Should You Buy or Finance Solar Panels?
Going solar can feel like a big step, and that’s understandable. Installing solar panels on your roof is a long-term investment—it’s not like buying an Alexa that you can return to Amazon! So, what’s the best way to go solar?
Buying vs. Financing Solar Panels: What’s Better?
Buying Solar Panels Outright is the Best Option
Here’s why: Financing solar panels comes with an interest rate that typically ranges between 2.99% and 6.99%, depending on your credit score. While these rates have improved compared to past years, it’s important to calculate how financing affects your total cost and savings carefully.
🔹 Lower interest rates have made solar loans more affordable but still increase the total amount you pay over time.
🔹 In many cases, homeowners who buy solar panels outright can maximize their savings and see faster returns on investment.
How to Make an Informed Solar Investment
To get a clearer picture of whether buying vs. financing solar panels is right for you, here’s a quick step:
🔹 Go to Google and search “Project Sunroof.”
🔹 It’s a free tool from Google that helps analyze your home’s suitability for solar energy.
🔹 Check estimated savings and costs based on your location.
💡 Important Update: Google’s Project Sunroof has not been significantly updated since 2018, so while it still provides a general estimate, consulting local solar installers will give you more accurate and up-to-date pricing.
☀ Eliminate the guesswork! Check your home’s solar potential today, and consult with a reputable solar company to get the most precise figures for your area. You’ll thank me later!