How much does it cost?
Solar energy costs less than Utility power in many markets today, and whether you wish to purchase or finance, XOOM Solar likely has a solar solution that works for you.
If you have the cash to pay for the purchase your solar power system you will most likely maximize the financial benefits of going solar. It’s a good investment with solid returns which include the following:
You are eligible for a federal tax credit of 30% of the value of the system. Your State, local government or Utility may also offer incentives. These incentives may be in the form of one-off incentives like rebates or tax credits or on-going, performance-based incentives like Renewable Energy Credits (RECs) or Feed In Tariffs (FITs).
Excess energy production
In some States you are paid for any excess of solar energy over your utility consumption, should you have any, which increases your savings.
No monthly solar payments
Your monthly utility bill is greatly reduced depending on size of system.
If you borrow to pay for the purchase of your solar power system, you will also accrue all the benefits of ownership above while providing little or no upfront costs for the system. Your loan payment will never increase and once you have paid off the loan, your solar electricity is free for as long as the system is producing.
Finally, as the owner, you are responsible for the maintenance and repair of your home solar energy system. But, because they have no moving parts, home solar energy systems are incredibly durable and are virtually maintenance-free. Plus, you’re protected by warranties up to 25-years on equipment and a 10-year workmanship warranty.
Lease or PPA for your system
If you are more interested in benefiting from the clean, green electricity generated from the renewable source and don’t wish to pay cash or borrow to own your system or want the responsibility for any maintenance in the future, a Lease or PPA (Power Purchase Agreement) option may be the way for you. In addition, if you don’t pay enough Federal or State taxes to benefit fully from the tax incentives or have a good credit score you may also wish to use this finance option.
Lease - With a Lease, the system is owned by the finance provider and payments are made like a loan over the term of the lease.
PPA -With a PPA, the system is also owned by the finance provider, however payments are made in accordance with the power produced by the system over the term of the PPA. You only pay for the energy actually produced by the system.
Benefits of a Lease or PPA:
Low or no upfront costs
Don’t need much or any money to get started.
Lower monthly energy bills
You will have a combined cost of a reduced utility bill (if not eliminated) and your solar Lease or PPA payments which together will give you immediate savings from the start compared to your pre-solar utility bill.
Your solar costs will be predetermined for the duration of the Lease or PPA agreement which may be at fixed rates or with a small annual escalator estimated to be less than anticipated future increases in utility rates.
No maintenance costs
As owner of the system, the finance company takes care of all system maintenance issues and insurance costs.