Can You Get a Loan for Solar Panels? | Credit.com
The price of electricity has consistently increased for the last several years, and it’s projected to continue rising in the future. This summer, the U.S. Energy Information Administration expects consumers will spend 5.9% more on electricity than they did in the summer of 2014.
If you don’t like the sound of that, maybe it’s time to consider an alternative. Residential solar energy has grown a lot recently, and in addition to the environmental motivations for choosing that resource, using solar energy to power your home could be a big money saver. At least, that’s how proponents of the industry pitch it.
Whether or not you can power your home with solar energy depends on a lot of things, like the ability to connect solar units to the power grid (not so easy in many states), the type of property you own and, obviously, its ability to receive sunlight. The ultimate money-saver would be to buy a solar energy system and be able to produce enough energy to power your home — once you’ve absorbed the cost of the system, it’s a practically free utility (though you still have to pay a few bucks a month for the electricity delivery).
“It’s basically like switching from renting utilities to buying a utility plant,” said Alex Valdez, CEO of EcoMark Solar in Colorado. If you can’t afford to buy a system (they can cost tens of thousands of dollars, though prices vary widely by how much energy you need), you have a few options.