Going Solar: How To Finance Your Solar Energy Projects
In a world where the environment seems increasingly at stake, more and more people are looking to alternative sources of energy. Solar power can be a wonderful addition to homes and business, though figuring out where to start can be difficult. Like other areas of financing, you should be able to find more unique avenues to fit different individual goals. If you’re interested in switching up your energy source, here are some options for solar energy financing.
If you know a large group of people that are interested in solar panels, some companies offer discounts if multiple people within the same area pursue offers. Not every company does this, but don’t hesitate to ask about the discounts available. One issue you may run into is having a home or other property that isn’t ideal for solar panels for one reason or another. In this case, you can look into shared solar. There is some flexibility in the bill structure so that everyone involved can get access to solar energy even if their property isn’t a good fit.
If you’re familiar with home mortgages, you should understand the basic concept of energy efficient mortgages. Instead of financing a house, the government makes it possible to buy solar panels, though there are specific steps you need to take to meet the criteria. Another solar energy financing option is the Property Assessed Clean Energy Program. Municipalities loan money for solar panels, and borrowers pay back through their property taxes. While PACE can be beneficial, be prepared to have raised taxes for a substantial amount of time. This can be an optimal choice for those without good credit.
If owning solar energy equipment isn’t for you, leasing may be the better route. You can do this through a solar lease. Like with many other leasing agreements, the company will own the equipment, but it will also be responsible for maintaining it, as well as any necessary repairs. You can lease for a flat rate, which may be a welcome sight for individuals or companies with largely fluctuating energy bills.
There are several more options for financing this exciting energy alternative, though solar leases, mortgages, and shared avenues are a great place to start your research. Like other industry niches, interested parties can get creative with their funding. If solar energy seems like the right choice for you, you should be able to find the right type of solar energy financing to fit your home and business needs.