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solar panels

Category: solar panels

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Go Green
August 7, 2022by Ashley Walker0 Comments

Solar Financing Options: Paying for Solar

People who are drawn to residential solar power worry about how they will pay for solar. Fortunately, Catalyst Solar financing options are available for funding this clean way of energy.

Most people usually pay for photovoltaic (PV) solar systems through one of three ways – lease/PPA, solar loan, or upfront cash purchase. A good choice for you may not be the best choice for another homeowner. This is because houses vary in size and power usage. Although these factors vary, solar panel systems last for at least 25 years and offsets most or all your power bill per month.

According to EnergySage, solar financing options are for homeowners to bring up the funds needed to purchase a solar system by paying installments over time. We have several financing partners available. Some of these loan providers include Goodleap, Mosaic, Sunlight, and Sunova.

Electricity Monthly Bill Outlook over the next 10 to 25 years.
solar financing options from energy sage.com
Source: EnergySage.com

However, solar isn’t free! To get to these places of savings, you must pay for your solar panel system first. Fortunately, there is more than one way to pay for your solar panels, each with their own pros and cons.

Solar Financing Options

Three ways to pay for solar is with a cash purchase, with a solar loan, or with a solar lease/power purchase agreement (PPA).

Cash Purchase

Firstly, you can pay for a solar panel system that you own outright through an upfront cash purchase. A cash purchase is the best solar financing option to maximize your solar savings. For example, if your solar panel system is customized to produce 100% of your electricity needs, then you just paid 25 years’ worth of energy. Paying in full gives you the opportunity to receive all the solar incentives and rebates. Overall, this means you are likely to see a better return on investment from solar than if you were to put money down for financing.

On the other hand, the one “obvious” con of a cash purchase is that solar is not cheap. If you want to purchase your system in cash, you will need to have enough money – $25,000 give or take – on hand to pay for the system in full.

Solar Loans

Secondly, you can own solar with a solar loan. This is a great financing option because they allow you to own your solar panel system with no money down. Often times, your monthly bill will be at a lower cost than what you pay for your electricity right now.

Solar loans may be similar to a solar lease or PPA. However, there is only one significant difference which has two major effects: with a solar loan, you own the system, whereas with a solar lease or PPA, a third party owns the system. With a solar loan, you can get any incentives and rebates for your solar panels. You are also responsible for any maintenance that your panels may need.

Solar leases and PPAs

Solar leases and PPAs are often lumped together because of how similarly they work. They are both a structure of third-party ownership where the third party installs the solar panels on your roof and then sells you the electricity generated by those panels. They give you a fixed rate that you would pay monthly.

EnergySage explains that “with a lease/PPA, you’ll typically lock in a set rate for electricity for the next 25 years, about 10 to 30 percent below the rate you currently pay for electricityâ€ĶWhat’s more, with a lease/PPA, the third-party owner is responsible for monitoring the system and any maintenance on it.”

More on Solar Leases and PPAs

Because you are not the owner of the solar panels, you will not be eligible to claim any of the financial solar incentives and rebates. Additionally, homes with solar panel systems increase in home value of 3-4 percent. However, since you don’t own your solar panels with a lease or PPA, you will most likely not be able to sell your home for that additional value.

Note: Catalyst Solar typically does not point our customers in the direction of a lease or PPA because of its downfalls. Also, every state does not allow third-party ownership. Here’s DSIRE’s map of states that allow for solar leases and PPAs.

Solar Financing Options Comparison

A cash purchase is right for you if:

  • Maximizing your savings from solar is your ultimate goal;
  • You have an ample amount of tax liability to benefit from the solar investment tax credit;
  • Or you have available funds to pay for the solar panel system upfront.

A solar loan is right for you if:

  • You don’t want to dispense the full amount of cash needed to pay upfront;
  • But you still want to save as much as possible on your electricity bills;
  • And you would like to be eligible for all incentives and rebates.

A solar lease/PPA is right for you if:

  • You prefer someone else to monitor and maintain your system;
  • You are not eligible for tax incentives;
  • Or you would like to lower and/or lock-in your fixed monthly power bill.

Get an Estimate on your Solar Panel System

The simplest way to get a solar production estimate is to enter your address into our free Catalyst Solar Calculator. You will get a recommended size system (with the kW and number of panels), potential lifetime savings over 25 years, and your environmental impact for 10 years.

Catalyst Solar Calculator

Catalyst Solar is ready for you today!

As America’s first boutique solar firm, we have united talented professionals from each of the greatest industries, who have a true passion to educate and serve.

