What are the options for getting a home solar system?

Like for a car, you can lease, pay cash or finance.  (However, unlike a car, whatever you pick, you’ll save money you would otherwise spend on your electric bill.)

Leasing is the easiest solution, usually requiring no upfront payment, guaranteed performance and including all service for the life of the system – generally 20 years.  It usually gives the lowest savings of the three options since the leasing company takes all the benefits of any financial incentives from the utility, state and federal government.

For those who have money to invest, paying cash produces the greatest savings since all incentives go to you and there is no financing interest to pay.

The most common approach is to finance the system.  There are specialized solar loan programs available that often eliminate the need for upfront investment and can even mean that the savings are greater than the finance payments.

 

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