Cost of Solar Energy
How much does solar power cost? The average solar system costs between $18,000 and $25,000 for a 4-6 kW solar system. The cost of solar is a combination of the solar system equipment, installation, and sales and operational costs. When you put a solar panel system on your home, you generate free power over your system's lifespan (25-30 years).
If you do decide to install solar panels, you could be saving yourself thousands of dollars in the long run. You can even save up to 30 or 40% on your initial overall cost through federal solar tax incentives and other rebates that vary from state to state. You will also add value to your home by installing solar panels. If you plan on living in your house for more than five to eight years, your investment will start paying you.
The cost of solar equipment and installation is going down, making solar more affordable than ever. And while electricity costs are steadily increasing, with Verengo® Solar, you can lock in lower solar payments and see your savings grow over the life of your solar panel system. Your savings are equal to the utility cost you avoid by going solar, so if rates are high in your area, you could be saving more.
Your cost of solar comes down to your individual scenario based on the solar panel system that is right for your home and how you choose to finance your solar system as well as federal and local tax incentives and rebates.
You can go solar for $0 down, where Verengo will purchase the equipment and you pay as you go. The total of your lease payment plus remaining power bill could be less than you previous electric bill. Verengo installs solar while offering many solar financing options.
Solar Financing Plans:
PPA – Solar Power Purchase Agreement – Pay as you go based on a set rate for electricity the solar system produces. You can protect yourself from increasing utility rates. A lease provider owns and maintains the system for you. You pay only for the solar power you produce.
Solar Lease – You pay a minimal upfront cost and monthly amount to a lease provider that owns and maintains your system. The total of your lease payment plus remaining power bill could be less than your previous electric bill, depending on your energy usage.
Solar Loan – You own the solar system and pay for it over time. Get the most competitive rate you qualify for through our network of lending partners.
Cash Purchase – Pay in full up front or finance it yourself using a personal or home equity line of credit. If eligible, you can apply for federal and state solar energy tax rebates.
PACE Program – This unique option is sponsored by local governments and allows you to repay the up front cost of solar through your property taxes. PACE, which stands for Property Assessed Clean Energy, is not based upon credit score and allows for additional tax benefits. This option is only available in certain areas throughout California.
By installing your solar panels, you will also be able to guard yourself against increased energy costs in the upcoming years. You will have the security of an efficient energy source even when the power grid is down. Your electric bill savings will probably pay for your system in less than 10 years, and you’ll most likely end up recouping your investment three times over during the lifetime of your solar panel system.
Taking this of all into consideration, why would you not invest in solar power? You can get a free solar quote and schedule an appoinment with a solar advocate using Verengo Solar Savings Calculator Tool.
What Can You Save With Solar?
With no end in sight for soaring electricity rates, your switch to solar will secure affordable power for your home & family for years to come.