Solar energy loans are a great way to make your home more energy-efficient without breaking the bank. Since solar panels themselves can be expensive to purchase and complicated to install, it’s worth exploring various financing options. So, how exactly can solar energy loans benefit homeowners looking to reduce their carbon footprint?
What Are The Benefits Of Solar Energy Loans?
Energy Cost Savings & Price Consistency
Since solar energy is renewable and any installed panels will start generating their own electricity, you’ll save money on your electric bill. However, a key benefit of solar energy loans is that they are typically cheaper to pay back monthly than the previous electric bill was. Solar can also protect homeowners from any rate increases on electricity from their provider, which can happen at any time. Overall, it’s difficult to say just how much a homeowner can save by installing solar panels on their home, but the investment will definitely be worth it!
Federal Solar Tax Credit
A huge benefit of solar energy loans is the tax credit for homeowners. According to the Office of Energy Efficiency and Renewable Energy, if you have a solar system installed on your primary residence in 2022, you can get a 26% tax credit. In the coming years, homeowners will be able to get a 22% credit, meaning if you’re thinking about going solar, you should act soon!
Add Value to Your Home
Even if you don’t plan to sell your home soon, increasing the value of your home is always a good thing. Solar panels, in general, can add up to $20,000 to the value of your home, and if a solar energy loan is paid off in full, it’s even more attractive to potential buyers of your property.
Paying Off Early Saves Money
While solar leasing is also a method you can utilize to have panels installed on your home, solar energy loans can be cheaper and less complicated. With a loan, the faster you can pay off the balance, the less it will cost in interest. However, with a solar lease, you’ll spend more money trying to pay off the lease sooner, especially if you’re going to sell your home.
Pure Finance Group Is Here to Help!
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