Introduction
Since we’ve successfully determined investing in solar panels in New York is worth it, it’s time to address the next most obvious question: How much will it cost?
You may have come across ads online, through platforms like Facebook or Instagram, claiming that “solar is free through ‘x’ program.” Don’t fall for it. Companies that try to market solar as a free investment either don’t know what they’re doing, or they’re willfully misleading potential clients to increase their sales. While we can assure you will save more than you spend, solar is not free.
To help you maximize your savings, Solanta offers flexible project financing options, including two different types of loans, as well as out-of-pocket payments. The majority of our customers find it most efficient to use a blend of payment methods, whether that be paying out-of-pocket and taking out a loan or combining two different types of loans.
Based on which path you take, Solanta is dedicated to finding the most reasonable option to fit your budget.
Affording Solar
After making the decision to go solar, the next step in your journey is determining how you will pay for the installation.
Loans
For residential solar installations, the choice that typically makes the most sense is taking out a loan. With loans being the most common choice, Solanta partners with different lenders to pave the way: Service Finance, Credit Human, Climate First, and Energy Finance Solutions. This network allows our consultants to provide financing options tailored to your budget.
For their customers that decide to take out a loan, Solanta provides two repayment options:
Fixed Interest Rate Loans
If you choose to take out an interest rate loan, you will be expected to pay a monthly bill at a set price with a fixed interest rate. Since the interest rate is fixed, you don’t have to worry about an unpredictable interest rate fluctuations with the current state of our economy.
When calculating financing options for your project, Solanta’s goal is to ensure your monthly loan payment does not exceed the amount you would be paying for an electricity bill.
Bridge Loans
Bridge loans, on the other hand, don’t require monthly payments. Rather, within the designated term — 12-20 months — you can make payments at your own pace until you have repaid the entire loan.
New Yorkers in particular are able to take advantage of available bridge loan options by utilizing their $5,000 solar state income tax credit to pay off the loan. When taking a bridge loan, we recommend consulting with your tax advisor to determine if your anticipated tax refund will be sufficient to pay the loan in full.
Neither of these loan products require a down payment, and you won’t be responsible to make any payments until after your solar is installed and operational.
Out of Pocket
For some customers, paying for their solar panel installation out-of-pocket is the most logical path to take. However, instead of spending the full-amount of project costs at once, Solanta requires their clients to pay in four increments as specific project goals are met. Payments are made according to the following schedule:
- Contract Signing – Customer pays 30% of the installation cost.
- Permit Submission – Customer pays 30% of the installation cost.
- Installation – Customer pays 30% of the installation cost.
- Permission to Operate Received – Customer pays 10% of the installation cost.
Paying out-of-pocket is of course the most straightforward way to pay for your solar project, but we acknowledge that not everyone has the expendable resources to do so.
Free Consultation
Although financing your solar panels — like paying for anything — can be overwhelming at times, we are here to guide you through every step of the project. In fact, when done correctly by a reputable licensed contractor, solar is always going to cost less than continuing to pay your electricity bill for the next 25 years.
No matter which option you choose, Solanta offers a free consultation to all their customers. By simply submitting your address and your electric bill, our design team will create a proposal to give you an impression of how much money going solar will cost you, including how much money you will save over time.
With this detailed process, at no extra cost to you, Solanta can accurately determine if and how going solar is right for you.
Ready to Finance Your Solar?
Contact us: https://solanta.com/#build-with-us-form
