3 Reasons Solar is the Best Low Upfront Cost Investment
Did you know that most people getting solar are paying next to nothing to start?
One of the main reasons people invest in solar is because there is little upfront cost. The cost of solar has decreased drastically over the past several years. In 2009, the average cost of a solar installation was $8.50/watt while this has now dropped to $2.91/watt.1 Think of solar panels like computers. Overtime computers have become more affordable and more powerful. Solar panels are following this trend. With government rebates, financing, and low maintenance costs, people are able to invest in solar without having to dig into their piggy banks.
Government Rebates
Governments are investing in climate change solutions and offering rebates for people who are taking advantage of these services. Efficiency PEI and Efficiency NS offer programs and rebates for those interested in reducing their day to day energy consumption. The solar programs offered are making solar power more affordable than ever before by providing financial incentives for homeowners, solar power for farms and businesses to install solar PV panels. For many systems, these rebates will take a considerable chunk out of the total cost! For many people, the government rebate covers the initial down payment for their solar system (just like most home improvements require some sort of down payment). The rebate can cover this downpayment minimizing many of the initial upfront costs. To find out the rebates that are currently available for you, check out Efficiency PEI or Efficiency NS or call us at 1-833-GO-SUNLY.
Financing
Although government rebates are definitely enticing, there is still a cost associated with getting your solar system. While paying for the whole system upfront is definitely an option, there are financing options available so that you do not have to front that cost-some with even 0% financing! The money you save from the energy production of your solar system will cover a portion of your finance fee if not the entire monthly expense! For years 1-10 while your monthly expense is being paid, you may only see a small savings of around $100-$300/year. Once the system has been paid for, that is when the savings really start coming in (imagine most of your electricity bill being covered)!!! This is similar to how investing in a savings account works. Initially you are investing your money and not seeing a huge return. As your savings grow, you begin to see more growth in how much you save each month. It is important to remember that investments do not provide immediate, large returns, and solar works in the same way. Think of your solar investment like getting the best of 2 worlds, the consistent and high yearly returns without market fluctuation…unless of course Mr. Burns decides to block the sun again!
Low Maintenance
A great benefit of investing in solar is that it is a low maintenance investment. Once your system is connected, there is very little you have to worry about. The panels we provide have a 25 year performance warranty, the inverters have a 20 year warranty and the racking has a 20 year warranty. Your mobile monitoring app will alert you if there are any issues so you can feel confident that your system is running efficiently. Solar panels are also more durable than roofing materials so they can actually help protect your roof from wear and tear from the elements!
With more and more people turning to sustainable investments, solar is a popular choice because of it’s low-upfront cost. Government rebates, financing options and material/performance warranties help keep money in your wallet while your system works to generate you savings! Want to know exactly how much you can save by going solar? Call us at 1-833-GO-SUNLY to book your free solar assessment.
Energysage (2020). “How solar panel cost and efficiency have changed over time” Retrieved from https://news.energysage.com/solar-panel-efficiency-cost-over-time/