To Buy Or To Finance Solar, That Is The Question

Breaking Down Solar Energy Options

Cathy Allen, August 26, 2016 (AFRO)

“…Solar power systems can cost $15,000 to $30,000 before any rebates and incentives. Once installed, the owners receive rebates, tax credits and/or state renewable incentives that can reduce the total cost by 50 percent. Most solar installation companies will manage all the paperwork and adjust the purchase price to reflect the net amount…[Owners are responsible for maintenance of the system but the] equipment is very durable [comes with warrantees] and can withstand the elements…[Maintenance is primarily] cleaning panels…Many banks are now offering tailored solar systems loans to homeowners with FICO scores 640 or above…[with 10-to-20-year terms and] interest rates ranging from 3 percent to 8 percent…Typically, a solar system will save between 40 percent to 70 percent on electricity over about 20 to 25 years…[With leasing and power purchase agreements (PPA)] the solar company owns and maintains the system. There is little to zero cost for installation [but electricity savings are only] 10 percent to 30 percent…[and the homeowner does] not get the benefits of tax credits or renewable incentives or rebates…[Using solar energy through any financial arrangement is a step forward] in protecting our wallets and the environment.” click here for more

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