Although federal incentives have expired for homeowners performing solar panel installations, there are still ways to benefit from federal subsidies while getting solar power. One homeowner posted on Reddit when they were debating whether to accept a prepaid power purchase agreement.
The scoop
The PPA was not the original poster's first choice; they had arranged to purchase and install their own solar panels. However, their provider made a mistake, and the solar panels weren't delivered before the federal subsidies expired.
"To make up for it, they are giving me an additional 20% off if I go with a prepaid PPA, which would still qualify for the 30% rebate, so in total 50% off," said the original poster. The OP also said they would be able to pay for the solar panels in only 12 years at $120 per month, the same price they are currently paying for electricity.
"But my power cost will be fixed instead of slowly increasing," they said. "There is no early pay-off fee (I think Colorado law prohibits that), and I can re-am 5 times if I want. More likely I will balance transfer or refi when rates get a little better."
If this arrangement turns out to be a good deal for the original poster, they should jump on it. Installing solar panels, whether or not you own them, can make your utility bills significantly more affordable and protect you against the outrageous increases in energy prices that are hitting Americans today.
For those ready to go solar, TCD's partners, including EnergySage, can help you save up to $10,000 on solar installations and make the projects as simple as possible.
Smart upgrades that slash monthly bills
If you want to install solar panels of your own, you have a lot of options. The right choice for you depends on your situation, but here is an overview of some of the most cost-effective approaches.
• EnergySage can help you save up to $10,000 on installations by curating competitive bids from local installers
• Not ready to spend up front? Palmetto's $0-down LightReach solar leasing program can lower your utility rate by up to 20%
• TCD's Solar Explorer makes it easy to access exclusive offers from preferred partners
Get $1,000 cash to slash your bills with rooftop solar panels for $0 down and low monthly payments Whatever your solar budget, Palmetto can help you save. If you want to buy your own panels, Palmetto's advisors can help you save up to $10,000 on installation through a network of preferred installers. And if you'd rather get solar savings without upfront costs, Palmetto's revolutionary LightReach subscription program can deliver — including an exclusive $1,000 cashback offer for TCD readers. LightReach lets you lease solar panels with no money down, making it painless to lock in long-term savings of up to 33% off your current power bill. Palmetto covers a 25-year warranty for the panels, which means you'll get reliable performance without unforeseen costs. To get started, just book a short meeting with Palmetto's experts to explore your options and find the solution that's right for you. |
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Which of these savings plans for rooftop solar panels would be most appealing for you?
Click your choice to see results and speak your mind. |
Save $1,000 this year 💸 To save even more money, match your solar panels up with energy-efficient electric appliances, such as a heat pump. TCD's partner, Mitsubishi, can help you with this and help you find more room in the budget.
To help with these upgrades, start earning up to $5,000 in rewards by using the free Palmetto Home app and completing challenges like cutting down on your home energy use.
What everyone's saying
One commenter remarked on the steep 8% interest rate the original poster quoted on their loan.
"That's my biggest hang up," replied the original poster. "Still less than I'm paying for power now though!"
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