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Which Solar Financing Option Is Best for Me?

In the world of home improvement and financing, there is a lot of misinformation out there.  Making the switch to solar is no different.  In the past ten years, the solar industry has come a long way in eliminating all of the barriers that once prevented homeowners from making the right choice to go Green while managing their expenses.  Incredible demand and advancements in technology have brought down the cost of solar and have made it a not only a viable but cost-effective option for the vast majority of homeowners.

So which plan is best for you when it comes to paying for your solar panels and installation?

Below are three ways to finance your solar system:

Purchase

Purchasing your solar system is the best option for homeowners that want to maximize the return on their investment. By owning your system, as opposed to leasing it, you can take full advantage of the financial benefits along with the numerous tax benefits and incentives. With your purchase, you are making the investment upfront to essentially eliminate your utility bill.  For a typical 6.5 kW residential installation, this would mean full system payback in 3 years and $38,000 in 20-year benefits.  For home owners interested in potentially selling their home, installing solar will also significantly increase the value of the property.

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Loan

When you don’t have funds available to pay for your system upfront, a solar loan is an easy way to go solar with $0 money down.  There are many options available, but the right loan should provide a lower monthly cost versus your current utility bill. Think of it as replacing your utility bill with the loan payment, achieving guaranteed savings as a result.  At Evergreen Solar, we have handpicked our financial partners to offer this savings guarantee. We calculate your monthly payment based on your solar production, usage history, and utility rate to ensure that you pay less than before.

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PPA (Power Purchase Agreement)

For homeowners that want to have 100% of the worry taken off of their hands, a PPA offers the ability to lease your solar system and leave ownership to the installer. PPAs have grown in popularity because of their easy, no hassle application.  By leasing your solar panels, the solar provider fully owns your panels and sells the power produced back to the you at an agreed upon rate.  At Evergreen Solar, our PPA option comes with our Price Protection Guarantee, which guarantees your payments are lower than your current bill and are far below expected utility price increases.

Which Option Do I Go With?

Given all the options available, it’s ultimately up to the homeowner to decide which option is best for them and their family.  It is important to evaluate all three options and weigh the short, mid, and long term savings. Perhaps the best part of going solar, and the reason over 27.4 GW (Giga Watts) were installed in 2015—enough to power over 5.4 Million American homes!—is that it’s not just about saving the planet, which of course is our shared goal; it is the vast financing options and savings opportunities available to each and every solar customer.

Request your free proposal today and see the savings!

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Can Solar Really Save Me Money?

If you’re one of the millions of homeowners looking for ways to cut down on expenses, solar energy is the answer you’ve been looking for.  Homeowners now have highly favorable financing options that have led to over 473,000 installations during 2015.  Residential costs have also dropped 45% since 2010, making it easier than ever to make the switch.

Timing Is Everything

There are two main factors that make switching to Solar a better option now than ever before: state and federal tax credits and the rising costs of utilities. The price of electricity has steadily gone up through the years and is forecasted to continue inflating, according to U.S Energy Information Administration.   However, solar hardware is much less expensive than it was only a few years ago.  Thanks to robust advances in PV solar panel production and government incentives to facilitate this essential energy progress, the cost barriers to going Green have been eliminated.  Solar is now the decisively cheaper option!

How Much Can I Save?

In a recent study by NCCT, customers in America’s 50 largest cities who invest in a 5 kW solar PV system save on average between $44 to $187 per month in their very first year going solar.  As an added bonus, costumers who pay upfront for their systems will see a better return on investment than the stock market over the 25-year average life of the system!  These numbers become very interesting and exciting once you calculate the savings over 5, 10, and even 20 years.

Added to those saving are the state and federal tax incentives. 30% savings from Federal taxes plus additional state tax credits mean you will be paying a fraction of the total system cost.  Deciding which payment option is best for you will determine how much you can save and how soon, and there are a variety of appropriate options for every homeowner.

The Evergreen Solution

To find out exactly how much you can save by switching to solar, request a free proposal from Evergreen Solar today. We utilize 3D mapping technology and your usage history to show you exactly how solar panels will look on your roof and how much money you can save by going Green.  Apply and qualify for $0 upfront installation, hardware, and servicing costs. For a limited time, receive a free NEST thermostat so you can keep track of your solar production and control your home’s energy right from your phone.  Enter discount code NYSUN and request a proposal today!

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Beat The Heat! 3 Reasons to go Solar Before Summer

The summer season is almost upon us, and that means it’s time to prepare your home for the those sweltering temperatures. Well, have you ever considered making the switch to solar power? If not, you really should take a look at these three undeniable reasons to go solar before summer!

1. Stay Cool
The #1 reason you should seriously consider going solar before summer arrives is that you will be able to stay cool and comfortable all day long. Contrary to popular belief, solar power can be used all day long, not only while the sun is up. This is because some of the power is stored away on grids to be used once night falls or when the sun is obstructed.

2. Save Money
Let’s face it. When temperatures rise, so do your electricity bills. Did you know that deciding to go solar can help you save lots of money this summer? It’s totally true! Solar energy is much more affordable that traditional forms of power and vastly more durable. Our Evergreen Solar provides fixed rates for homeowners, and the government provides hefty tax breaks that can put even more money back in your pocket.

See how much you can save.  

Own your solar panels and save. Get started today!

3. Save the Environment
Solar energy is both renewable and clean, and it does not produce any harmful emissions like other forms of power. This means it’s much better for the environment and our entire ecosystem. Environmentalists are strong supporters of solar energy, as it has the ability to reduce the amount of harm being done to the earth, thus ensuring a brighter future for everyone.

Solar energy is cleaner, safer, and all around more reliable than fossil fuels. Find out how much it can save you today by visiting Evergreen Solar!

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How New Yorkers Are Being Paid to Switch to Solar

New York is one of the most generous states when it comes to Solar Energy. There are a number of incentives that make going Solar a can’t miss opportunity for New Yorkers:

  • The Megawatt Block Incentive Structure: a direct, generous incentive for solar energy available under New York’s ambitious NY-Sun Initiative.
  • Net energy metering: ensure that you get paid a fair price for the solar electricity that you send into the grid. Any credits for excess solar power that you accrue in a ‘credit bank’ and can be used in future months (usually winter) if your solar energy system produces less electricity.
  • New York State’s Solar Equipment Tax Credit: reduce your state tax payments by up to $5,000 or 25% off your total solar energy expenses (whichever is lower). The great advantages of the Solar Equipment Tax Credit are: 1) You don’t have to purchase your system to claim the credit (i.e. it applies to you even if you went solar with a lease or PPA), and 2) if your tax liability isn’t large enough to claim the entire credit in the first year, you can roll it over into the next year.
  • The NY-Sun Initiative: an umbrella program for a number of solar industry support mechanisms in New York State, including (but not limited to) the Megawatt Block Incentive Structure. NY-Sun, in conjunction with NYPA, also provides the backbone for the state’s Community Solar and K-Solar programs.
  • The REV Initiative: reinvent New York State’s energy systems with a focus on ‘distributed energy’ technologies like rooftop solar panels and energy storage. Although it does not directly subsidize rooftop solar power, its ultimate aim is to level the playing field for distributed energy vs centralized power plants (like coal, gas, and nuclear) through market reforms.

Whether you live on Long Island, Queens, Manhattan, Upstate, or anywhere else in NY, don’t let these incentives pass you by.

Start today with your free solar proposal.

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