Solar panel investments have a life of 20-25 years. In the long term, solar power not only offsets your electricity bill but also helps you earn passive income. This passive income gradually increases with time.
Solar Power is Always More Affordable
If an average household spends $150 on their utility bills every month, they will be spending around $1,800 on electricity annually. Now, multiply it by 25, and you get $45,000 – and that doesn’t even include the rising utility costs over time! When you invest in solar, you can avoid all those expenses for 25 years. So, while solar plus storage may sound like a pricey deal right now, it is a money maker when you put things in perspective.
Also, the numerous financing options available in Austin, Texas, help you get a solar power system without spending a dollar out of pocket.
Highly Attractive Solar Financing Options
The solar financing options for Austin, Texas, residents include solar loans, solar leases, and PPAs. Here is when you should use each:
Own the Power with Solar Loans
You should use solar loans when you do not wish to pay cash upfront but still want to enjoy all the utility savings.
A solar loan is similar to a traditional bank loan but it’s totally unsecured! You get sanctioned a loan that covers a part or the entirety of the solar system’s costs. You then pay back the amount in fixed monthly installments. Since you own the solar system, you are also eligible for all the incentives that a residential solar system owner enjoys. You are also responsible for all the maintenance and repair costs. Fortunately, Green Power Energy (GPE) offers a 25-year warranty on its service, so you don’t have to worry about service issues. Also, most of the products GPE offers come with 25-year warranties too. Enjoy worry-free solar power.
Zero Hassle with Solar Leases & PPAs
You should choose a solar lease or a purchase power agreement (PPA) when you only want to use solar power and not trouble yourself with the operational hassles and expenses associated with it. Many homeowners also opt for this to reduce and lock in their monthly electricity bills.
With a solar lease or PPA, you do not own the solar power system. You are merely renting it from the leasing company. The leasing company is eligible for all the incentives and tax rebates, not the homeowner.
A $0 Investment Into Clean Energy
Austin, Texas, residents can enjoy clean power using different financing options without paying a single dollar. Financing options give them the freedom to opt for solar power while being financially prudent.