Rhode Island might be the smallest state in the U.S., but its people possess the same grit and perseverance that have defined the people of the rest of America for centuries. Their uncanny ability to overcome overwhelming odds is making Rhode Island the leader in green energy infrastructure.
At present, Rhode Islanders pay an outrageous 30% higher electricity prices compared to the national average. That’s a substantial hit to their disposable income without any additional benefits in return, compared to people in other states. Naturally, they are always looking at alternatives and they found one – a big one – in solar.
But, does solar power make financial sense today? Here’s everything you should know:
Investment That Returns
Solar power infrastructure is not an expense. It’s an investment that appreciates your property value. Homes with solar power systems offer homebuyers savings of thousands of dollars annually. Naturally, that contributes to your property’s value. Eco-conscious homebuyers are investing in solar equipment and enjoying the returns on that investment.
Zero Down Payment & Low Interest
A decade ago, you’d be hard put to find a financer who’d offer you long-term solar financing. Today, things have changed drastically. It’s quite easy to find solar financing for a 20-year period.
Zero-down payment solar loans and solar leases have made it possible for Rhode Islanders to take advantage of solar power’s affordability with zero upfront investment.
Easy Payments
Solar loans in Rhode Island come with highly competitive interest rates, which translate into easy payments spread over a flexible period – 10 years, 15 years, or even 20 years.
The best part? Solar power providers like Green Power Energy even offer zero-down payment leasing options, where you have unique bonuses like production guarantees.. With a lease or ppa you can pay for only the power you produce from your solar setup every month.
That’s hardly different from your current arrangement with the utility company. But, there’s more…
Savings Right Off the Bat
If you purchase the solar equipment – panels, batteries, and the full deal – you never have to worry about any monthly payment. What’s more, you can even save 26% off the equipment price through Federal Investment Tax Credit (ITC).
Solar leaseholders will pay a monthly price on their solar power utilization that’s locked in for years. In other words, you never pay higher rates than what you’re currently paying your utility company.
Summary
Upfront savings on equipment, long-term savings on energy bills, easy payments, easy financing, property value appreciation – what’s there not to love. So, to answer the question – Does a Solar Loan Make Financial Sense for Rhode Island Homeowners? Absolutely. Solar power makes excellent financial sense for Rhode Island residents.
