Solar Financing Options
What is the upfront cost of going solar? Depending on how you choose to finance your system. With solar power purchase agreements, for example, it’s likely to receive a brand-new installation for $0 upfront. If you use a solar loan, there is often a nominal starting fee that ranges from $0 to $1,000. If you pay using cash, prices for a standard residential solar installation in Georgia range between $13,000 and $37,000.
You cover the full cost of the installation upfront. But once your panels go up, you begin receiving free, clean solar electricity – for the next 25 to 40 years. This approach pays for itself many times over – with most installations breaking even in under 10 years.
One of the most popular ways to go solar is with a specialized solar loan. You borrow money to cover the upfront cost. And then you use your monthly savings to pay down the loan balance. Many flexible options help you select the best fit for your situation. You can select 5, 10-, 12-, 15-, or 20-year terms with no prepayment penalty. But the beauty of this approach is that you don’t pay for anything out-of-pocket.
What is Net Energy Metering (NEM)?
Net energy metering is a billing arrangement for utility customers who have solar power systems on their homes. Through net metering, solar power users can build up credits by generating energy for the public power grid and use those credits to pay their utility bills. The goal is to earn enough solar power credits to pay 100% of your monthly utility bill.
How long does it take for solar panels
to pay for themselves?
The average payback period if you’ve financed a solar system is between 9 and 12 years.
This means that all the solar energy your panels produce after this is completely free.
The Average American Home Going Solar
for a Year is Like
Not burning over 8,000 pounds of coal
Not charging 937,683 smartphones
Growing 122 tree seedlings for 10 years
The Benefits of Going Solar
30% tax credit is available to any homeowner that decides to have solar panels installed on their home before the end of 2022
The average residential solar system offsets about 100,000 lbs. of carbon dioxide in 20 years – the equivalent of driving a car for 100,000 miles
According to a recent report from the U.S. Energy Information Administration (EIA), the average monthly energy bill in Georgia is $126.38, which is $14.71 above the national average
The SEIA ranks Georgia the 5th in the nation for solar power
Georgia has more than the average days of sunshine in the nation. With an average of 217 days
In a report from the Appraisal Journal, your home's value will increase by $20 for every $1 saved annually on your electric bills.
According to the EIA, the average yearly electricity consumption for homeowners is 10,649 kilowatt hours (kWh), or an average of about 877 kWh per month
In the U.S., the average electricity rate is 13.19 cents per kilowatt hour (kWh) (as of February 2021)