
Solar Panel Financing
Options in New Mexico
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Solar Financing
The process of switching to solar can be quite an investment for homeowners. While it will provide you with financial savings over time, the upfront costs can be a concern for many homeowners on a budget. Solar panel financing options can help you see the big picture of switching to solar energy without feeling nervous about your budget.
Finding a solar system that fits your budget will help you get renewable energy and all the benefits without financial stress. LGND Energy works with many financing options and will help you navigate tax incentives to ensure the best solar implementation.
Types of Solar Financing Options
There are multiple financing options for homeowners across the country. New Mexico has many incentives and state rebates, but there are third-party loans and purchase incentives that can help homeowners in many states. Here are the most popular solar panel financing options.
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Solar Loans
Similar to car or house loans, solar loans will help cover the entire cost of installation and allow you to pay it off over time. These loans have competitive interest rates so once your loan is paid off, you can enjoy free energy for the rest of the systems life. Solar loans allow you to own your solar system outright. Using the energy savings you get from solar energy, you can pay off the loan faster. -
Solar Leases
Leases allow you to rent the panels while reaping the benefits of solar energy for your home. You will pay a fixed payment and enjoy a reduced utility bill. Leases can save you from worrying about maintenance and high upfront costs. -
Purchase Power Agreements
A PPA will allow you to pay for the generated energy from the system at a lower rate than typical utility bills. Through this solar financing option, you won’t own your system, but you will save on energy bills immediately. Since you only pay for the energy you use and have zero upfront costs, this is the cheapest option for those wanting to switch to solar. -
Government Incentives
The government incentives and local rebates help you to reduce the overall cost of a solar system. The Federal Solar Investment Tax Credit is one of the most popular options to help you pay for solar panels. System owners can claim a percentage of your solar cost on your taxes. Significant tax savings and a high return on investment are the key benefits of utilizing government incentives.
The Benefits of Solar Panel Financing
The benefits of solar energy are very appealing. The benefits of solar financing can enhance the appeal of solar systems even further. Solar panel financing options allow you to start saving money as soon as your solar system is installed.
Spreading out payments over time will make solar more accessible to everyone. This can help save the environment and allow more communities to be sustainable. Switching to solar can help extend the life of our environments so we can enjoy clean air, nature, resources, and wildlife for years to come.
Financing options can vary for different home sizes, energy needs, and system sizes. You can choose a plan that fits your budget and unique needs to save you the most money. Working with a professional solar company will also help you determine the best payment options and install the most useful solar panels. LGND Energy can help homeowners and business owners in New Mexico learn more about all the solar incentives and system sizes available.
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Our New Mexico Service Area
Our solar company proudly serves Albuquerque and the surrounding areas, offering comprehensive solar power solutions for homeowners and businesses.
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