Solar Financing

Investing in a solar system is a significant decision, with installation costs typically ranging from $15,000 to $30,000, depending on the system size and any additional features you choose. But don’t let the upfront cost discourage you! With available solar incentives, financing options, and long-term energy savings, switching to solar is more affordable than you might think.

At Belmont Solar, our goal is to help you maximize your savings while making the transition to solar as seamless as possible. If you’re looking for a solar financing company, we’re happy to point you in the right direction. Additionally, there are various solar incentives, including tax credits and rebates, that we’ll walk you through as we design your system.

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Solar Financing Options

Below are just some of the financing options that are available to you. If you want to learn about more options, you can visit the DSIRE website, which covers other loans, grants, and rebates.

Personal Financing

For personal financing, contact:

Atmos Solar Finance (Mosiac Financial, Belmont Solar, Mike)
- Website
- Phone: (717) 768-7796 ext. 1
Meredith Financial
- Phone: (888)-259-0035
National Energy Improvement Fund (NEIF)
- Website

Commercial Solar Financing

For business financing, contact:

Sustainable Energy Fund
- Website
- Phone: (610)-264-4440
Providence Capital Funding:
- Website
- Phone: (714)-985-6207

PACE Programs

PACE stands for Property-Assessed Clean Energy. PACE loans are authorized by local and state governments, which borrow money to fund PACE programs by issuing a bond. The money is provided by different private financing companies. PACE loans qualify as tax liens, so they have priority over any other loan on the property, including the mortgage.

Energy Efficiency Mortgages

Federal programs, like those offered by Fannie Mae, allow you to finance your solar installation through your mortgage. This means that as you make payments on your home, you’re also paying off the cost of your solar system. However, this option is best suited for those purchasing a new house rather than homeowners looking to add solar panels to an existing property.

Solar Incentives

Outside of financing and leasing options, there are a number of incentives that can help lower the cost of your solar system. When you choose solar financing, you can often also take full advantage of these options, saving even more at the time of purchase.

ITC

The Federal Solar Tax Credit (ITC), which is available from now until the end of 2032, covers up to 30% of your investment in a solar system for your home. After 2032, a 10% tax credit will be available until it runs out.

SRECs

A solar renewable energy credit (SREC) is earned each time your solar system generates 1,000 kWh of electricity. These credits can then be sold to generate revenue. Essentially, earning you money back from your initial investment.

Net Metering

With net metering, you can send any excess electricity that your solar system produces back to the grid and get a credit on your utility bill, thus lowering your monthly electricity bill even more.

Making Your Solar Financing Decision

There are a lot of factors to consider when making a major financial decision, such as purchasing a solar panel system. The great news is that there are excellent financing options for those who may not be able to pay cash for a brand-new solar system. Solar financing makes it easier to transition to clean, renewable energy. Most systems are fully paid off within the first 12 years after installation, with some being paid off even sooner.

As a top solar system installer in Pennsylvania and Maryland, Belmont Solar helps customers secure all the tax credits and financing they’re eligible for. Our solar experts guide you through the entire installation process, providing all the information you need about solar loans and financing options. If questions about tax credits or financing are holding you back from going solar, give us a call or contact us today—we’re here to help you get your questions answered and your solar project started!

Solar Financing FAQ

The best financing option depends on your financial goals, energy needs, and available incentives. If you have the funds to pay for your solar system upfront, financing may not be necessary. However, if you’d prefer to avoid an upfront investment of $15,000 to $30,000 while still locking in immediate energy savings, solar financing could be a great solution for you. No matter which option you choose, both will help lower your monthly electricity bill and save you money in the long run.

Most solar loan interest rates range between 4% and 8%. Securing a rate below 6% puts you in a great position for long-term savings, but anything within this range is considered standard for solar financing.

Solar financing typically involves borrowing money from a lender such as a bank, credit union, or solar financing company to cover the cost of the system and installation. It is then paid off in fixed monthly payments over a set period, which varies depending on who you borrow from and the terms of your agreement. Once it’s paid off, the solar panel system is yours!

Solar Financing is a more recent option for homeowners wanting to buy a solar panel installation system. It used to be that either you paid for the entire system up front or you leased the system from the solar installation company.

There are pros and cons to both leasing and financing. Some of the notable pros to financing are:

After the final loan payment is made, the homeowner owns the solar system.
Financing the solar system instead of leasing it makes it easier to sell the home before the loan is paid off.
Owning the solar panels adds value to the property they are installed on.
Financing means that the homeowner has access to all the rebates, tax credits, and other incentives available.