Whether you are a champion of green energy or you’re just looking to lower your monthly utility bill, going solar is a dream for many American families. A quick glance at prices may lead you to think solar power is beyond your reach. Just how much out-of-pocket will you pay for solar panels? Is solar power realistic for everyone, or is it just for a select few? The outlook may be brighter than you expect.
Paying for Solar Power
The average cost in the US for switching to solar power ranges from $15,000 to $35,000. This is a large investment by any standard and most people don’t want to pay such an amount outright. The vast majority of residential solar projects are financed for this very reason. Most homeowners opt for a direct loan or a Power Purchase Agreement, also called a PPA, when going solar.
Taking out a direct loan for your solar energy system works is much like financing any other home improvement project. It’s supplied by a financial institution that specifically finances Solar projects, and although it is based on your personal credit history, solar loans are much easier to qualify for. Anyone with a 650 or higher credit score will easily qualify. There are special programs available for more challenging circumstances as well. Work with us and we can help you find the best financing fit! With a PPA, on the other hand, you don’t have to purchase your solar energy system. Instead, with a PPA from Aurora Energy, we would own and maintain the system while you leased the equipment and bought the power back from us — for less than you’re paying your utility company right now! In essence, with a PPA, you get the energy savings without the expense of owning a system. You still have to qualify for financing with a PPA but there is no out of pocket cost.
Out-Of-Pocket Costs
In the end, how much is coming out of your wallet directly? The fact is, we have options that work for everyone!
If you don’t want to pay cash for your system — you can choose to purchase outright with solar financing OR do a PPA. These purchase agreements put the planning, operating, and maintenance on us. You just pay for the power you use, similar to how you pay for your utilities now.
If you decide to go finance your system with a direct loan, your Aurora Energy solar consultant will custom-design your system and then show you various loan options. Financing is available starting as low as 2.99% for 25 years — better terms than what a bank will lend to you!
Contact us to set up your no-obligation consultation today!
