Best Way to Buy Solar Panels: Monthly Financing vs. Cash Savings

The upfront cost of a rooftop solar panels system can be hefty – between $15,000 and $30,000.

A sinking fund is basically just a savings account with a specific purchase in mind.

Can solar panels save you money?

Interested in understanding the impact solar can have on your home?

Enter some basic information below, and well instantly provide a free estimate of your energy savings.

The concert tickets are a one-and-done purchase.

TheFederal Reserve’s rate hikesthis past year makes savings rates better but borrowing more expensive.

So which is the better move in this high-interest rate environment?

Asolar loanor waiting and saving in ahigh-yield savings account?

There’s a booming industry champing at the bit to slap solar panels on your property.

This doesn’t come as a check, but rather reduces your tax liability.

Note, however, that percentage will start to diminish in 2033, unless Congress extends it.

Consult a tax professional for a full understanding of how IRA incentives could benefit you.

But again, it comes down to your individual situation.

Maybe you aren’t ready for the commitment of a system meant to last for decades.

Or maybe your credit score makes it difficult to get favorable financing.

Areputable solar installercan help walk you through potential saving and financing options.

Hopefully they’ll be able to keep pace with inflation.

Better, less complicated options include simplehigh-yield savings accountsthat offer decent rates right now.

How much do solar panels cost?

These prices don’t factor in tax credits or state incentives.

Certain states don’t have any FindEnergy solar data and are grayed out on the map.

Some solar companies, likeElevation, package efficiency upgrades together with their solar installations to maximize savings.

Another thing to check before going too far down the solar road is thestate of your roof.