Not So Average Mama

North Dallas Texas Mom Blog

  • About
  • Privacy Policy
  • Disclosure
  • Advertising Info
  • Email
  • Start Here
  • Around Our House
    • Homeschool
    • Minimalist
    • Words of Wisdom
    • She’s Crafty
    • Monday Molly
    • Recipes
    • Uncategorized
  • Did You Know?
    • I’m So Cheap
      • Coupons!
  • Contests

Solar Financing Programs: How Do You Pay for Solar Panels?

05.04.2022 by Girl on Fire // Leave a Comment

Back in 2020, solar became the cheapest-ever electricity in history. Its price has shrunk so much that, during that year, it cost even less than the cheapest coal.

Unfortunately, that downward price trend reversed in 2021. The cost of photovoltaic (PV) panels surged by almost 50% in the second half of 2021.

That doesn’t mean you should give up on going solar. Luckily, affordable solar financing programs are still available.

This guide covers the top financing options that will let you switch to green energy, so read on.

Take Out a Solar Loan

You can get a solar loan if you don’t want to use a huge chunk of your savings to buy and install solar panels.

Most solar loans work much like unsecured personal loans in which you borrow a lump sum amount. You then use the cash you get from the lender to finance your solar panel installation expenses.

Ways to Save Money

The lender, in turn, charges an interest fee over the loan amount. You can think of this as their payment for letting you borrow money. The interest rate varies, but in most cases, the more creditworthy you are, the lower the rate should be.

After agreeing to a solar loan’s terms, the lender sends you a monthly statement. It should include the total amount due for that month, including the interest fee.

The number of monthly payments you need to make depends on your loan’s terms. However, it often ranges from 36 (3-year term) to 144 months (12-year period).

Consider a Solar Lease

Another option for solar financing is a lease, which works like a rental. In this set-up, you’re the lessee, while the third-party equipment provider is the lessor.

A chief difference between a solar loan and a lease is that you don’t get money with the latter. Instead, the lessor provides a solar energy system you can use to generate green power at home. The company is also responsible for covering installation, maintenance, and repair costs.

Get your Teen Financially Ready

You, in turn, only have to pay a small fee every month for using the system.

However, with a solar lease, the lessor maintains full ownership of the system. Unfortunately, that’s one of the eligibility requirements for many solar rebates and incentives. One example is the federal investment tax credit; you need to be the system owner to qualify.

Check Out Hybrid Financing Programs

A hybrid solar financing program combines aspects of a loan with a lease. It gives you the chance to own the solar energy system, which, in turn, comes from the solar company.

So, the solar company installs their system in your home, which you’d then own as long as you make payments. And since you’d be the system owner, you can still qualify for solar incentives, such as the federal ITC. You can check out https://blueravensolar.com/north-carolina/greensboro/ to learn more about how it works.

Apply for Solar Financing Today

Remember: the federal solar ITC is phasing down in 2023. So if you wait until next year to get a solar power system, you can only qualify for a 22% credit. That’s a 4% decrease from the 26% credit you can get this 2022.

So, why not explore the available solar financing programs as early as today? The sooner you do, the sooner you can save energy, money, and the environment.

Are you ready for more informative articles like this? Then feel free to read our latest news and blog posts now!

Related Posts

  • I’m Thinking of Buying A New HouseI’m Thinking of Buying A New House
  • Everything You Need To Know About Carpenter Ants And the  Dangers They PresentEverything You Need To Know About Carpenter Ants And the Dangers They Present
  • All About Solar Cell EfficiencyAll About Solar Cell Efficiency
  • Outdoor Home Improvements, What Do I Choose First?Outdoor Home Improvements, What Do I Choose First?
  • 5 Reasons to Move to Texas5 Reasons to Move to Texas
  • Building A New Home, Or Remodeling A Home?Building A New Home, Or Remodeling A Home?
The following two tabs change content below.
  • Bio
  • Latest Posts
My Twitter profileMy Facebook profileMy Google+ profileMy Instagram profileMy Pinterest profile

Girl on Fire

Photographer at Loudmouth Photography
Brandy is the wife to a carpenter/musician and the mother of 3 amazingly awesome homeschool/unschooled girls. Brandy is a Photographer as well as a Coach for the Weebellion as part of Rolling Rebellion Jr. Roller Derby. Brandy is passionate about many things and suffers from a very painful and degenerative neurological disease called CRPS/RSD.
My Twitter profileMy Facebook profileMy Google+ profileMy Instagram profileMy Pinterest profile

Latest posts by Girl on Fire (see all)

  • Hey, it’s been a minute… - April 14, 2025
  • Benefits of Dual Diagnosis Treatment - January 25, 2023
  • How to Help Family With Mental Health Issues? - January 3, 2023

Share this:

  • Click to share on Facebook (Opens in new window) Facebook
  • Click to share on Pinterest (Opens in new window) Pinterest
  • Click to share on X (Opens in new window) X
  • Click to share on Reddit (Opens in new window) Reddit
  • Click to email a link to a friend (Opens in new window) Email
  • Click to print (Opens in new window) Print
  • Click to share on Tumblr (Opens in new window) Tumblr

Related

Categories // Did You Know? Tags // Home, Solar, solar power

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Check out my new site Habitually Awesome!

internet marketing

Not So Average Mama is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com. Not So Average Mama also uses other affiliate programs to earn commissions. When you click on links in my posts and make a purchase, I may earn a commission. Please see my disclosure.

trendy baby clothes

Email Subscribe

Things I Hoard

I have noticed that I have a tendency to keep things. Like keep them and covet them and not use them the way they are intended to be used. Like stationery. I love all this cutesy stuff and I can barely bring myself to use it up. I have stationery here still from when I […]

Share this:

  • Click to share on Facebook (Opens in new window) Facebook
  • Click to share on Pinterest (Opens in new window) Pinterest
  • Click to share on X (Opens in new window) X
  • Click to share on Reddit (Opens in new window) Reddit
  • Click to email a link to a friend (Opens in new window) Email
  • Click to print (Opens in new window) Print
  • Click to share on Tumblr (Opens in new window) Tumblr

© 2025 · Not So Average Mama ·

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok