Rent Solar Power

June 13, 2009 by  
Filed under Solar Energy

The biggest problem that homeowners come across when they consider generating electricity for their homes with solar power is the cost that comes therewith. Using solar power in an average home would require a need for quite a lot of solar panels. The majority of solar panel systems fill up most of the house’s roof, making the cost of the solar panels alone amount up to $16,000. If you add a solar battery, solar power installation and other factors, the overall investment could actually cost up to $50,000.

Although the cost may be high, most users find their money to have been invested in a worthwhile cost, especially in rural areas where power outages are quite common. It is actually kind common for wind storms to knock trees onto power lines and for transformers to blow out. Old system components may just be too old and too expensive for people with small income to upgrade. Ensure that you have a solar system off the grid can work as minimum back-up for these power outages.

The payback for home solar panel systems could be more than two decades, though, so the initial cost may still be too high for some people, compelling them to live through occasional blackouts.

However, buying solar systems upfront aren’t the only option nowadays. Various loans, rebates, leases and grant systems now exist to off-set either part of the cost or the entire cost.

Outright payments and federal tax rebates can also be of service, while exclusive state laws may allow utility companies to lower the cost of arrangements for the usage of solar power. In fact, some systems and contracts and systems even buy extra solar power, when available. If your solar system provides your home with too much solar power, the rest can go to the utility grid in exchange for a rebate on your bill.

A lot of companies are also willing to subsidize some of the cost with discounts for those who use solar systems. Not a lot of companies will pay for you to buy less of their services and products, of course, but with today’s laws in electricity generation, they can definitely give a financial incentive for it.

Several companies are coming into fruition that can lease certain equipment, which opens up the chance to lower major shares of a solar system’s upfront cost, similar to leasing a car. The overall cost through time may be a bit higher, but the initial investment can be lowered substantially by installing a solar system in reach for many people.

The majority of today’s world own homes for less and a decade and because of this, flexible terms and rates are offered by mortgage companies, which could be affecting the possibility of installing solar systems, too.

The majority of people who plan to own their home for only half a decade tend to be the most reluctant in investing tens of thousands of dollars into solar systems. Installing solar systems, however, certainly raises a home’s value, though not high enough for new buyers to pay for the entire cost. By leasing it, equipment can be returned, opening new possibilities.

With so many changes in financial arrangements and technology, solar systems are becoming quite a hit nowadays. Find out every option available and you may be able to get one for yourself.