Is Solar Affordable? Financing Options for Solar Panel Systems
Jul. 12, 2017
Posted: Wednesday, 7/12/17 @ 4pm EST
Going solar means massive energy bill savings, tax incentives and quarterly energy payments to a consumer. However, we also recognize that there is an upfront cost if paying by cash or loan. When Boston Solar meets with prospective customers, one of the most asked questions is about financing options and what is available if they cannot pay cash up front. The good news is – Boston Solar offers various financing options so going solar will fit right into your budget, while providing you with quick payback and guaranteed return on your investment.
The good news is, there are financing options available that put solar systems well within reach for Massachusetts homeowners who qualify
Financing Your Solar System
With extremely low-interest solar loans and 100% financing, you will not be required to pay anything out of pocket. That combined with the federal and state tax credits, energy bill savings and Solar Renewable Energy Credits (SRECs) means greater system-generated savings than your low monthly loan payments. This allows you to be cash-flow positive through the life of your solar loan. Once the loan is paid off, usually within 4-7 years (the same payback period as paying up front in cash), all the energy bill savings and SREC benefits will go straight to your pocket.
Below is a chart that explains the financing options we offer (Boston Solar also offers a lease option, but we believe it’s in the customer’s best interest to purchase a solar system so they can receive federal and state tax credits, SRECs and net metering – which is not available with a lease, only a lower monthly bill. Differences between Purchasing and Leasing are covered in this blog post):
Mass Solar Loan Program - Through this Massachusetts state-sponsored program, you can get a loan from a qualified financial institution at a lower interest rate than if you go directly to a lender. Boston Solar works directly with Mass Solar Loan and the customer to make sure they’re getting the best rate through this program.
Direct Lender Loan with Sungage Financial - At Boston Solar, we work with Sungage Financial and customers who want to work directly with Digital Federal Credit Union (DCU). The interest rate is still low, and the process usually goes a bit faster than with Mass Solar Loan. Again, we present all options to customers and let them make the best decision for their financial situation.
How can I learn more about these options with Boston Solar?
If you still have questions about our financing options or if you’d like to get a free estimate on a solar panel installation, fill out the form on this page. You’ll meet with one of our solar consultants and they can answer all your questions.
Director of Marketing at Boston Solar