Can you really get free solar panels?
Here’s the deal: There is no such thing as a free lunch (or a free solar panel installation). Free solar panels’ are not actually free; you will pay for the electricity that they produce, usually under a 20 to 25 year solar lease or power purchase agreement (PPA).
Does the government help with solar panels?
When a homeowner installs a solar power system, the federal government awards a tax credit for their investment. Right now, the tax credit for solar is worth 30\% of the total system cost. It usually covers the value of panels and other parts, as well as contractor fees for the installation.
How much money does the government give you for solar panels?
The Investment Tax Credit (ITC) grants an amount of 26\% of the purchase cost of your solar system to homeowners before 2020. Getting a solar energy system installed in 2020 grants the maximum 26\% California solar tax credit before stepping down to 22\% in 2021.
Are “free solar panels” worth the cost?
An offer of “free solar panels” may be tempting, but it could potentially cost you $25K in energy savings over the life of the system. We want everyone to go solar—but we also want them to fully reap the benefits.
Are solar panels worth the high maintenance?
Solar panels are pretty low-maintenance, so if you decide to go with a solar power system, you should be able to reap the benefits without much upkeep. That said, however, nothing is foolproof. Problems can develop, so if you ever notice anything amiss with the way your system is functioning, you should act immediately before problems worsen.
Can solar panels affect your mortgage financing?
However, you should know that the high cost of solar panels can cause problems if you’re trying to get a mortgage. Let’s take a look at how solar panel installation could impact your home’s financing.
Should you lease or pay for solar panels?
Yes, they’ll put free solar panels on your roof, but they also reap most of the long-term value from owning the system. They make more than enough profit over the life of the system to recoup the cost of equipment—savings that should end up in your pocket. Of course, we understand why leases and PPAs are appealing.