greenhouse gas emissions. When we engage in climate change prevention efforts, we improve global air quality and ecological conservation.

Solar Benefits for Homeowners

The various benefits produced by solar installations caused the industry’s recent boom. A notable advantage of solar panel purchases derives from the homeowner’s shrinking carbon footprint. When utilizing onsite renewable energy, residents decrease their reliance on the grid.

You can decrease your greenhouse gas emissions while increasing your utility savings with residential home installations. Current conventional electricity costs reach up to 17 cents per kilowatt-hour. Solar-derived energy prices reach as low as three cents per kilowatt-hour.

Homeowners can also increase the value of their property by installing renewable energy devices. Researchers recently discovered that homes with solar sell for $15,000 above their previous asking price. Just like a new kitchen or bathroom, customers view renewable energy systems as a renovation.  

Solar panels also improve the curb appeal of a home, increasing its aesthetic appeal. You can access various benefits when you install solar. Though the upfront cost is high, you may utilize the tips below for optimal financing opportunities.  

1. Utilize the Tax Incentive

President Biden’s Build Back Better plan distributed two trillion dollars through the clean energy industry. He used part of the funding to extend the solar tax incentive. Instead of expiring in 2020, it now extends through 2022.

Purchases made between 2020 and 2022 will receive a 26% tax credit. The following year, the incentive will drop to 22%, decreasing as renewable energy powers the nation. When consumers buy panels today, they receive the best financial aid possible.

2. Take Out a Loan

Homeowners can also take out a loan, financially backing their solar purchase. Some full coverage financing supports the cost of the panels, battery, and roof alterations. You may also choose the payback schedule of your solar loan, meeting your economic needs.

3. Lease a System

Some solar companies also allow homeowners to lease a system. The purchasing method requires lower payments while still providing tax incentive benefits. Unlike conventional purchases, the company pays for repairs and maintenance fees, saving you more money.

4. Receive Multiple Quotes

You can maximize your savings by receiving multiple quotes on a system. Some companies offer better solar purchase and installation deals than others. By shopping around, you can acquire the lowest prices in your area.

5. Look to the Little Guys

Corporate distributors sometimes have higher prices than local solar companies. When receiving multiple quotes, you can reach out to the smaller distributors in your area, evaluating their rates. All companies should utilize the same technology, making all panels on the market equally efficient.

6. Chose a Purchase and Installation Combo

Homeowners can save money on their system investment by purchasing from a distributor that conducts installations. Many individuals try and perform their own installations to save money and risk severe injuries. Distributors that perform installations offer combination deals, increasing the homeowner’s savings.

7. Invest in a Community Solar Farm

Instead of paying the high upfront cost for solar alone, neighborhoods can invest in communal systems. When a group of homeowners divides the charges, everyone can access clean energy for less.  

8. Take Out an Energy Efficient Mortgage

Residents can also take out an energy-efficient mortgage when making a solar purchase. The government offers homeowners a financing option that decreases their power use and increases their climate change prevention efforts.

9. Generated an Added Rental Cost

If you rent out your home, you can increase rental costs to help pay for panels. The decrease in utility costs may place the total monthly bills around a similar price range. Over time, you can gain enough financial support to pay off a panel purchase.

10. Create a Solar Savings Account

Similar to a traditional savings account, you can generate a personal account dedicated to your solar purchase. If you place $100 a month into your account, you will accumulate enough money for a system’s down payment over time.

The Electric Grid

Developing an electric grid is President Biden’s national goal. When homeowners purchase systems and produce clean energy, it supports the development. With enough independent and utility-scale production, we can sustain electricity demands while achieving carbon neutrality.

Bio:

Jane is the Editor-in-Chief of Environment.co and an environmental writer covering green technology, sustainability and environmental news.