Solar panel installation is more affordable than you may think. In fact, thanks to the growing number of financing options available, homeowners in all income brackets can make the switch to cost-effective photovoltaic power.
But if you want to save even more on the cost of installing a home PV system — and reach the payback point on your investment faster — consider the cost-cutting tips below.
Plan to Purchase — Not Lease — Your Solar Panel System
With no upfront costs, leasing sounds like a great way to save on photovoltaic installation. However, purchasing your home PV system makes much more financial sense. If you lease, you won’t be able to take advantage of the lucrative financial incentives available today. Instead, they’ll go to the leasing company.
Paying cash will give you the fastest return on your investment. If that’s not an option, consider a secured or unsecured loan — either can help you avoid the hidden costs of entering into a solar lease. And did you know that many solar lenders have plans that require little or no money down?
Schedule Your Solar Panel Installation in 2018
The federal solar investment tax credit can save you 30 percent on your photovoltaic installation — but only if your home PV system is up and running before the credit amount changes.
Only solar panel installations put into service by the end of 2019 are eligible for the full 30 percent savings. After that, the tax credit amount steps down. Since making the switch to solar power can take a few months from start to finish, play it safe and schedule your photovoltaic installation in 2018.
Maximize Your Savings at the State and Local Levels
By taking advantage of state and local tax credits, rebates and grants, Intermountain West homeowners can save thousands on solar panel system installation. Claiming every available financial incentive is your key to big savings.
Fortunately, finding your state and local savings opportunities for photovoltaic installation is simple. Just head to the U.S. Department of Energy’s DSIRE website, or the Database of State Incentives for Renewables & Efficiency. Click on your state to see a current, comprehensive listing of all the financial incentives available in your area.
Embrace Energy Efficiency Before You Go Solar
To cut the cost of your photovoltaic installation, you could consider decreasing your household energy consumption.
In years past, it was reported that every dollar put toward energy efficiency could cut the cost of a home PV system by between $3 and $5. Today, as the cost of photovoltaic panels and other system components has dropped significantly, investing in green upgrades to your home won’t save you nearly as much.
However, if your home (or your budget) can’t accommodate a panel array that meets all your energy consumption needs, cutting back on your power use can help you reduce the amount of grid electricity you have to pay for.
As the leading photovoltaic provider for Utah, Idaho, Colorado, Wyoming and Nevada for more than a decade, Intermountain Wind & Solar knows all the secrets to bringing down the costs of a home PV system installation. With the help of our expert team, making the switch to solar power can be within anyone’s financial reach.
For details on your savings opportunities or to learn about our affordable financing options, contact Intermountain Wind & Solar and schedule a free solar panel installation consultation today.