The ability for homes to easily generate, store and use solar power is one of the most important technological breakthroughs of the past 50 years. Solar power has now emerged as a viable alternative to traditional electricity systems, making it much easier to reduce our impact on the environment and cut our utility bills. The only thing is – with all these innovations in solar technology – can you really afford it?
If you think solar power is beyond your financial reach, think again. Solar energy systems are actually more affordable than ever, it is just a matter of knowing how the payment system works. With the right financing in place, anyone can afford to install a state of the art solar energy system, get off the grid, save money and go completely green!
Here’s a brief overview of how you can utilise common payment plans to make your switch to solar a reality.
SOLAR THAT PAYS FOR ITSELF
There is a simple method available to anyone that will allow them to pay off a solar power system in just five years.
Firstly, you need to arrange financing from a financier of your choice. Usually, 25 to 40% of the initial upfront costs are paid straight away.
Then, part of the amount you used to pay to your energy company each month or quarter is paid to the financier and part of the amount is paid to the energy company. After five years of generating your own electricity, you will have paid off the system and you will simply end up paying the smaller electricity bill to the energy provider. It is a simple method of splitting your usual energy bill between your energy provider and the financier.
HERE’S AN EXAMPLE
In the situation above, if your electricity bill was $420 per month, you would pay $275 to the energy company and $245 to the bank. As you are generating electricity for your own use the entire time, your energy bills will have decreased and your payments to the bank remain the same. In five years’ time you will have totally paid off your solar power system.
The average cost of a solar energy system at the lower end is $4000 – $9000 and a system with batteries for an ordinary suburban home is between $12,000 to $18,000, depending on your electricity needs and past consumption. The average household electricity cost per year has been calculated to be approximately $2350. You can easily see how an ordinary household could pay off a solar energy system in no time!
If you’re ready to abandon costly electricity bills and embrace affordable solar power, start by speaking to the professionals. For more information on how you can set up a payment plan and just what solar system would best suit your needs, contact the expert team at HCB Solar today.