Last Updated on: Mar 27, 2023
Solar technology has been around for several years and that giving homeowners the chance to switch from their city’s utility provider to a more environmentally-friendly option. The downside has been that it’s expensive to install and a bit difficult to understand.
What We'll Cover
The good news is that things are changing in the solar industry for the better. The players in the industry are making this type of electricity more efficient with new innovations in solar power and panels— but most importantly, more affordable. Today, making the switch to solar systems can actually be a more cost-effective option that puts money in your pocket and not the other way around.
What Is Solar Technology?
What most people think about solar power, is solar panels. And of course, that’s the most common way to make the switch to solar power, but that’s just one kind of solar technology.
There are hundreds of different types of solar technologies available today, and as the solar technology industry continues to innovate and grow, the products— as we mentioned— are getting more efficient and more affordable.
As the variety and list of providers continues to grow, there are just a few innovations happening in the industry that are worth mentioning:
- Solar windows, these are glass window replacements that collect solar energy.
- Clear solar panels, these use a silicon cell technology in a way that’s more attractive, more resistant to fires, and less likely to erode.
- Frameless solar panels, these make solar panels have a more attractive look on your home.
- Tesla solar tiles, these are new roof panels that mimic the look of a traditional roof to make themselves unnoticeable.
The solar industry is making designs more appealing with these new technologies. Over the past 2 years, these new choices of solar panels and roofing types are increasing the benefits of solar energy— it has increased in efficiency by 2% to 3%.
Right now, switching your property to solar technology is more efficient, easier, and even more appealing, all thanks to those new upgraded options. These innovations are making solar more attractive and wanted, that demand is causing prices to drop.
How Are People Making the Switch for Free?
Making the switch from traditional electricity to solar power offers tons of benefits. It will put you in control, you can reduce or eliminate your electric bill, and it benefits the environment, you will have dominium of your home’s power. But here’s another huge reason why solar power is becoming more popular: you can have it installed on your home for FREE!
In the past, switching to these systems came tied up with very expensive upfront costs. That made it very difficult for many limited income individuals or families to afford the switch, of course in the long run they would see the benefits in their pockets, but that initial cost made it impossible to start. But now, is a whole other story. Solar systems are affordable, it can even be free!
There are a many options to install your new system for $0 down. That means you don’t need to pay a single upfront cost to get your home set up and running. Here are a few options:
Solar Lease
Yes, you can lease a complete solar system for $0 down. With the solar lease option, you will choose a company to lease the solar panels and will enter an agreement with that company for the collected energy in your panels. In exchange for using the energy collected from your unit, you’ll pay a monthly “rent” price— don’t worry, that amount won’t change, meaning it would still be more consistent than a traditional electric bill.
Again, no upfront money is required to install the panels, and best of all, your monthly cost is typically going to be between 10% to 30% less than your current average utility bill.
Power Purchase Agreement
A power purchase agreement, also known as PPA, works similarly as a solar lease— you can also enjoy not having to pay to get started. By choosing this option, you’ll agree on a set price that you will pay monthly in order to use the electricity generated by your new solar panels. After that a company will give you the solar panels and you can use it normally.
The huge difference between a solar lease and the PPA, would be the monthly payment. Again, you will have the $0 down perk, and you can also expect a monthly payment that’s going to be approximately 20% to 30% less than your current bill.
Make Money Selling Your Extra Energy
By making the switch to solar power, it is expected to start saving money every month on your utility bill— this alone is the top reasons why people do the switch, but there’s something many people don’t know. Your new panels can generate enough energy to actually fill up your pockets.
Yes, the solar technology can generate suficiente energy to power your whole house, but it can go above and beyond. Your new panels can generate excess energy, and you can go back with that energy to your local utility company to sell it for a future credit or a cash payout— now that’s a deal!
This benefit is so real that even has a name, it’s called net metering. This benefit allows you to actually sell your solar-generated energy back to the utility company, this will reduce your monthly bill even more. And what happens when your monthly utility bill is so low that you don’t owe any money? The answer is, you’ll come out ahead! And to top it all, if you generate more electricity than what you use monthly, you’ll be able to get a credit for it.
This benefit will vary depending on where you live, the laws and details of net metering change from states and counties. It won’t hurt to check.
Make the Switch!
Solar systems can lower and potentially eliminate your electric bill. The longer you have it installed in your home, the more you’ll save— trust us, the savings will add up. There are reports at Investopedia with consumer savings ranging from $17,000 to $50,000 throughout a period of 20 years approximately.
Solar technology is becoming more affordable and more in-demand, because of that you will be able to benefit even more. If the price keep dropping, you’ll receive more benefit from making the switch.
Having the $0 down options right now makes it more possible to start right away. If you aren’t able or don’t want to pay the upfront cost, you have options— no excuses.
It’s important to research and be sure what $0 down option is right for you. Compare and contrast the different choices available in your area, and identify which will be the best one for your needs. Remember, knowing your options before making any decisions it’s always the best choice, specially for this type of investment.
The responses below are not provided, commissioned, reviewed, approved, or otherwise endorsed by any financial entity or advertiser. It is not the advertiser’s responsibility to ensure all posts and/or questions are answered.
