How to Reduce the Cost of Installing Solar Panels for a Home
The cost of installing solar panels for a home can run between $15,000 to $25,000, but there are ways to reduce the cost. Creative thinking allows for a solar installation at your home, so you don’t pay top dollar.
Reducing the cost of solar panel installation happens in several ways, including tax breaks, loans, and leases. Once you make the right choice for your budget, you’re on your way to solar installation.
Check out these ways to reduce the cost of installing solar panels for a home.
Tax Credits
The federal government allows for a 26-percent tax credit for homeowners installing a number of solar panels on their homes. You can get additional tax credits for solar power home improvements in Kentucky at the state level. The federal government is using these tax credits to increase solar production.
Homeowners can apply tax credits to the equipment used in solar installation and for labor costs. It also includes the batteries needed for the types of solar panels at your home.
To qualify, the solar panels must be on your primary or secondary home, and you must own the system. In addition, the credits only apply to the ‘first’ installation on your property.
Blue Raven Solar can help you take advantage of solar power at your home in Louisville, Kentucky.
Loans
After tallying the number of solar panels for your home, consider financing through a payment plan. Many lenders offer no money down options. You can also pay off the loan in no time.
A home improvement loan for a solar installation project means considering several factors. Your interest rate will depend on your credit score. You must also factor in how long it will take to pay the loan back over time.
Home equity lines of credit and home equity loans are also popular choices for solar panel home improvements.
Utility companies also use ‘net metering’ for homeowners with solar panels. The electric company will pay you for unused power sent to the power grid. You can use the money to make your monthly loan payment!
Nevertheless, choose a fixed interest rate on the loan. An adjustable-rate changes over time and will cost more money.
Lease
A lease program allows you to have solar panels on your home but never own them outright. Leasing is a good option for people who lack the money for solar panel investment. The solar installer takes care of any broken equipment or needed maintenance.
You won’t qualify for solar tax credits if you lease solar panels for your home.
Cost of Installing Solar Panels for a Home
Several ways to lower the cost of installing solar panels for a home include tax credits, loans, and leases. Choosing these financing options can have you enjoying the benefits of solar energy immediately!
Lowering the cost of solar panels for your home is easier than you think. We can show you the benefits and the easy way to pay for this energy source that leaves no carbon footprint and can save you money over time!
