Facebook Ad Bing Ad

Is Solar Financing Cost-effective for CT Homeowners?

Green Bolt
Is Solar Financing Cost-effective for CT Homeowners?

Governments, energy companies, and consumers across the US are realizing that solar power is the future of an energy-safe and self-reliant country. The strong push for residential solar is evidence of this realization. For Connecticut homeowners, solar power offers cost savings, reduces their carbon footprint, and even produces significant profits over the long run.

However, an upfront investment may not be the most attractive option for you, especially if you intend to invest that money somewhere else and get outstanding results. So, what can you do?

One way to achieve your solar goals and your investment goals is through solar financing. Solar loans and solar leases make it possible for you to get a solar panel system for your house without the upfront investment and enjoy its benefits while diverting your money where it’ll deliver the best results for you.

However, the question remains: is solar energy cost-effective despite the financing costs?

Let’s find out.

Solar Loan Profitability

Your solar installation comes with a variety of incentives, benefits, and potential savings. The federal income tax credit and RSIP program offer you a flat upfront reduction in costs. Although sizeable, they may turn out to be small compared to other benefits and incentives you qualify for.

For instance, the cost savings alone on monthly electricity bills can be as high as $41,400 over a 30-year period, at an average monthly bill of $115

Then there is the net metering program which can add thousands of dollars more to you in steady income for over a decade. 

In comparison, the best solar financing options come with minuscule single-digit interest rates. Green Power Energy, in partnership with Sungage, offers interest rates as low as 0.99%. 

So, the financing costs of your solar system will amount to a fraction of the savings and potential income from solar power.

Solar Leases

It’s a no-brainer for solar customers. There’s just one thing you need to focus on here – the rate at which your monthly bill is calculated. It must be lower than your utility company’s electricity price, and you must lock in the rate for several years.

If you ensure both, you are guaranteed to enjoy all the cost savings offered by solar energy with none of the liabilities. You will be shielded from utility company’s price increases for the entire lock-in period of your solar lease.

Conclusion

Whether you go with a solar loan or a solar lease, you can expect to realize impressive cost savings from taking the solar route.

Facebook
Twitter
LinkedIn
Pinterest

Leave a Reply

Your email address will not be published. Required fields are marked *

Lead-Acid vs. Lithium Batteries: Which Solar Battery Storage is Good for East Brunswick Homes?
Lead-Acid vs. Lithium Batteries: Which Solar Battery Storage is Good for East Brunswick Homes?

Homeowners are increasingly choosing to add battery storage to their solar power installation. When considering solar battery storage, you will always come down to the question: Should I choose a lead-acid battery or a lithium-ion battery? After all, these are the two most popular home storage batteries available in the market, and here is everything you need to know to make a decision.

Read More »
Will Solar Solutions Become More Affordable Over Time in Cedar Park?
Will Solar Solutions Become More Affordable Over Time in Cedar Park?

Green energy supporters in the U.S. who also support local economies have always been conscious of the fact that the majority of solar panels in the country are imported. They had an uneasy choice presented before them: choose green energy or support the local economy? What’s more, the imported solar panels were cheaper than the locally sourced solar panels too, tilting the balance in favor of foreign players.

Read More »

Get Started Today

Let’s talk about potential solar opportunities. We offer free, no obligation quotes to get you started on your solar journey.

If you’d like to talk with us outside of getting a quote then please reach out to us using our contact page.

"By hitting submit you recognize that we may contact you using phone, email, and/or text in regards to your inquiry. Please refer to our privacy policy for more information."
@ 2023 GREEN POWER ENERGY (844) 584-0008
47 East Street Annandale, NJ 08801

42 Ozick Dr, Suite 3, Durham, CT 06422

2112 Holly St, Austin, TX 78702

NJ HIC #13VH05559800

NJ ELC #34EB01151200

PA HIC #PA128259
CT HIC #0656622
CT ELC.0205319-E1
TECL #37773