solar options
zero down solar
Installing solar at your home has significant financial benefits. In many cases, you can choose a zero down solar financing option and install your system without paying any money up front, leading to instant savings of 20% to 30% for most homes.
There are several zero-down solar options that enable you to move forward with a solar energy project without worrying about upfront costs. Solar leases and solar loans are the two most common financing options available with zero money down.
solar loans
Zero down solar loan. When you finance with a solar loan, you borrow money from a lender to purchase your solar energy system, and pay it back in monthly installments with interest. If you choose a solar loan to finance your solar panels, you are the system owner (unlike in leases or PPAs), which entitles you to the financial benefits such as the solar investment tax credit (ITC). Many solar loans come with a zero-down option. Even if you put no money down, you still pay back your loan with monthly installments. The amount you pay per month depends on how much your system costs to install, your interest rate and your loan term. Most homeowners qualify for a $0 down solar loan.
solar loan overview
Nation Sun offers different types of solar loans.
You can save 40-80% overtime.
All our loans require zero money down
You will receive the full tax credit (ITC)
Solar loans have the same basic structure as other home improvement loans.
Solar loans offer immediate returns by saving you money on your electricity bills right away, even as you repay the loan.
solar lease
One way to finance a solar energy system is with a $0 down solar lease. With a solar lease, you enter into an agreement with a leasing company for the energy that your solar panels generate. In exchange, you pay a fixed monthly rate which is based on the estimated electrical production of your system. The main benefit of a solar lease is your payment is calculated at a pre-set fixed rate per kWh. The new set per-kWh rate is typically 20 to 30% lower than your current utility company. The leasing company owns and maintains the system over the lifetime of the agreement. As a result, they are entitled to any rebates, tax breaks, or other incentives that come with installing solar panels. Portions of these tax breaks are built into your pricing keeping your new solar energy rate low and guarantees you instant savings. Once your solar panels are installed and operational, you begin to pay the new monthly rate for your system, which can be anywhere from 20% to 35% lower than your current electricity rates. Most solar lease agreements we offer at Nation Sun have no annual increase, they are guaranteed 0% increase for at least 20 to 25 years.
solar lease example
As an example, let’s say your home uses 15,000 kWh’s per year and your effective rate with your utility is $0.18 per kWh, your average monthly bill would be $225 to your utility. A solar lease designed to produce 15,000 kWh’s per year with an effective fixed rate of $0.13 per kWh would cost $163 per month decreasing your utility rate by 27.5%.
prepaid solar lease
A prepaid solar lease is very similar to purchasing your solar panel system. In a pre-paid solar lease, you pay 100% up front when you sign the contract, and do not have to pay anything for the duration of the agreement. Because you pre-pay, the leasing company assumes no risk, and they are generally willing to make adjustments to the lease terms that are favorable to you. The solar leasing company owns the system in a prepaid lease, but the lease amount will be similar to the purchase price of the system, including rebates, tax credits, and incentives.
cash purchase
A solar cash purchase is exactly what it sounds like: you purchase your panels with a full payment when you have your system installed. This method used to be the only way to go solar, but it’s become the least popular method today. However, that doesn’t mean there’s anything wrong with a cash purchase. On the contrary, it actually allows homeowners to capture more savings than any other solar financing options. Of course, the downside is that it requires you to put out a significant amount of cash that you won’t have available for other expenses in the meantime. Solar cash purchases, if you can afford them, are a phenomenal way to go solar. You truly own your power and are insulated from the power market while your panels are producing energy. Homeowners who choose to go solar with a cash purchase are able to take advantage of all federal and regional tax credits and incentives and are able to truly say they own their power.
should you own?
Purchasing a solar panel system with cash, or financing a purchase with a solar loan, is your best option when you…
Want to maximize the financial benefits of installing a solar panel system, rather than solely benefitting from buying cheaper power;
Are eligible to reduce your federal and state tax liability through the federal investment tax credit; and/or
Want to increase the market value of your home by installing a solar panel system.
should you lease?
A solar lease is your best option when you…
Are primarily interested in lowering your electricity rate by 20 to 35% with zero down, zero debt or zero investment;
Are primarily interested in using electricity generated from renewable resources, rather than maximizing the financial benefits of installing a solar panel system;
Want to avoid the responsibility of maintenance or repairs for a solar panel system;
Are not eligible for federal or state investment tax credits resulting from your investment in a solar panel system; and/or
Do not want to wait until the following year to receive the financial benefits of tax credits.
