Existing Home (No Out-of-Pocket Expense for 1 Year)
The Hayes family was well aware of the power company’s steady rate increases and wanted more control over their monthly utility payments. For them, converting to solar made sense. After they had put $10,000 in savings for solar, they requested a bid so that they could see how much more cash they would need to set aside. When the Hayes’ first met with Auric Solar and reviewed the quote, they assumed they were still a few years away from making the switch. Because Auric offered a 1-year same as cash loan, they were able to get solar installed immediately with nothing out of pocket. By the end of the 12 months, they had received their tax credits and were able to combine it with the original $10,000 they had already set aside to pay off the entire solar purchase. They have now eliminated their power bill and fuel costs (and they have since purchased an electric car powered by their rooftop solar).
Existing Home (No Out-of-Pocket Expense + Low Monthly Payments)
The Anderson family decided that they were ready to switch to solar power and were eager to start saving money. They asked Auric Solar for a bid early on so that they would know how much money they would need to set aside to pay for the system. They were paying roughly $100 per month to the power company, and would need a 5.4kW (20 panel) system to eliminate the bill completely. After working with Auric’s financing partner, they were able to have their solar panels installed with no cash out of pocket, and no interest or payments for an entire year. During that year, their solar system saved them about $1,200 in utility payments, which they were able to put into the bank. At the end of the 12 months, they started making payments of $85 per month toward the loan on their panels. Instead of continuing to pay a bill that would never go away, they simply redirected the cash that they were handing the power company every month towards their low interest solar loan. The Anderson family’s monthly savings are actually increasing as power rates continue to climb.
Existing Home (Full System Payoff Upfront)
The Gomez family had a power bill that was over $500 in the summer and $200 in the winter for their 5,900 square foot home. Although they did not have enough roof space to eliminate the entire power bill, the 7kW solar array that did fit allowed them to stop paying the peak power rates that they were being charged by the power company during the summer months. The Gomez’s power bill has gone down to roughly $300 in the summer and $75 in the winter. With increasing power rates, and the help of incentives, the Gomez family will save over $45,000 in utility payments over the next 15 years!
New Build (Solar Incorporated in Construction Loan)
The Dunn family was building a new home and incorporated solar panels with the building cost into their mortgage. Before solar, the mortgage payment was going to be about $1,600 per month. Adding the cost of solar directly into the building price increased their mortgage by just over $200 per month, which is roughly what they would have been paying to the power company monthly. Instead of being at the mercy of the power company’s increasing rates, they were able to lock in their electricity payment with their mortgage and will eliminate it completely when they pay off their house. The best part was when they applied the renewable energy tax credits to their tax return (and used the $15,000 refund to landscape their new yard!).
Which situation fits yours the best? How do you plan on paying for your power?