As a homeowner, you probably have heard that going solar may help you reduce electricity costs and it significantly reduces the ill effects of climate change by curbing carbon footprints. You’ll never go wrong as you realize the notable benefits of going solar. Although photovoltaic or PV systems have become more affordable through the years, you may still find it costly to go solar if you’re earning an average income.
However, if you want to go solar but you don’t have enough funds to buy your own solar energy system, there are several options available that you may consider:
- Take out a loan to purchase a solar energy system – Nowadays, there are solar financing companies that can provide you financial assistance to help you buy your own solar energy system. Buying your own system adds value to your home, plus you reap tax credits. Because the system is connected to the grid, it is possible for you to sell excess electricity if your consumption is less than what your system produces.
- Consider a community and shared solar programs – These programs are your best options if you want to go solar, but you don’t like doing maintenance or you’re not allowed to install solar panels in your property. If you’re living in a community like an apartment complex or a condo, you and other solar-interested neighbors may pool your funds to buy solar energy from an on-site solar system source or off-site source.
- Lease a solar energy system – You can have an arrangement with a solar energy system provider to pay a flat monthly rate for the PV panels installed in your home. You only own the electricity, but not the PV panels. Like the first option, it is possible for you to sell excess electricity to the grid. Leasing a solar energy system is a better option if you want to reduce your electricity bills and you don’t want to do maintenance.
- Power purchase agreements – Commonly known as PPAs, it is possible for you to enter a financial agreement with a solar energy system provider. The provider installs solar panels in your home, and you pay for the electricity it produces. After paying a minimal upfront installation cost, the kilowatt-hour price of solar power you’ll pay is lower compared to the price you pay to the utility company. Like solar leasing, this is a good option if you sell excess power to the grid and you don’t want to do maintenance.
- Consider a solarize program – This allows you and other solar-interested neighbors to look for a solar energy system provider that offers competitive pricing through bulk purchase. This program gives you and your neighbors a chance to own a solar energy system at a much lower cost. This is a good option if you’re in a community that advocates solar energy use. If there’s no solarize program in your community, you may want to start a solarize campaign to advocate solar energy use.
Once you find the option that best suits your needs, you may need to get an overview of your monthly and annual electricity spending to get the best system recommendation from a contractor. Although solar energy systems have become considerably affordable throughout the years, it is often a good idea to shop around and compare prices from several solar energy system providers to get the most competitive pricing. When looking for a solar company, take the extra work to find out if it has a license to operate and it has a good reputation or favorable reviews from its past clients.
Choosing the right solar option is important if you want to make sure that you’re getting the most value from your solar device investment while reducing your electricity bills. Going solar is worth considering if you also want to reduce your carbon footprints and help save the environment.