Solar Systems are becoming ubiquitous in New Jersey. Unfortunately, there are very few websites that provide information about the different ways you can go solar. If you are like many thousands of New Jersey homeowners who are thinking about going solar the Ampericon blog is a good resource.
Today, we will explore the purchase option for a solar system. A homeowner who wants to own their solar system can either purchase their solar systems outright by paying cash or they can get their system financed. Financed systems are usually more expensive than cash systems as there are additional fees and interest costs.
Ampericon partners with Sungage to offer a financed solar system. Most homeowners are able to finance 100% of the cost of the system. Interest rates start at 5.4% for a 10-year loan. There are 15 year and 20-year options as well with slightly higher interest rates.
Let’s look at an example. A home with an average monthly electric bill of $163 per month could get their new solar system installed and financed through Sungage and end up paying just $19 per month for their new solar system.
The monthly loan payments for the solar system are $206 a month. This is offset every month by the amount your earn from your SREC’s. At today’s market prices you would earn $192 per month for your SREC’s. Thus your net monthly payment would work out to just $19 a month.
A couple of things to keep in mind while considering the solar financing option. The monthly earnings from SREC’s are not guaranteed since SREC pricing is market-driven. You could earn more or less each month from your SREC’s. Additionally, you get a 30% tax credit when you purchase your solar system. If your annual household income is below $75,000 per annum you may not be able to take advantage of the tax credit and that would lower your savings.
If you like what you see, you can give us a call at 609 945 2591 x 101 or email us jon@ampericon.com and we could work out a custom proposal for you.
So for those of you who want other options, you can look at the solar lease or PPA. There is some excellent purchase program from the utility companies as well like the PSEG Solar Loan and the JCPL Sungage program. See my other articles on these programs to compare and contrast your solar options. It’s time to go solar.
Anjan Saikia
Keeping Solar Simple
jon@ampericon.com
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