Solar Financing Option: Solar System Ownership

Homeowners who want to own their solar system can use cash, unsecured loans, or secured loans. Banks, Credit Unions, solar panel manufacturers, and public or private partnerships offer solar loans similar to regular home loans. Some utility companies offer on-bill financing programs that allow homeowners to repay the borrowed money through their electric bills.

The main benefits to owning your own solar system are the 40-70% savings on electricity costs over the lifetime of the solar system, as well as the eligibility for financial initiatives such as the Federal Investment Tax Credit and Solar Renewable Energy Certificates (SRECs).