Many people drawn to home solar power worry about how to pay for it. Fortunately, SunPower offers great options for funding this clean form of energy, and newly added, more diverse offerings are making the financing forecast even sunnier.
People typically pay for photovoltaic (PV) solar systems in one of three ways – lease, loan or purchase. Each one can have different impact on your system’s price, maintenance and return on investment. A good choice for one customer may not be the best choice for someone else. The breakdown of the three options below could help you determine what works better based on your specific needs.
With this option, SunPower owns the system while you pay monthly “rent” to use the energy the system produces. A lease can save money because the payments and remaining utility bills are often lower than your previous electric bill. The system’s power output is guaranteed for 20 years, and SunPower repairs or replaces anything that breaks down in that time. In addition, SunPower now offers leases for customers interested in solar plus SunVault™ storage in some parts of the U.S. SunVault storage provides a method for saving the excess solar energy that panels collect and use that electricity when the sun isn’t shining – or when the grid shuts down.
SunPower recently announced low-annual percentage rate (APR) loans for U.S. residential solar customers. The rates are expected to result in sharply lower monthly payments for qualified homeowners purchasing a SunPower Equinox® system. This makes it easier for more homes to generate their own electricity, helping mitigate additional dollars to your monthly utility bills from demand charges. Financing your system through a loan has many advantages. As with a lease, homeowners often find that the combination of the loan payment and the remaining utility bill is less than their previous electric bill. Also, loan customers may qualify for the federal solar tax credit and/or other state and local incentives,* and SunPower’s industry-leading warranty provides long-term peace of mind for homeowners.
Buying your SunPower® system outright has always been a great deal. First off, it maximizes your savings. As with financing, it provides qualified customers an opportunity to take advantage of the federal solar tax credit in addition to state and local incentives (where available).* Outright purchase also protects you against rising utility rates. Net energy metering can help you save money as well.** Net metering provides energy credits to homeowners for the excess energy their system generates which goes back to the electrical grid. This credit can come in handy when homeowners need to use electricity from the grid, like at night when the sun isn’t shining. The ability to use these net metering credits can drastically reduce a homeowner’s utility bill. Over time, all these factors allow customers to recoup the cost of their system, which is also covered by SunPower’s top-notch warranty. One multi-state study found that purchasing a solar system can boost your home’s value by 3-4%.***
Any of the experienced dealers in SunPower’s extensive network can help you identify the best financing option for your home. They know how to help craft a loan or lease payment program that lowers your bills while putting clean energy in your future.
* SunPower does not warrant, guarantee or otherwise advise its customers about specific tax outcomes or their ability to qualify for local incentives. Consult your tax advisor regarding the solar tax credit and how it applies to your specific circumstances. Your SunPower Dealer can help you determine if you qualify for other local incentives. Please visit the dsireusa.org website for detailed solar policy information.
** The availability of net metering varies by location and is subject to change. Your SunPower Dealer can help you determine if you qualify. You can also visit the dsireusa.org website for detailed solar policy information.
*** Zillow, Homes with Solar Panels Sell for 4.1% More, a comparison of home values with and without solar, in New York, NY, Orlando, FL, San Francisco, CA, Los Angeles, CA and Riverside, CA. April 2019.