So you’ve decided to reap the benefits of solar as your power source? Excellent decision! There are quite a few very good reasons to consider paying cash. Here are some of the most impactful ways it can help you save!
Avoid high interest rates
Paying cash when you buy solar helps you get around elevating interest rates. It also gives you the best return. Cash payments are less expensive in the long run because you avoid paying interest.
Paying with cash also expedites the process of going solar—there’s no waiting for a loan to be approved.
The next best scenario would be to secure the lowest interest rate possible. Shop around. Some credit unions are offering lower rates.
Rising energy costs
PG&E electricity bills went up almost 20 percent in the last year. With rising energy costs, investing in a solar system for your home or business can help you save money fairly quickly by reducing or eliminating your energy bill.
“As PG&E rates go up, the value of solar goes up,” said Mark Miller, co-founder and partner at A.M. Sun Solar . “You eliminate an expense, you get an investment with a high return, and no taxes, making your largest asset worth more.”
Zillow says adding solar increases the worth of your house by 4 percent or more.
Buy solar to get your dream kitchen
Many people want to go solar and renovate their kitchen or bathroom, but think they have to choose between the two. Well, there’s good news!
If you purchase solar and eliminate your PG&E bill, even if you borrow to buy the solar system, often there’s enough monthly savings to still remodel your house.
“Buy solar to get your kitchen. It doesn’t sound like it makes sense, but it does,” Miller said.
By going solar, you can make your house sustainable, amass savings, and tackle other projects!
“Solar is a wise thing to buy,” Miller explained. “Should I buy a jacuzzi or should I buy solar? The jacuzzi is nice, but it’s going to raise your electricity bill, your expenses— there’s no return. So in inflationary times, solar is a great fighter against inflation!”
Also, if your house needs a new roof, you should seriously consider solar. Some of the roofing costs could be considered necessary for the solar and you would receive the solar tax credit.
Solar tax credit
If you buy and install a solar system for your home, you’re eligible for a federal tax credit for 30 percent of the cost, as part of the Inflation Reduction Act. The tax incentive reduces the amount you pay in federal taxes or it increases the amount you get back at the end of the year.
For example, if you purchased a $20,000 solar system for your house and had it installed, you would qualify for a tax credit of $6,000, meaning your tax bill the following year would be lowered by $6,000.
If you need any more convincing to go solar, here are some other compelling reasons from the U.S. Department of Energy.
When you’re ready to make the switch to solar or if you’re thinking about adding panels or storage, A.M. Sun Solar offers free consultations! We are no-pressure, local people with outstanding customer service. We will come out and explain all of this to you in relation to your unique needs, for free!
Our team is waiting to talk to you about the best energy solution for your needs. Fill out the form below to schedule your FREE solar consultation!
More about A.M. Sun Solar
A.M. Sun Solar is the local leader in custom solar solutions and installations on the Central Coast. For over two decades, A.M. Sun Solar has provided high quality, cost efficient solar energy to residences and small businesses in San Luis Obispo, Monterey, and Santa Barbara counties. With a wide variety of financing solutions available, affordable pricing, custom solutions and complete installations from permit to interconnection, A.M. Sun Solar is the go-to local solar company on the Central Coast.
Connect with us today at hello@amsunsolar.com, (805) 772-6786, or fill out the form below to get a FREE on-site consultation with one of our friendly solar experts.