Can I afford solar?
There are three ways to pay for you solar system. Here’s a list of those options in descending order, of what is the best return on your investment.
- Cash: Assuming you’re able to pay cash for your system, you’ll benefit from a federal tax credit, a Mass state credit, and (depending on availability) Solar Renewable Energy Credit (SREC) income. When you add the savings from having no electric bill, your system will be paid for in 4-6 years. As you accumulate SREC Income and Energy savings over 25 years, your solar system may prove to be one of the best investments in your portfolio.
- Mass Solar Loan: The Mass Solar Loan program features a fixed, low interest rate, 10 year financing option with no prepayment penalties, and re-amortization options. The program also offers income based incentives that may help you reduce the cost of your system. A Mass Solar Loan will allow you to own your system and take advantage of all the tax and SREC income advantages previously available only to cash customers.
- Power Purchase Agreements and Leases. Valley Solar does not participate in Lease or Power Purchase programs. Before the Mass Solar Loan program, these were among the only options available to homeowners who could not purchase their systems. In these arrangements, the Lease or Power Purchase Solar Company owns the solar system and receives all the tax incentives and SREC income from the system - and the homeowner typically receives a modest reduction in their electrical bill.
Still wondering what will work for you? We're here to help!