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Solar Financing Options in Lancaster, PA

Solar panels are an important investment for many homeowners in Lancaster, Pennsylvania. Like any investment, you may be wondering how you can get the money together to pay for your solar panels. Fortunately there are many solar financing options available to you. At Momentum Solar, we help homeowners in Lancaster select the best solar financing option for their needs. Our experiencing working with homeowners in your area means we are deeply knowledgeable about your solar panel requirements and the exact financing options available right now.

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Cost of Solar in Lancaster

A typical home in Lancaster requires a 5-kW system. The exact cost of a system this size will vary based on the solar installer you work with, the quality of your solar panels, and the unique specifications of your home. If you decide to purchase your panels upfront, you’ll need this amount of money available in order to get started.

When you purchase solar panels, you are eligible for the federal Solar Investment Tax Credit (ITC). In 2019, this solar tax credit lowers the price of your solar panels by 30% by providing an equivalent refund on your income tax during that tax year. Unfortunately this program is being phased out. It will no longer be available to residential customers by 2022 and will be reduced incrementally until then. In 2020, you will receive a 26% refund, while in 2021 the refund will be reduced to 22%.

Solar Loans in Lancaster, PA

If you don’t have the capital available to purchase solar panels for your Lancaster home upfront, you can consider taking out a solar loan to fund your project. You can take out a loan to cover just part of the purchase or the full amount.

For many Lancaster residents, taking out a loan is a very smart way to purchase solar panels. Rather than tying up large amounts of cash or drawing from savings, a loan allows you to spread your payments over time. Since you will be purchasing your solar panels, you will also be eligible for a substantial rebate through the solar tax credit if you purchase your panels before 2022.

Pay for the Electricity, Not the Solar Panels!

There is a final option for those who are not able or do not want to purchase solar panels in Lancaster, PA. Through a Power Purchase Agreement (PPA), or solar lease, you can get solar panels for $0 down. In this arrangement, a third party will own your panels and you will pay only for the electricity generated by those panels. The price of the electricity is agreed to in advance and will remain stable throughout the entire solar lease.

This is a great option for those who wish to enjoy the benefits of solar without the investment. As electricity rates continue to rise, you can save even more money over the course of your solar lease. With a solar lease, you also won’t need to pay for maintenance or servicing of your panels, which is managed completely by the solar installers.

Solar Installers in Lancaster, PA

If you want to learn more about your solar financing options or just have some questions you want answered, we encourage you to contact us. At Momentum Solar, we are proud to be one of the leading installers of solar panels in Lancaster. We offer all new customers a free consultation, in which we will provide you with a quote for your solar panels and discuss the different financing options available to you.

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