There has been so much research done in the field of solar energy that they have found ways to make solar panels more efficiently and with lower costs. This means that prices for buying solar panels are at their lowest right now. As the prices have lowered, there has been a greater demand for solar from businesses and home owners. Going solar is no longer a luxury of the wealthy, but something that anyone can afford.
2. The Federal Tax Credit
To support the production of clean energy, the U.S. government is currently offering a Solar Investment Federal Tax Credit for those business owners and homeowners that go solar. You can save up to 30% off your solar panels by receiving this tax credit. Unfortunately, this tax credit won’t last forever as it is set to be cut in the next 5 years. Take advantage of this great opportunity while it is still available.
3. There are great financial options
As interest in solar has increased, more options for paying to go solar have opened up. Banks will offer loans that are similar to home-equity loans for you to go solar. The best part is that we offer a loan plan that is $0 down and you have 18 months before you have to start paying back your loan. This way you can start to see your savings come in from your solar panels before paying it back. Some banks in Missouri also don’t require a credit score to qualify for a loan. There are so many great financial options here in Arkansas and Missouri that solar is available to anyone. Which means, everyone can experience great savings, even in the first month of going solar.
You can get a free solar analysis to learn what financial options are available to you!
4. You can stay connected
Many people worry that if they go solar, they will be out of power during a cloudy week because their panels won’t produce enough energy. This is not a problem that you will face with solar.
You can stay connected to the power grid so if your panels ever don’t produce enough energy, then you will receive energy from your power company. This also works in reverse, if your panels are producing more energy than you need, then it will be sent back into the grid and used by someone else. This will earn you credit from your utility company, which will offset any costs you may have incurred from the power company.
We also won’t be leaving you anytime soon. Shine Solar offers production guarantees for up to 25 years. That means we are here for you if anything ever goes wrong with your panels or if you ever have any questions after your installation.
5. Educate yourself
Solar is still a pretty new concept, especially in Arkansas and Missouri, so be sure to learn as much as you can about solar. This is a big investment and one that you should understand before buying. Education is a huge focus at Shine Solar, check out our blog and other website pages to learn more about going solar. We try to compile as much information as we can for you, so you can be prepared for this decision.
Read as much as you can and ask all of your questions,so you can be armed with the knowledge you need. Receive a free solar analysis, where we will tell you whether solar will work for your home or not. Keep learning, solar is an incredible investment, but one that you want to be sure of. Feel free to contact us with any questions you may have, we are here to help.
Something that we here at Shine Solar take very seriously is customer satisfaction. And we don’t just mean ensuring the satisfaction of our customers who have transitioned to solar energy. We also want to provide requested information to those who have not transitioned to solar energy. Maybe you’re thinking about solar for your home. Perhaps you just want to learn more about renewable energy. You may simply have doubts about solar affordability.
Whatever your motivation might be, answering your questions and addressing your concerns are two things of utmost importance to us. One thing we keep hearing, again and again, is that solar can’t possibly be an affordable option. People simply don’t believe that an affordable option for energy ownership exists. We’re used to having an electric bill to pay, after all. Paying higher rates year after year has become a habit.
This week’s blog, then, focuses on the reality of solar affordability. The following 10 fun facts demonstrate where we are versus where we were. And we’ve got to admit it’s getting better…it’s getting better all the time!
Reading this list may not convince you to go solar, but hopefully it will arm you with concrete information. Knowledge is power, after all!
10 Facts About Solar Affordability
The cost of solar panels has dropped by 80% since 2008, and it is expected to keep falling.
Plummeting solar costs and rising electric costs means homeowners in the U.S. hit break-even points with solar in as little as three years. In 2017, most homeowners are seeing payback periods between five and eight years and 20-year savings estimates upwards of $20,000.
Solar cells are priced per watt. In 1977, solar cells were unaffordable for most to purchase and install—costing around $77 per watt!
Solar installation often ranges from $2.87 to $3.85 per watt (though $3.00 is becoming the norm!). The entire installation package cost for a 5kw system averages around $17,000, but if you apply tax credits, the total installation will probably sit between $10,045 and $13,475.
Solar power itself is a free source of energy. Once you’ve installed photovoltaic (PV) panels on your home, maintenance is minimal and returns are high.
You don’t have to buy your solar panels outright; you can also finance them. This makes solar power more affordable for everyone.
Many states (including Missouri and Arkansas!) allow you to sell back the excess solar energy you produce at wholesale rates, meaning you can not only earn back the cost of your panels but also make a profit on energy in the long run.
When you buy solar panels, you’re eligible for a 30% federal government tax break—you could get thousands of dollars back on your taxes and offset the initial cost.
The truth is, solar is an affordable option for countless millions of people. And the best news? If solar isn’t a viable option for you, we will be the first to tell you. Call us for a free analysis, and see if you’re a candidate for energy freedom!