As America’s sunniest state, its no wonder that Arizona consistently ranks in the top 10 for solar power in the US. Although energy efficiency and increased home values are obvious benefits, simple financing options and generous subsidies have made going solar in Arizona easier than ever. Improvements in production and technology, as well as innovative financing options, have brought the cost of solar way down—by two-thirds in less than a decade!
If you are ready to save money, reduce your environmental impact, and become more energy independent, the next step is figuring out how to pay for your solar array. Although some opt to pay the complete cost upfront, most choose to lease or finance their new system. Read on your options!
How to Pay for Your Solar System
One option is an upfront cash purchase of a residential solar system. Although this is typically the least expensive option in terms of total spend, as no interest or finance fees are involved, most homeowners aren’t prepared to pay for a system outright. Even homeowners with the cash flow to do so may still find it financially advantageous to finance their solar system and invest their cash elsewhere.
Another option is through solar financing, which can save anywhere from 40% to 70% over the lifetime of the solar panels. These loans are similar to basic home improvement loans used for upgrades or remodeling, such as adding a pool or renovating a bathroom. As loans allow homeowners to own their systems, it ensures they receive a greater share of the long-term financial benefits. Loan payments generally don’t fluctuate, freeing you from the worry of rising payments. Financing can be a great option because it requires no money down, but still delivers all the incentives that solar brings—federal, state, and local tax credits, and immediate energy bill savings.
Introducing Straightforward Financing
At Prostruct Solar, we’ve simplified the financing process. When you finance your solar, you can start saving from day one. In many cases, you can get started with $0 down. We offer interest rates as low as 2.99% for qualified customers, along with varying term lengths ranging from 10-21 years. We also offer deferred payment options, including no payments for 18 months! Even better, when you switch to solar, you can expect to start saving on your very first utility bill.
You can apply online with our simple online application. In most cases, you’ll know the same day if you’ve been approved!
In addition, you can apply a 26% federal tax credit to the principal, and add equity to your home all while keeping your budget intact! In addition to the generous federal tax credit, state and local credits make the deal even sweeter. Our expert team is here to guide you through the process with ease:
- Optional pre-qualification
- Instant approval for qualified applicants
- Integrated with Prostruct Support
- Minimal documentation
You can bring your lender to the table, or partner with one of our trusted financial service providers. We specialize in unsecured loans, and have built great relationships with reliable lenders to offer you the most competitive pricing.
Often, we can even package solar preparation, roofing repairs and/or home improvement items into the loan. In this case, we roll the tax credit in towards the principal for lower payments, giving clients the option to reamortize at any time and pick a new plan as required.
The financial benefits
Regardless of the type of loan you choose, your new solar system is going to add value to your property. A recent study found that homebuyers throughout the country have been willing to pay a premium of about $15,000 for a home with an average-sized solar array. Another study found homes with solar panels sell faster than those without.
What’s more, your energy cost savings will help your solar pay for itself!
- A well-placed five-kilowatt solar system can generate the equivalent of two-thirds to three-quarters of a typical household’s electricity use – enough to power the home of a family of five at net-zero energy consumption.
- Most homes will generate more energy than they consume, and then sell that excess to the utility company. On hot summer days, when the air conditioning is running, a household can draw from the grid, and pay for it with the credits accumulated or buy it at a more competitive rate.
- In addition to the savings and added home value, solar users minimize their environmental footprint by reducing their dependence on harmful fossil fuels! A typical residential solar panel system will eliminate three to four tons of carbon emissions each year—the equivalent of planting over 100 trees annually.
If you are interested and want to find out more, we’d love to hear from you!
Reach out today to schedule a free consultation with our team. Our certified energy consultants have the knowledge and expertise to guide you to the right choice for your home or business.