Residential Solar Energy Financing

Purchasing a solar panel system directly with a cash payment will offer you the highest return on your investment.  When you buy your solar panels outright, you receive all federal and state incentives, including the 30% federal solar tax credit, and you do not have to worry about the fees or interest payments that accompany loans. If you buy your solar panels outright, 30% of the cost is returned to you in the first year in the form of a federal tax credit. With this option, you receive all Federal and State incentives, without any fees or interest payments that accompany loans.  If you buy a solar panel system, roughly 30-50% of the cost is returned to you through tax credits, a state rebate and Renewable Energy Credits (RECs) within the first year and you become cash positive. You will receive payment for RECs created a couple of weeks after each quarterly minting and you will be paid directly via check or electronic deposit.

To get around the hurdle of upfront costs, we offer 100% solar financing through the UMass Five MySolar program or Sungage Financial. A solar loan allows you to go solar for $0 down and a fixed monthly payment. Your monthly payment will likely be less than what you currently pay for electricity, so you save money right away. When you finance your solar panels with a solar loan, you own the system and receive all the federal and state incentives it qualifies for, including the 30% federal solar tax credit. This allows you to own your solar array, take advantage of all the tax credits and rebates, and make a profit in the first year.  A solar system saves you on your electric bills and earns you monthly income through Renewable Energy Credits (RECs).  You pay nothing out of pocket and still have greater system generated savings than your low monthly payments.

If you’re looking for the most affordable way to go solar, a solar lease or Power Purchase Agreement (PPA) is a great option. A solar lease or PPA allows you to go solar without any risk. Under a solar lease or PPA, a third party will pay for your solar panel installation and ultimately own the system. You’ll owe a predictable monthly payment for the duration of the lease term, which will be offset by the electric bill savings the solar panels provide. After five years, you’ll have the option to buy the system. Boston Solar offers solar leases and PPAs through LightReach. If you choose a solar lease facilitated by Boston Solar, the solar lease provider owns the solar panel system, receives all of the federal tax credits, state rebates, monthly SMART payments and you have a monthly lease payment for 20 years. You will still receive the benefits of a lower utility bill, but will not own the system.