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Over 25 years, your system will have produced nearly ,000 in income, your system cost is paid back.The reason this works is that solar offsets your electricity costs—enough to save you 9 in year 1—and it just goes up from there.But if you're interested in solar as an investment, taking a loan to pay for the system is a better option.With a loan, you can make monthly payments instead of putting ,250 down on a solar system, which means you save money on electricity as you pay down the cost of your panels.If you have equity in your home or can get a large loan with an interest rate of 5% or less, a loan is the option to go with.
These policies and rules govern everything from renewable energy mandates to interconnection, and have a huge effect on the viability of solar.
If you can get a solar loan or take a home equity line of credit (HELOC), though, your payments over 15 years will be only a little more than your savings, and you'll still come out thousands ahead in the end. An outright purchase used to be the only way to get solar, and it's still the option that provides the "biggest" financial returns.
The reason we put "biggest" in quotes here is because it's technically true—with lower equipment costs and a tax credit, solar costs less than ever before, and a solar installation in Florida pays itself off in 13 years.
As the electric company raises rates, you save more and more, and more...
Keep in mind, the numbers above are based on an average home in Florida.