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Installing a rooftop solar system on your home may be one of the best decisions you can make to secure the long-term financial future of your family. However, there is often a disconnect between the long-term benefits and the short-term cost of installing the panels. Most families will need to finance all or part of their system. Luckily, there are many different options available to you. Let's break them down.
There are two distinct approaches to financing your project. You can own your system or lease it. There are benefits to both. However, experts agree that owning your system is a far better investment. A trusted installer can not only help you determine the best solar panels for your home but also will likely have a good perspective about your budget and financial goals. Some local installers may also offer financing programs for qualified homeowners. For more information, check out Choosing the Right Installer for Your Rooftop Solar Project.
Purchasing your solar system is the most popular option for homeowners because it is the best financial investment. When you buy your solar panels, you are eligible for municipal, state and federal tax incentives, and you increase the resale value of your home.
The tax incentives for purchasing a solar panel system can be significant, such as a personal federal tax credit of up to 30% if you install your system before the end of 2019. For this federal program, there is no cap on the total cost of the solar system. In some states, Property Assessed Clean Energy (PACE) financing is also available. This program allows homeowners to obtain a loan and then affordably pay it back based on a voluntary property assessment. Your state and municipality may have other incentives, too.
If you own your system, you also own all the power it generates. This allows you total autonomy in deciding how much energy to sell, use and store. Most local utilities will buy any power that you feed back into your local electricity grid. In some cases, this will lead to a net profit and the utility will pay you. In other cases, it may simply reduce or eliminate your need to buy energy.
If you decide to buy your system, your bank may be a good first stop. You can finance the purchase of solar panels by taking out a loan or line of credit from a bank. Some banks offer 'solar loans' specifically for solar panel installation with competitive interest rates. You should also consider the option of a home equity loan, or other loans against secured assets, because you may be able to claim the interest as a tax deduction.
This option allows little to no upfront cost to install solar panels on your roof. It works for some homeowners who are certain they will never sell their homes in the future and don't want to deal with any incentive programs or bank financing. There are two main types of solar leases: you can lease the solar panel system or lease your rooftop to somebody who will operate, monitor and maintain their own solar system on it.
Leasing is less popular because you miss out on tax incentives and adding to the resale value of your home. Choosing a solar lease depends on whether you consider solar panels as a long-term investment. For example, as a homeowner, you don't own a leased solar panel system, which can be a liability if you do decide to sell your home. The new buyer of your home would need to agree and qualify for the leasing program as a condition of sale, which can be off-putting for many potential home buyers. It can also be very expensive to buy out of these leases if you change your mind.
Finally, maintenance, repair or uninstallation costs may not be viable and can be tied to your home insurance premiums. If you decide that leasing is the right option for your family, make sure you research which leasing companies are reputable and understand all of the terms of the contract before signing.
Regardless of which financing option you are interested in, talk to a trusted local installer who can provide money-saving advice on all of your available financing options. They will help you not only find the best solar panel system for your home and budget but walk you through tax incentive programs applicable to you. Receive a list of recommended professional installers in your local area by contacting a solar panel manufacturer.
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Because life waits for no one, at LG USA we create consumer electronics, appliances and mobile devices that are designed to help you connect with those who matter most. Whether that means cooking a nutritious, delicious meal for your family, staying connected on-the-go, sharing your favorite photos, watching a movie with your kids or creating a clean, comfortable place to celebrate the moments that matter, we'll be there for you every step of the way.
Designed with you in mind, LG products offer innovative solutions to make life good. With intuitive, responsive controls, sleek, stylish designs, and eco-friendly features, our collection gives you the power to do more at home and on the go. It includes:
Mobile: To help you stay connected your way, our mobile devices feature powerful smartphones, slim tablets and stylish smartwatches that fit seamlessly into your life. And whether you want to download the latest apps, shop online, text, track your fitness or just surf the web, they make it easy to do it all on-the-go.
TV/Audio/Video: If you can't get enough of your favorite sports, the latest movies, love 3D entertainment -- or just want to listen to your favorite music in stunning clarity -- our newest electronics can help you experience it all in a whole new way. Featuring brilliant pictures, lifelike colors and sound that envelop you from the very first note, our collection will transform your living room into a stunning home theater.
Appliances: Created to help you enjoy more of what life has to offer, our appliance collection features ranges and ovens that can help you cook healthy, delicious meals more efficiently, clean your dishes faster, do more laundry in less time, and even clean and cool your house so you can enjoy a comfortable space all year long.
Computer Products: Life happens in an analog environment -- and on a digital plane. And our newest computer products can help you experience the best of both worlds. Designed to give you crystal-clear images, deep blacks and rich colors, plus the speed and storage you need to work and play, safeguard memories and protect important documents, they can help you make the most of life in every way.
Explore our complete collection of LG electronics, mobile devices, appliances and home entertainment solutions -- and find everything you need to connect with your friends and family, no matter where they are.