A survey revealed that 97% homeowners overestimate the cost of going solar. The perceived costs are wildly out of whack with the real expense of installing solar. If you are a homeowner with electricity bill over $100, you should instantly see lower monthly electric bills, and in the 30+ states with net metering, you can get excellent returns by selling your power back to the utility company.

Monthly Savings Start in Month 1

with $0 down financed solar panel system

Financing companies are now offering solar loans without requiring any down payment or prepayment penalty. These are unsecured loans and are not tied to your house like your mortgage. And yes, if you take out a solar loan to install a solar panel system, you still qualify for the solar tax credit. 

Common misconception is that homeowners pay more than their monthly electric bill by taking out a solar loan. The reality is that savings begin from month 1, not some distant point in the future. The example below shows a homeowner who took out a $0 down payment 20 year solar loan at 1.49% APR. Their montly electric bill was $219, the loan payment came out to be $134 and the monthly electric bill dropped to $14, savings them $71 per month starting from month 1.

Here are some actual quotes our customers received

1) Loan Purchase: Customer ‘s Electric bill reduced from $297/month to $154/month.

  • Monthly Electricity Bill Before Solar- $297
  • Monthly Electricty Bill After Solar- $16
  • Loan Down Payment – $0
  • Total Monthly Payment After Going Solar – $154

Net Monthly Savings – $143

2) Cash Purchase: Customer ‘s Electric bill reduced from $280/month to $14/month. 

  • Monthly Electricity Bill Before Solar- $280
  • Monthly Electricty Bill After Solar- $14
  • Cash Payment – $37,289
  • Tax Refund – $9,695
  • Net Cost – $27,158
  • Total Monthly Payment After Going Solar – $14

Net Monthly Savings – $266 

3) Loan Purchase: Customer ‘s Electric bill reduced from $219/month to $188/month with a shorter duration 10 year loan. 

  • Monthly Electricity Bill Before Solar- $219
  • Monthly Electricty Bill After Solar- $5
  • Loan Down Payment – $0
  • Solar Panel Loan Payment (7.99% APR for 10 years) – $183
  • Total Monthly Payment After Going Solar – $188

Net Monthly Savings – $31

4) Cash Purchase: Customer ‘s Electric bill reduced from $259/month to $5/month. 

  • Monthly Electricity Bill Before Solar- $259
  • Monthly Electricty Bill After Solar- $5
  • Cash Payment – $22,152
  • Tax Refund – $5,759
  • Net Cost – $6,392
  • Total Monthly Payment After Going Solar – $5
Net Monthly Savings – $254

5) Loan Purchase: Customer ‘s Electric bill reduced from $302/month to $156/month. 

  • Monthly Electricity Bill Before Solar- $302
  • Monthly Electricty Bill After Solar- $55
  • Loan Down Payment – $0
  • Solar Panel Loan Payment (1.49% APR for 20 years) – $101
  • Total Monthly Payment After Going Solar – $156
Net Monthly Savings – $146

6) Cash Purchase: Customer ‘s Electric bill reduced from $297/month to $16/month. 

  • Monthly Electricity Bill Before Solar- $297
  • Monthly Electricty Bill After Solar- $16
  • Cash Payment – $33,049
  • Tax Refund – $8,593
  • Net Cost – $24,456
  • Total Monthly Payment After Going Solar – $16
Net Monthly Savings – $281

7) Loan Purchase: Customer ‘s Electric bill reduced from $219/month to $100/month. 

  • Monthly Electricity Bill Before Solar- $219
  • Monthly Electricty Bill After Solar- $5
  • Loan Down Payment – $0
  • Solar Panel Loan Payment (1.49% APR for 20 years) – $95
  • Total Monthly Payment After Going Solar – $100

Net Monthly Savings – $119 

8) Cash Purchase: Customer‘s Electric bill reduced from $272/month to $30/month. 

  • Monthly Electricity Bill Before Solar- $272
  • Monthly Electricty Bill After Solar- $30
  • Cash Payment – $23,993
  • Tax Refund – $6,238
  • Net Cost – $17,755
  • Total Monthly Payment After Going Solar – $30

Net Monthly Savings – $242 

9) Loan Purchase: Customer ‘s kept their electric bill same while pocketing $8,708 from Federal tax refund. 

  • Monthly Electricity Bill Before Solar- $170
  • Monthly Electricity Bill After Solar- $11
  • Loan Down Payment – $0
  • Solar Panel Loan Payment (1.99% APR for 20 years) – $174
  • Total Monthly Payment After Going Solar – $100

Cash Back (same monthly bill) – $8,708

10) Cash Purchase: Customer‘s Electric bill reduced from $233/month to $11/month. 

  • Monthly Electricity Bill Before Solar- $233
  • Monthly Electricty Bill After Solar- $11
  • Cash Payment – $24,776
  • Tax Refund – $6,442
  • Net Cost – $18,334
  • Total Monthly Payment After Going Solar – $11

Net Monthly Savings – $222