Using Cash to Finance Your Solar PV System
Installing solar panels is one of the cheapest and most effective ways to reduce your monthly utility bills. Once your photovoltaic (PV) system is installed, you can begin generating your own electricity without relying as much on the grid.
This strategy is also a great way to minimize your carbon footprint:
- Utility electricity is usually made from dirty fossil fuel.
- Solar power comes from clean and renewable sunshine.
And fortunately, taking advantage of these benefits has never been more affordable. In fact, there are several different ways to pay for your PV system – regardless of your budget or credit history.
But the solar financing approach with the highest returns is cash.
Why Using Cash Is the Best Way to Pay for a Solar Installation
The process of financing your PV system with cash couldn’t be simpler.
It begins when you request a free solar quote from Capital Solar and Roofing. Thereafter our team of PV experts will:
- Analyze your property to determine the right type of solar panels – given the size and shading of your roof. We can also handle ground-mounted solar installations.
- Calculate your potential monthly, annual, and lifetime savings. These numbers are based on variables like solar exposure and utility rates (both historic and projected).
- Provide you with a detailed quote that includes the total cost and payback period. Your free quote also outlines solar incentives like the Investment Tax Credit and Net Energy Metering.
If the numbers makes sense, you can then commission us to install solar panels on your residential or commercial property.
And that’s it. You’ll never have another solar-related payment again.
All the clean electricity generated belongs 100% to you – for the entire lifetime of your PV system. At Capital Solar and Roofing, our panels are warrantied for a minimum of 25 years. But a well-maintained system can easily last 40+ years.
And over those many decades, your solar installation will shield you from any and all utility rate increases. As grid electricity prices continue going up, the energy from your PV system remains the same price forever – i.e. free.
In addition, you can sell some of your excess electricity to the utility company, which further reduces your monthly bills. In fact, it’s possible to generate so much solar electricity that the utility company always owe you credits.
Is Cash the Right Solar Financing Option for You?
If you have the money, then “yes.” Cash is the single best way to pay for a new solar PV system.
However, not everyone has the disposable income to finance a solar installation entirely out-of-pocket.
If you fall into this category, then both low-interest solar loans and PACE financing are 2 attractive options. To learn about the pros and cons of each, be sure to read our companion articles:
There are many ways to pay for a new solar PV system – including loans and PACE financing. But using cash offers the highest returns and shortest payback periods.