Solar Panel Financing

The term “net metering” refers to what happens when you are making more electricity than you use. When this excess energy pours over into the grid, it’s counted up, and after a certain amount of time, your power bill will quite literally be paying you. Before they pay you, though, you can use the power you put into the grid as excess at the wholesale price you put it in for.

Net metering is offered in the state of Virginia, so it’s best to take advantage of it while it’s there. Also, keep in mind that enrollment is open to a first-come, first-serve basis, so act quickly!

Depending on the size of your project and the initial investment, you could start seeing an ROI immediately. A return on investment in solar power is seen when the initial startup costs are paid for in energy savings. This payback period depends on how much your initial costs were. Also how much energy your system can create. If you take advantage of the available credits, then your actual investment can be made back in as little as four to six years in some cases and potentially less time if you install your own system.

Additionally, those concerned about selling their home prior to their solar system being paid off should be aware that solar panels actually increase a home’s value. According to the HUD, for every $1,000 a household saves on energy, the home’s value increases by $20,000.

Solar panels are properly positioned to maximize the sun’s energy when they are first installed. Therefore, they don’t require an additional tracking system to follow the sun’s pattern.

Some systems can have additional components added that allow the panels to change position throughout the day as the sun moves. However, these rarely improve energy efficiency enough to justify the added expense.

Today, a more cost-effective solution is to add one or two additional solar panels instead, as an alternative to a tracking system. This will allow for increased energy production and benefit from financial rebates as well.