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We've established that going solar can save you money on your electric bill, which is a compelling reason to make the switch. However, many people are still daunted by the upfront cost of solar product and installation, and believe it to be expensive and unobtainable without a large chunk of savings.
We're here to tell you that solar is actually more affordable than ever, thanks to an increase in product innovation and lower technology costs. Additionally, an increase in financing and loan options take away the need for a large upfront payment.
In the last ten years we've seen a sharp, though steadying, decline in solar costs, driven largely by photovoltaic (PV) module efficiencies (now 19.5%, up from 19.2% in 2019) and lower hardware and inverter costs. Since 2010, there has been a 64%, 69%, and 82% reduction in the cost of residential, commercial-rooftop, and utility-scale PV systems, respectively.
Aside from decreasing costs for products, hardware, and from the need for service or maintenance, incentives and credit programs make solar more affordable for homeowners and businesses.
If you can afford a monthly energy bill, you can afford to go solar! By financing your solar you can replace your monthly bill with a loan payment at no upfront cost.
For many, financing is a way to go solar earlier and easier than would be possible if an upfront cash purchase was required. With low interest rates and no large, upfront payment, solar loans allow customers to keep cash in their pockets and take advantage of the financial and environmental benefits of going solar. Plus, customers can enjoy the peace-of-mind and security of a fixed electricity payment that will not fluctuate with local electricity prices.
Unlike other loans, a solar loan grants you ownership of an asset (solar panels) that provide you with significant long-term savings, even as you pay off the loan.
Solar loans are enabling Americans to go solar like never before. Solar energy is also one of the safest investment options on the market today, delivering a 100% guaranteed financial return on investment, along with community and environmental returns on investment.