Should You Finance Your Peach Lake Solar Installation?
Solar is one of the most effective ways to save money for your household. You’ll rely less on the grid with a smaller utility bill every month. Even with modest monthly savings, you can generate a significant return on investment over time. While the affordability of a peach lake solar installation has improved over the years, the upfront cost is still notable. Most families choose to finance their solar installations. Should you save and wait for solar, or is it better to consider your financing options and make the switch today? Let’s find out.
The Cost of Peach Lake Solar Installation has Decreased
Although solar systems over the years are difficult to compare, most experts agree that when considering efficiency and output, the cost of solar modules has decreased by close to 99 percent over the last forty years. That’s a huge amount, and it’s the reason why solar is so viable for families today. Rather than being something that off-grid homes could consider for bare necessities, solar has become commonplace for homes throughout New York.
It’s not just the cost of the panels and other equipment that has decreased. The total cost, including the installation, has come down significantly over time. Part of this is normal market factors. There are also solar incentives and tax credits that help to reduce the real cost of switching to solar.
The average cost of a solar installation today is around $12,000 in New York. This is after factoring in incentives like the 30% federal solar tax credit. While the average is a good figure to start with, it’s important to note that the actual cost will depend on the size of your home, how many panels you need, and whether you will need your roof to be replaced at the same time.
Even with everything considered, solar in Putnam County and throughout New York is vastly more affordable than it has been at any time in the past.
Should You Save for the Work?
With a lower cost, some families will consider saving to pay for solar outright. While this is feasible in some cases, for most families saving up the total amount of the bill will only delay the benefits of solar.
- The longer you wait to install solar, the less you will save today. With rising inflation and the high cost of electricity in New York, it’s usually more cost-efficient to finance today so that you can start saving.
- Although the cost of solar has trended downwards over time, there are some factors like government incentives and the cost of equipment that can’t be easily predicted. The cost of solar today could be quite different from that in two, three, or five years.
- With higher demand for solar, wait times for installations are increasing. If you want to get solar, it’s good to get the ball rolling as soon as possible. If you start with your free solar estimate in Peach Lake today, you’ll be closer to making the switch.
There’s nothing wrong with saving to pay for solar outright. But, if it takes you five years or even longer to save for the investment, you could miss out on some of the immediate benefits.
There are Good Financing Options for Peach Lake Solar
One thing that you should consider is that the cost of financing solar is quite low. Using expected tax credits, you’ll get an initial interest-free period with no money down. The remainder of your bill will be added to a secondary loan which kicks in when you receive your tax credits. Interest rates are competitive, thanks to our partnership with Sungage Financial, one of the most trusted solar financing companies in America.
If the financing options for Peach Lake solar were overly expensive or difficult to obtain, then waiting to pay upfront would be a good option. However, considering the easy access to financing and the relatively low cost of financing, it makes more sense to start planning your installation today. You can structure the financing so that your total monthly expenses stay the same, or are slightly less than they would be without solar. And, once it’s all paid off, the savings you enjoy with solar will go straight into your pocket.
It’s Time for Your Free Solar Estimate in Peach Lake
Why wait? You can learn more without committing to anything. Get your free solar estimate in Peach Lake from New York Power Solutions. We’ll provide you with the estimate, a free energy-savings consultation, and you’ll get a cost/benefit analysis report so that you can make an informed decision.
Your free solar estimate is ready today. Invest in Peach Lake solar and your home will become more affordable while generating a return on investment over time. New York Power Solutions is ready to get started.