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5 Tips: How to Choose a Solar Panels for Your Home

Author: Mirabella

Dec. 06, 2023

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Tags: Energy

If you’re looking to install solar panels on your house for the first time, you might have a lot of questions regarding exactly what to look for in a solar company and where to find it? Besides the obvious task of scanning through online reviews of solar panel providers, here are a few key things to look for when choosing a solar company.

Word of Mouth — The best kind of verification is word of mouth, so ask around. Word-of-mouth conversations and referrals are great because they can help you identify problems (and even intangible benefits) that won’t come up in a normal online review.

Cast a Wide Net — Get a sense for all the options you have in the area and you might be surprised about the amount of providers in your region. There are some companies that might be more prevalent in your neighborhood or even be doing local advertising, like Solar City or Vivint Solar, but you’d be surprised.

Prepare for Sticker Shock – No matter which solar provider you ultimately select, be prepared to open your wallet. If you are serious about going solar, you need to ready for the high cost. Even though in the long run solar panels pay for themselves, there is a high upfront cost. Also, your home’s electrical system might need some upgrades to accommodate for the solar panels, adding more costs.

Determine Which Type of Panels You Want – Not every solar provider offers different types of systems. For example, some companies will only do rooftops systems. If you desire not to have the panels on your roof but instead want a ground-mounted system, your choice of providers will be different. In most cases, ground-mounted systems will be more expensive than their rooftop counterparts due to the need for longer wiring runs. Moreover, if you are looking for a hydraulic solar tracker for the yard, the providers will be even more limited. Older homes may not be able to support the added weight of solar panels.

Check the Warranty — Every solar panel company should provide some sort of warranty for your panels. The industry standard is 25 years.

Source: https://www.energymatters.com.au/residential-solar/buying-a-solar-system/

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Consumers have different financial options to select from when deciding to go solar. In general, a purchased solar system can be installed at a lower total cost than system installed using a solar loan, lease, or power purchase agreement (PPA).

If you prefer to buy your solar energy system, solar loans can lower the up-front costs of the system. In most cases, monthly loan payments are smaller than a typical energy bill, which will help you save money from the start. Solar loans function the same way as home improvement loans, and some jurisdictions will offer subsidized solar energy loans with below-market interest rates, making solar even more affordable. New homeowners can add solar as part of their mortgage with loans available through the Federal Housing Administration and Fannie Mae, which allow borrowers to include financing for home improvements in the home’s purchase price. Buying a solar energy system makes you eligible for the Solar Investment Tax Credit, or ITC. In December 2020, Congress passed an extension of the ITC, which provides a 26% tax credit for systems installed in 2020-2022, and 22% for systems installed in 2023. The tax credit expires starting in 2024 unless Congress renews it. Learn more about the ITC.

Solar leases and PPAs allow consumers to host solar energy systems that are owned by solar companies and purchase back the electricity generated. Consumers enter into agreements that allow them to have lower electricity bills without monthly loan payments. In many cases, that means putting no money down to go solar. Solar leases entail fixed monthly payments that are calculated using the estimated amount of electricity the system will produce. With a solar PPA, consumers agree to purchase the power generated by the system at a set price per kilowatt-hour of electricity produced. With both of these options, though, you are not entitled to tax benefits since you don’t own the solar energy system.

Navigating the landscape of solar financing can be difficult. The Clean Energy States Alliance released a guide to help homeowners understand their options, explaining the advantages and disadvantages of each. Download the guide.

5 Tips: How to Choose a Solar Panels for Your Home

Homeowner's Guide to Going Solar

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