Solar Misconceptions That Are Common To Hear

Solar power has gained a lot of popularity recently and for good reasons. It helps home and business owners reduce their energy bills and carbon footprint. A solar system is a great investment in the future for many home owners and businesses. Despite the growth of solar energy, there are still many solar misconceptions out there. We are going to help clear them up for you so you can make an informed decision about solar power. Solar power can be a big asset to your energy bills and carbon footprint, and we want you to know exactly what it is about before you decide if making the switch is right for you.

Tax Credits

The 26% federal and state tax credits are applicable to the individual homeowner’s taxable income.  The maximum tax credit rebate will never be more than the taxes the homeowner has paid or owes. Therefore, the homeowner will only get their own money back. Solar income tax credits will never be subsidized or taken from an individual who is not the system purchaser. Also, states have their own incentives and programs to encourage home and business owners to make the switch to solar. We can go over all of the tax incentives that you are eligible for, so you know exactly how much your solar system will cost you and what the return on investment will be. 

Expensive Equipment

The cost of solar equipment is continuing to go down. Therefore, you do not need to be a millionaire to be able to benefit from a solar system. In fact, the middle and working classes are more frequent adopters. Someone who can easily afford their electric bill is not going to be as motivated to go solar as someone who is truly seeking savings.  For the millions of people who work hard to budget their bills and household expenses, knocking out or lowering the electric bill has a huge impact!  In fact, New York, among other states, has special LMI financing loan options for those whose household income is below the median for the county. Therefore, there are plenty of options and ways to make a solar system affordable for all who would like to make the switch to renewable energy. 

Financing A Solar System

It is a myth that you will have to purchase a solar system in cash. The vast majority of solar system purchases are financed by federal credit unions who specialize in renewable energy financing. Most homeowners opt for a loan that has monthly payments that are less than their current electric bill. There are no early payment penalties and they also offer free tax credit bridge loans.  These loans give the homeowner time to do next year’s taxes, and use the tax credits to directly reduce the system cost.  Financing is simple, and over 70% of our customers have financed their solar systems.  We can help you determine which loan is right for you when you decide to go solar. 

Deciding to make the switch to solar is much easier when you have all of the facts. To learn more about solar power and if making the switch is right for you, reach out to us today! We will be happy to answer all of your questions and show you all of the options that are available.