We all want to save money on our energy bills and for that reason you might be considering breaking away from the electric company and converting to solar power. But you may have questions about how solar works, what the costs associated with converting are and what the benefits of solar power are. At Greenleaf Solar, we know you have concerns, and we have answers. We want to tell you about the benefits of solar power for people from all walks of life and let you know about costs and how customers go about paying for their conversion.
A Look at Solar Panel Costs, Rebates and Financing
We’ll make the bottom line the top line and talk about costs first. One thing potential solar customers need to know right off the bat is that there are federal and state incentives to purchasing solar power. Beware of companies offering lease deals because you can forfeit all of these potential incentives.
Let’s take the average cost of a solar system on Long Island, which is about $30,000. There are three government rebates available right off the bat:
¥ A 30% Federal Tax Credit (Which adds up to $9,000 on a $30,000 system.)
¥ A 25% New York State Tax Credit ($5,000)
¥ A $20 per watt rebate offered through New York State Energy Research and Development Authority (Which adds up to about $1,600).
That means more than half the cost of the system is already paid for, which is already one of the big benefits about solar power. You’re only responsible for $14,000. But even with that there are financing options available. The blog Supermoney has outlined ways to finance payment. They include taking out a personal loan or a Title1 FHA loan, which is offered by the federal government for homeowners looking to make home improvements.
Another way to finance is to tap into your home’s equity. A Home Equity Line of Credit (HELOC) which allows you to borrow against that equity. An application process and a home appraisal is required and missing payments can affect your credit score.
Other Benefits of Solar Panels
The long term benefit is a lifetime of savings on your energy bill. When you buy from Greenleaf Solar, you will save between 40 to 70 percent of your electricity costs over the lifetime. In some cases, when you store extra solar energy, PSEG will purchase the excess power. It’s even possible to eliminate your electric bill and make extra money on your solar panels. Because you won’t be part of the traditional power grid, you won’t necessarily lose power when others have outages.
Save Money and the Environment with Greenleaf Solar
And of course, one of the biggest benefits to solar panels is doing your part to help our local environment and the planet. Purchasing solar panels means that you aren’t relying on fossil fuels. You won’t produce any byproduct or any pollutant. You’ll lower your family’s carbon footprint and save money in the process.
You can help your family’s budget and do your part to help the environment when you purchase solar panels from Greenleaf. And we don’t outsource or use subcontractors. You’ll be dealing with us every step of the way. To get started, contact us today.