The dollars and cents of sustainable energy for your home or business
While most Americans know that solar is a smart bet for the environment and for self-reliance, here’s a surprising fact about installing rooftop solar panels:
It’s a better financial investment than the stock market.
According to a recent study from North Carolina State University, homeowners who invest in a 5 kilowatt solar system will, on average, earn a better return than they would investing in stocks.
Today, for nearly any homeowner or business owner, solar is not just a sound financial move but a savvy one. That’s because panels pay for themselves by eliminating the need for rising and unpredictable utility bills.
Still, going solar is a big decision and a serious investment. Here are three financial questions to consider before installing your system:
1. What’s the right time to go solar from a financial standpoint?
While a rooftop solar system might have cost as much as a luxury car a decade ago, the same system will cost as much as an economy car — less than $18,000 on average — today. Installation costs are down to less than half what they were in 2008. Given rising prices for residential electric, solar’s return on investment is better than ever. A typical system installed today will pay for itself through electricity savings in anywhere from a couple of years to 10 years — with five years being the average. And, because the 30% tax credit starts scaling down in 2019, there are advantages to installing panels sooner rather than later. This is the time to go solar.
2. Should I purchase or lease?
While solar lease programs have played a key role in the industry’s growth, most independent experts agree: purchase is best way to go. With a wide range of solar energy loans available — including many with little or no money down — nearly any homeowner or business owner can reap the full financial benefits of a solar system, including tax credits and gains to property values, by investing in the purchase of a system. In recent years, solar purchases have been on the rise relative to leases. The Institute for Local Self-Reliance has created a solar calculator that helps prospective solar customers figure out the relative costs of each option. One fact is evident: Whether you lease, take out a loan, or purchase in cash, solar almost always generates significant savings compared to buying electric from the utility.
3. How can I get the best price on a high-quality solar system?
Get multiple quotes, and pick the right provider. But remember: it’s not just the sticker price that matters. SunPower® by Positive Energy Solar offers a warranty on workmanship for 25 years as well as a an unmatched 25- year warranty on panels. To start making your investment in solar, call SunPower® by Positive Energy Solar today at (505) 726-4944: Our experienced professionals will meet with you to understand your goals, provide design options, counsel you on available tax incentives, and show you how much you can save on electric bills. The evidence is clear: Solar isn’t just responsible and sustainable — it’s financially savvy.