Sure, the energy savings and reduced carbon footprint that come with solar installation sound great — but when it gets down to it, many solar-curious homeowners here in Colorado and Texas want to know: “How can I afford to go solar, and should I take out a solar loan?”
Investing in solar energy is just that — an investment. At the end of the day, you need to know that your investment will pay off and that you can afford the initial cost.
Fortunately, there are two options for purchasing a solar photovoltaic (PV) system with CAM Solar. You can pay in full, cash upfront; or you can choose from two of our low-interest loan options for $0 down. But which option is right for you?
Purchasing a Solar PV System
The quickest path to seeing a return on investment (ROI) on your solar PV installation is to pay the full price upfront. This ensures that you are not paying any financing fees, so the money you save on your energy bill will surpass the cost of your solar installation faster.
Depending on the size of the system you have installed, we see a typical cash payback period of between 8 and 12 years. And since a solar PV system installed by CAM Solar is designed and guaranteed to last at least 25 years, that’s an estimated 13 to 17 years of energy savings that can go straight back into your pocket!
Not to mention, if you schedule your solar installation in 2021, you will qualify for the federal solar tax credit that was just extended, which allows homeowners to take a tax credit of a total of 26% of their solar installation costs from what they owe on their federal taxes. And if you owe less than that 26%, you can even roll over the remaining tax credit amount into the next tax year. Under the extension, the solar tax credit will remain at 26% for 2021 and 2022 but will drop to 22% in 2023, and will be completely gone by the year 2024 for homeowners.
Financing a Solar PV System
If you want to go solar but aren’t ready to drop the full amount in cash, there is good news. CAM Solar has two solar loan options, neither of which will disqualify you from owning your system or taking advantage of the federal solar tax credit. But the best part is, both of these options require $0 down!
CAM Solar 10 Year Solar Loan
Fixed, low interest rate of 2.99%
10 year payback period
CAM Solar 20 Year Solar Loan
Fixed, low interest rate of 3.99%
20 year payback period
Also for a limited time - CAM Solar is offering a special financing offer for homeowners that want to own their solar PV systems outright but would rather spread the upfront installation costs out via monthly payments. You can finance the total cost of your solar PV and Tesla Powerwall with $0 down, and we will make your payments for the first 12 months!
Deciding which loan option is best for you will come down to what you are paying for electricity without solar. We often find that our customers end up with solar loan payments that are comparable to their monthly electricity costs. So instead of paying the electricity company each month, you can “own your energy”!
Own Your Energy, with CAM Solar!
Solar energy is not a one-size-fits-all solution to reducing your carbon footprint and saving on energy costs. When you are looking to take advantage of the renewable energy the sunshine has to offer in San Antonio and Austin, TX, Colorado Springs, Aurora, Denver, and Pueblo, CO, it requires a custom approach.
Our CAM Solar technicians will work alongside you and your family to determine your clean energy goals and design a system that maximizes your solar PV system’s ability to harness the power of the sun. Then, we will make sure you qualify for any local rebates and incentives available in Texas or Colorado, pair you with our load program options, and help you fill out and necessary paperwork! We are dedicated to making the process of going solar as easy as possible. So what are you waiting for? It all begins with a free solar evaluation!