Many homeowners constantly complain about their electricity bills. This is one of the reasons why your dad always told you not to touch the thermostat.
However, now you can save most if not all your money from the electric bill by installing a solar system. But you might ask how much will that solar system cost?
Well, here is a quick guide to your savings and financing options so that you can make the switch.
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The average monthly electricity bill for residential housing was about $115 in 2020. If you, multiply that by 30 years, you’ll end up paying over $41,000, and this is just the average.
In reality, your cost might end up being much higher. Switching to solar energy could help you save that same amount over time.
Before you see the savings though, you have to first pay for the solar panels and their installation. Luckily, there are some viable options that you can look into so that you can pay for the system comfortably.
One of your primary options would be to take out a personal loan. You can gain access to the money relatively quickly, and they are unsecured so you don’t need much home equity to be eligible.
However, if you don’t have good credit you won’t be able to obtain low-interest rates and might have to contend with various fees as well.
You also have solar loans that can finance you for solar panels. With a solar loan, you own the solar system. This makes you eligible to receive rebates and incentives.
However, you will be responsible for the maintenance of your system which could add to costs. You can find several options for solar loans on GoodLeap.
HELOC stands for Home Equity Line Of Credit. Essentially what gives you is a new line of credit that allows you to borrow against.
Unlike Personal or Solar loans, HELOCs have a variable interest rate. This means your payments can fluctuate as your account and interest rate fluctuates.
A PPA is a Power Purchase Agreement. In this, you enter into third-party ownership, or TPO, where that a third party owner installs the solar panels on your home or property.
This gives them the rights to the panels and they sell the electricity produced by them back to you at a fixed rate, unlike solar loans. With a PPA, you’re able to lock in that fixed rate for the next 25 years at a fraction of the rate you would normally pay for electricity.
When you pay for electricity, think about the solar system cost and how much you’ll truly be able to save. Not to mention you’ll be helping to save the environment.
Leave your children with a world better than you left it, and save money in the process. Get some solar panels today.
For other informative articles like this one on how to make your home more environmentally friendly, be sure to browse the rest of our blog.
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