Making Solar Affordable
- Homeowner Central
- Frontwave Credit Union
Solar power is a great energy-efficient alternative to traditional electric service. But it isn’t always as simple as slapping up a new system on your roof. Despite significant cost declines in recent years, installing a solar system can still be an expensive proposition. Fortunately, we’ve got tips on making it more affordable.
In most areas, especially in Southern California, there are a number of companies who offer solar system installation. It’s a good idea to get a few different quotes on solar for your home, as prices can vary. You may also want to consider seeing if some of your neighbors are interested in going solar at the same time. If so, you may be able to negotiate a better deal — kind of like buying in bulk.
As you research solar providers, be sure to read reviews carefully. The North American Board of Certified Energy Practitioners, which certifies solar installers, recommends SolarReviews.com as a helpful resource. You may also want to ask companies for local references who you can talk to before making the final decision.
Look For Incentives
The federal solar tax credit, which was recently extended to 2023, offers a partial tax credit based on the value of the system you install. In 2021, the credit is 26%, meaning you may be eligible to get up to 26% of the cost of your solar install credited back on your federal income taxes.* That could essentially cut the final out-of-pocket of your system by a quarter.
Also check with your state and local government, and electricity provider to see if they offer any rebates or incentives. For example, the Rancho Mirage Energy Authority (which serves the City of Ranch Mirage in Riverside County, CA) offers a $500 rebate to its customers when they install solar. Some electricity providers offer to buy back any of the excess electricity produced by your system, which can also help offset your costs.
Bundle with Other Energy-Efficient Improvements
Adding other energy upgrades at the same time you do your solar panel install may save you more on energy costs in the long run — and potentially qualify you for additional incentives. For example, you may be eligible for additional tax credits on solar water heating and energy-efficient window installation.*
To make it easy to do all the upgrades you want, here at Frontwave Credit Union, we offer low-rate Solar/Energy Efficiency Loans that let you borrow up to $75,000 with terms up to 20 years. Along with solar panels, you can use this loan to install energy-efficient windows, solar hot water, energy-efficient cooling, solar outdoor lighting and more.
Ready to get the ball rolling?
Apply for your Solar/Energy Efficiency loan online or give us a call at 800.736.4500 today!
*Consult your tax advisor.