Our commitment is to take the time to connect with you, educate you, and provide concierge-level service in solar.

Take a moment to talk to us!

Sources

Solar financing: How do you pay for solar? EnergySage. (2022, February 21). Retrieved July 26, 2022, from https://www.energysage.com/solar/how-to-go-solar/how-to-pay-for-solar/

Detailed summary maps. DSIRE. (2021, December 8). Retrieved July 27, 2022, from https://www.dsireusa.org/resources/detailed-summary-maps/

Go Green
July 31, 2022by Avinash Verma1 Comment

Help Save the Environment for These 6 Reasons

Solar can help you save the environment and your money
Solar can help you save the environment and your money.

Help save the environment. Release financial stress.

Many developed nations are increasingly leaning towards solar power as more people realize how green energy can help save the environment and help with financial stress. With several industry players in the market today, learning about clean energy and installing solar panels has become painless and simple. Equally, solar panels have become a cost-effective investment that many single-family homeowners have turned to.

According to Solar Reviews, in 2022, the average cost of installing residential solar panels ranges “between $13,098 and $16,872 after claiming the 26% federal solar tax credit”. By comparison, this is more than 70 percent cheaper than the cost of installation 10 years ago! Additionally, a recent report from SolarReviews.com observed more than 60,000 homeowners requested information and quotes for residential solar systems and have seen over 2 million solar panel installations. This is an unprecedented record for solar homeowners.

How exactly can you help save the environment and decrease financial stress with Solar Panels?

1. Zero Pollution. Better Solution to Save Our Environment.

Evidently, the quality of air and water in some states undergo threats due to the widespread burning of fossil fuels. Flint Michigan and Pennsylvania are two prime examples of states in the U.S fighting for clean water and/or fresh air. One reason being, power plants use great amounts of coal produced from fossil fuels. As a result, the excessive use of these sources can cause respiratory problems, cancer, and cardiovascular diseases for humans exposed to great amounts of carbon dioxide. However, with solar energy, no pollution is admitted into the ecosystem giving future generations a better environment to grow and thrive.

2. No More Wasted Water.

Furthermore, water is a basic but essential element of life and without clean water life will cease to exist. In some parts of the world, freshwater is scarce. On the contrary, you saving water can help underdeveloped countries have drinkable water. There are many ways to keep from wasting water, for instance, taking shorter showers or deep soaking your lawn. But, one of the most effective ways is through solar power. The conventional way of electricity uses lots of water to keep generators cool, move fuel through pipes, and process and refine fuel energy. On the other hand, solar panels use photovoltaic cells and do not require water for electricity generation.

3. Increase in Self-Sufficiency

Energy self-sufficiency is the ability to provide for the entirety of your energy demand. At times, solar panels can produce more power than the building or house is consuming. You can be compensated for any excess electricity that has generated by your solar panels.

4. Reduce the Use of Fossil Fuels, Carbon Dioxide, and the Greenhouse Effect

Any source of energy created from preserved remains of plants and animals and is a non-renewable energy is a fossil fuel. Fossil fuels add to global warming because burning these fuels releases carbon dioxide which also affects greenhouse gas. Gases produced from carbon dioxide enhance the greenhouse effect by drastically increasing the Earth’s temperature. Reducing fossil fuel usage is a long-term investment that helps slow the rate of climate change and save lives by protecting human health and the ecosystems. Also, studies show that turning away from fossil fuels can immediately begin to save human and animal lives and boost the environment we live in.

5. Increase Flexibility

There are various types of solar systems available. As long as there is good sunlight exposure, these systems can be installed anywhere. They can be put vertically or horizontally to fit your home’s rooftop. Also, solar panels are less expensive compared to installing electrical distribution lines.

6. Save More of Your Money

Lastly, it will lower your energy costs if you depend less on non-renewable energy sources. For example, in Florida, the average monthly cost for electricity is $196/month. Considering price inflation that occurs every year, this is a scary number. Simply put, non-renewable energy will cost you about $58,800 or more over the next 25 years while solar energy will cost you less for 25 years worth of clean and environmentally safe energy. This means you are saving enough money that can put your child or even yourself through college and pay off any debt!

Conclusion

Given these points, there are many reasons to choose solar energy for your electricity needs. By investing in solar power, you not only help save the environment to become more self-sustaining but you are ultimately saving tons of money.

Are you ready to become a hero with solar power? You can help save the planet and the people in it by contacting us here or calling 866-485-1514 for more information.

