Being smart with Solar
Last week we asked: “Should consumers stay away from solar energy altogether???? No.
Remember that third option I mentioned? Well, experts at 1 Solar recommend finding ways to simply own the system.
Just like any other ownership, there are multiple ways to finance it.
The cash option
If you pay cash for your system, the return on investment (ROI) can be better than the stock market. At 1 Solar Solution, we don’t have a project in our portfolio that doesn’t produce at least 15 percent ROI.
Home Equity Loan option
If you have access to the home equity loan, that may be another smart way to finance the system. With the home equity loan, you can finance the system long term with a fixed low interest rate in today’s market, saving money from Day One.
Most reputable solar companies like ours will also offer in-house financing through third-party partnerships. We work with many banks that offer financing for as low as zero percent with approved credit and who love working with our clients.
Advantages to owning a system:
- You claim the tax credit; the company doesn’t.
- You can either receive cash for the utility rebate or reduce it from your out-of-pocket cost.
- You get to receive depreciation if allowed.
- You get all of the warranties for worry-free ownership.
- You get to have the pleasure of owning a system that produces tons of energy without any maintenance!
- You get double-digit ROI – much better than the S&P!
- You get to brag to your friends who leased that you made the smarter choice 😉
Word of caution:
Talk to several installers in the area and check their certifications and credibility. As with many other types of businesses, there are many fly-by-the-night operations in this industry as well.