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May 30, 2023

How to Save Money on Solar Panels

If you’re thinking about investing in solar panels, there’s a good chance that the thought of spending money has you questioning if it’s really worth it. But that’s okay! It doesn’t have to be scary or cost-prohibitive. In fact, there are plenty of ways to make your investment worthwhile. The key is knowing where to start and saving money on solar panels. If you follow these easy tips, your efforts will go a long way toward making your system pay for itself over time.

Know your solar costs and ins and outs

The first thing to do when saving money on solar panels is to really know your costs. It’s easy to get caught up in imagining how awesome it would be to go solar — and how much you would save — without really knowing what it’s going to cost you. Your solar costs depend on a number of factors, but the two main ones are the size of your system and the brand of panels you choose. So let’s break down these costs a bit. Solar panel cost: Although the price tags on solar panels can be confusing, it’s important to remember that they don’t cost anything to put in your system. So let’s start there. System cost: The system cost is the sum of all the components that make up your solar panels — the wiring, the inverter, mounting brackets, and the racking that holds them. System size: This refers to the size of your solar array, which is the total amount of energy that your panels will produce over the course of a year. For example, a 3-kilowatt system will produce the same amount of energy in one year as a 300-watt solar panel would produce in three months.

Be smart about financing

Before you rush out and buy a ton of panels and start laying out cash, take a moment to think about how you want to pay for it. There are a few things to keep in mind about financing a solar system. Solar loan: If you are going to put money down on a solar loan, you’ll be happy to know that the interest rates on these kinds of loans are typically below average. Solar lease: A solar lease is like a lease, except it’s for your solar system and it goes for a certain period of time — typically 25 years. This means that you don’t have to worry about paying it off until the lease is up, but you do have to pay the entire cost of the system if you decide to walk away.

Determining if you need a solar loan

If you’ve decided to finance your system, the next thing to keep in mind is if you really need a loan. There are a few things to consider before you decide if you need a loan. – Your credit score: Your credit score is something like your bank account balance — it’s a number that lenders use to determine whether or not to give you credit. If you have a high credit score, you’ll be able to get a mortgage or a credit card easily. If you have a low credit score, however, you’ll have a much harder time getting any kind of credit. – Your cash flow: This means how much you have coming in each month versus how much you’re spending. Lenders will take this into account when deciding if you need a loan.

Keep checking the roof for leaks

As you get started on your solar journey, check the roof for any cracks or tears in the shingles. If you find any, have a professional do a pressure test to make sure there aren’t any leaks. If you keep an eye on the roof, you’ll also be able to spot any potential mounting issues that may be causing you problems, like the mounting brackets hitting the roof or the panels’ racking hitting the shingles. When you spot one of these problems, you can have your solar panels inspected by a professional to find out if there are any potential leaks. If you find any leaks, be sure to address them right away. Cracks and tears in the shingles can cause roof damage, which can cost anywhere from $5,000 to $10,000 to repair. Keeping an eye on your roof, however, can help you avoid these costly issues.

Summing up

To save money on solar panels, you first need to know your costs. Knowing your costs is the first step to saving money on solar panels. Once you know your costs, you can start saving money by being smart about financing your system and keeping an eye out for any leaks on the roof. There are a lot of factors to consider when it comes to saving money on solar panels, but by keeping these tips in mind, you can save a lot of money.

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