Sources

8 reasons to go solar if you care about the planet and your wallet. Genus. (2020, July 29). Retrieved July 22, 2022, from https://www.genusinnovation.com/blogs/solar-energy-can-save-environment

Sendy, A. (2021, January 6). A beginners guide to Solar Panels for Home: Are They Worth it where you live? Solar Reviews. Retrieved July 22, 2022, from https://www.solarreviews.com/blog/solar-panels-for-home

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Go Green
July 24, 2022by Avinash Verma1 Comment

Here’s Why You Should Go Green with Solar

Yes, you can Go Green with Solar energy!

Did you know that one-third of our world’s carbon dioxide (CO2) is released into the atmosphere from power generation?

Your mom or dad always nagged you to turn off the lights because you were either “wasting energy” or “raising up their light bill”. Those reasons aren’t false. However, beneath the financial burden is the truth about the real impact it has on our environment. More power is triggered when you leave the light, TV, or any other electrical utility running. As a result, more carbon dioxide emissions causing pollution in our world. This is a BIG reason to Go Green with Solar.

Evidentially, Tata Power, India’s largest integrated power company increased their green initiatives by installing solar panels on their statue buildings to generate green electricity. In 2021, Tata Power was able to integrate their program throughout 90 cities in India which produces 421 million watts of electricity. This is equivalent to the electricity use of nearly 40,000 homes in the U.S. The average annual power usage for a resident in the U.S. was 10,715 kWh in 2020, according to the Energy Information Administration.


Solar Panel vs. Tree Debate when Going Green

Solar power is better for the planet than fossil fuel alternatives. Trees are also really good for the environment because they offset the emissions of carbon dioxide. However, you may feel the need to choose between solar panels and trees when you Go Green. For example, the average South Carolina resident generates about 15.5 metric tons of greenhouse gas emissions according to the Energy Information Administration (EIA). This number is less than the average person in other states that get electricity from nuclear power but is still a lot for one person.

Additionally, mature trees can only offset about 50 pounds of carbon in the atmosphere per year. It would take 680 fully grown trees for you to offset your carbon footprint. On the other hand, the average 10,871 square feet home with solar panels can offset up to 3 metric tons of carbon emissions per year (equivalent to 130 trees). Based on that calculation, solar panels are more likely better for preventing climate change when you Go Green with Solar.

Yet it’s not that simple. Trees provide essential habitats for animals. Trees also stop erosion, prevent floods and absorb rain after storms which are both crucial to flood-prone cities and states.


Our Solution

Hence, we have created an initiative when you Go Green with Solar. To help lessen the battle between solar panels and trees, we at Catalyst Solar are looking to invest in tree farms every time a homeowner installs solar panels on their home with us. Identically, a number of trees will be planted whether you had to cut down a tree to install solar panels on your roof or not. We are excited to bring this program to you in the near future because if the choice is between solar power and trees, the best decision is both.

Go Green. Go Solar. Let’s do our part in protecting our environment.

Are you ready to Go Green? Contact us here to Get Started!


Sources

US Energy Information Administration. (2022, May 17). Frequently asked questions (faqs) – U.S. energy information administration (EIA). Frequently Asked Questions (FAQs) – U.S. Energy Information Administration (EIA). Retrieved July 13, 2022, from https://www.eia.gov/tools/faqs/faq.php?id=77&t=11

Gençer, G. (2022, February 28). Top 10 sustainability case studies and success stories. AIMultiple. Retrieved July 13, 2022, from https://research.aimultiple.com/sustainability-case-studies/

The Post and Courier. (2020, September 14). In solar panels vs. trees debate, both are winners. Post and Courier. Retrieved July 13, 2022, from https://www.postandcourier.com/opinion/editorials/in-solar-panels-vs-trees-debate-both-are-winners/article_15f364e4-f992-11e8-892d-032158397671.html

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solar panels
April 22, 2022by Avinash Verma0 Comments

Premiere solar energy installation services

Catalyst Solar is one of the premier solar installation services in the US. Are you looking for the right people to help you install solar panels in your home? Want to know about your options for solar panels and battery storage? Our team is here to help.

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electricitysolar panels
April 22, 2022by Avinash Verma0 Comments

How To Prepare For Blackouts With Solar Energy

Power outages are increasing at an alarming rate throughout the US. You may have noticed an increase in storms and other extreme weather. Unfortunately, this trend is unlikely to die down anytime soon, due to rising temperatures caused by global warming.

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electricitysolar panels
April 22, 2022by Avinash Verma0 Comments

Advantages of Installing Solar Energy

You have probably heard that solar energy reduces the cost of your bills, is ecologically responsible, and is a clean, renewable energy source. But did you know that solar energy can be stored and used for blackouts?