There are three main solar financing options available to homeowners today: cash, loan, and lease. The best option for you will depend on a variety of factors, including your home’s location, the condition of your roof, and how much you plan to use solar energy. Here’s a closer look at each option:
Paying for solar panels outright is the cheapest way to go, but it’s not for everyone. If you have the money to invest in solar and you’re comfortable with taking on the responsibility of maintaining the panels, then the cash is the way to go.
If you don’t have the cash to buy a solar system outright, you can take out a loan. This option is a good choice if you want to own your solar system and you’re comfortable with a monthly payment. Loans can be for a fixed term or a flexible term, and you can usually choose between a variety of interest rates.
Leasing is a good option if you don’t have the money to buy or borrow a solar system. When you lease, you can use solar energy without having to invest in the equipment or take on the responsibility of maintenance. Leases are typically for a fixed term, and you’ll typically have the option to renew at the end of the lease.
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