If you are looking for ways to finance a solar project, you aren’t alone. Renewable energy is on the rise all over the country and in the state of Missouri. Due to the popularity of solar, a multitude of financing options have been made available to the public by lending institutions and solar power companies. In this blog, we will discuss how financing works, the benefits associated with it and how you can start financing your solar project fast!
Read on to learn more, or contact us to speak to a helpful representative who can answer your financing questions!
How Does Solar Financing Work?
Solar system financing allows you to decide how you want to pay for your solar project. With financing, you don’t necessarily have to pay cash upfront, although doing so could mean an overall reduced solar energy cost. If you choose to work with Sun Solar, paying cash can allow you to have a deeper discount on your solar energy system.
There are a variety of financing options available when it comes to solar projects, but two options that our solar customers gravitate to are loan and lease.
Solar Loan: A solar loan can be provided through the solar power company you are working with, or through your bank or a trustworthy lender. Selecting this option allows you to tax advantage of the Federal Tax credit, assuming you qualify, and any local solar incentives such as solar rebates from your utility provider.
If you are a Missourian who is planning on paying cash or you have decided that taking out a loan might be your best financing option, Sun Solar wants to let you know that now is the time to act if you want to receive your full tax credit.
In 2019, new solar customers can receive 30% off their solar energy system’s full cost. These credits will go down to 26% in 2020 and will dip even more in 2021. By 2022, homes will no longer be eligible for Federal Tax Credit, and businesses will only receive a 10% tax credit.
Solar Lease: If you choose solar leasing to finance your solar project, the solar provider you select to install the system owns it while you use it. When you choose to lease your solar energy system, the solar company will take responsibility of servicing and maintaining the solar equipment on your home.
The solar lease is a great option for individuals who do not qualify for the Federal Tax Credit or do not have any local solar rebates available to them. This is a great way to reap the benefits of clean, renewable energy without the requirement of owning the system – of course, there are buy-out options should you decide later that you want to own the system.
How Can Solar Financing Help Me?
If you are ready to lower your electric bills, create sustainability for your home and receive tax credits and utility rebates (if you are eligible), solar energy is your solution. At Sun Solar, we believe that investing in a sustainable energy solution for a home or business should be accessible to anyone interested in making the switch.
We also understand that not everyone can pay cash for their solar systems. That’s why we offer several financing options to our customers, including lease, loan, cash, and HERO, a solar financing option offered through Renovate America Financing.
Ready To Get Started?
If you are ready to get your Missouri solar project started, Sun Solar’s dynamic financing options give you the flexibility you need to complete your dream solar project and start reaping the rewards fast! If you have questions about our solar offerings, don’t hesitate to contact us online, call us at 417-413-1786, or send us an email at email@example.com.