People often ask, “Can I afford solar?” and then reluctantly give up on their search for a more reliable and effective energy source because of misleading and confusing information. Finding an alternative power source is good for the household and the environment, but unfortunately all of the information may seem a bit overwhelming. There are answers that are simple and straightforward, so the potential buyer is able to make an educated decision.
The simple answer is yes, it is more cost effective than ever before to own an alternative energy source. The real question should be, “Why are people choosing not to make the switch?”
There are many types of alternative energy sources available, including geothermal, wind, water, and the sun. Solar energy is by far the most inexpensive, reliable, and popular of choices for homeowners. It is easy to install the system, and buyers can build onto or upgrade the system as needed. This type of system is unobtrusive, so it fits almost anywhere, and it also adds value to the property.
Buying the system outright may seem expensive for many households. The price usually begins at around $10,000, however, there are tax rebates, credits, and tax incentives associated with the purchase, so it is actually considerably less expensive than the sticker price. The seller of the equipment will assist the buyer with finding a system that fits within their budget, and also point the buyer in the direction of possible incentives.
“But how can I afford solar on a fixed income?”
There are numerous programs available for households that need a helping hand. Financing the project through a traditional bank is the choice of many as this upgrade typically qualifies for most home improvement loans. A home equity loan may also qualify the borrower for extremely low interest rates, and be sure to ask about the no down payment option when talking with a reputable dealer.
When asking, “Can I afford solar for the property?” it is important to consider the many hefty tax incentives and rebates that help lower the initial cost. Homeowners can expect to get a tax credit of up to 30% or up to $500 per half a kW. However, it must be a primary residence. Secondary properties do not qualify for these incentives. Individual states may have various rebate offers for buyers of a PV install or upgrade. Speak with a qualified representative to get more details specific to the homeowner’s state.
If the property is a place of business, such as a farm or ranch, the property may qualify for grants. Even businesses ask, “How can I afford solar energy?” Daycares, schools, and other businesses should consider the advantages of owning a PV array. This is a green option that helps the business spend less money on energy. In addition, it may attract patrons that want to use the services of or buy products from a company that cares about the future of the environment.
While individuals may consider lease options, the buyer should be cautious. There are a lot of hidden details in the fine print. It may work for some people, but for the majority, it costs more in the end. Never go into a lease agreement without first discussing the contract with a professional.
Everything necessary to own a complete system may be bought in sections, so only buy what is afforded today. Still wondering, “Can I afford solar energy for my property?” The easiest way to find out the answer is to contact a reputable company that sells and installs these systems.