Why finance solar home improvements in 2017?
Posted on Tuesday, January 17, 2017 at 4:44:21 PM
There is currently a renewable energy movement across the United States and solar is front and center. Solar is a great value-adding product and one that offers many tax incentives, rebates, and finance options. Home Loan Bank is a nationwide leader in home improvement lending with energy-efficient improvements and renewable energy projects forming a cornerstone of its portfolio.
Solar-specific projects are forever on the rise and are popular because they add value to your home and reduce energy bills to zero in most cases. When you finance your solar project, you are trading for one fixed monthly payment until the loan is paid off and you alleviate the worry and concern of a fluctuating monthly electric bill.
Taking steps to make your home energy efficient affords a peace of mind for many years to come. It is an initiative to reduce your carbon footprint, obtain solvency with your utility bill and take advantage of the potential earned income in the future. Renewable energy is an investment in your home and in your future. Personally, I have solar panels installed on my home and I can tell you that my family really enjoys the true benefits it brings.
I did finance the project and I have a fixed monthly payment for my electric bill which allows me to better set a budget and manage my family's other expenses. In almost every state there are many incentives that go along with putting solar on your home. One of the most influential is the federal tax rebate. We received just about 30 percent of the system's cost back in the form of rebates.
You may ask what I did with those funds. I was able to apply that portion to the principal balance of my loan and then re-amortize the balance reducing my minimum payment to a point where I will have matched or even reduced my prior utility payment. There are also incentives from the electric company for producing more energy than we consume. The electric company will buy the surplus of energy creating a monthly cash flow that did not exist prior. Renewable energy truly does have its benefits and they are not only to the environment.
The only thing I wish I was guaranteed is that every day would be a sunny day!