Once you and the rest of the household have decided it’s time to switch to solar power, the next step is to figure out how you’re going to foot the bill for the installation. You likely don’t have mounds of cash that you take a swim in every morning like some kind of Scrooge McDuck, so you’ll have to turn to more realistic countermeasures.
Before you start measuring and counting how many solar panels you’ll need to keep your home running, take the time to check out some possible ideas of how to procure the funds to transition your home to solar power. Prepare to do the necessary footwork to get the job done, and you’ll thank yourself later.
Fannie Mae’s HomeStyle Energy Mortgage
The popular loan organization, Fannie Mae, now offers a solar energy loan of sorts. It’s entitled the HomeStyle Energy Mortgage.
The HomeStyle Energy Mortgage offers the chance for homeowners to spend up to 15 percent of the total worth of their home on solar upgrades. The only catch is that you have to get a home energy report to show the company the value you gained by adding solar energy to your property.
Consider upgrading to solar in steps
If transitioning the whole house in one fell swoop seems like too big of a challenge to conquer, consider upgrading to solar power in a few different steps. Start by investing in a solar water heater. Then consider the cost of adding solar-powered appliances in your home, and so on.
Outdoor solar lighting is an inexpensive way to start the transition. You’ll spend less than a hundred dollars adding ambient night lighting to your garden.
Get free solar power via purchase agreements
Setting up a full switch to solar power in your home could cost you around $20,000, but there are other ways to enjoy this efficient way of living. If your home is a proper candidate, and you live in an area with solar services, you can enter into a purchase agreement with a solar provider.
It’s basically like paying for electricity. You pay a solar provider to come to your house, set up the solar panels and subsequent wiring, and then you pay a monthly fee for the resource.
The panels remain company property, but you get to enjoy the lower energy rates. Companies like SolarCity, SunRun, Sungevity, and SunPower are paving the way for the nation’s solar revolution.
Consider taking out a Home Equity Line of Credit (HELOC)
You can always consider taking out a line of credit on your home’s accrued equity to pay for your solar upgrades. Just make sure you really have the money to keep up with your payment agreement, so you don’t risk losing your home.
I set this blog up a couple of years ago now as a way to share my experience that I’ve gained through my school education and my real life education. It sounds geeky, but the economy is something that I’m really passionate about and it’s something that I am actually pretty talented in, so it’s great for me to share these experiences with those that may be struggling a little bit with finance and figuring out how to navigate the economy.