Solar for All: Bridging the Gap to Make Renewable Energy Accessible

The biggest roadblock for most homeowners in converting to solar energy is the upfront cost. Interest rates are higher than ever, so at-home solar installation seems less and less affordable every day. However, this isn’t necessarily the truth. 

Solar energy is one of the cheapest forms of energy, and after the upfront cost, it should actually save you money. With that being said, it’s important to stay informed and up-to-date on the latest financing options before making the switch to solar. Let’s take a look at how accessible solar energy can be in Indiana.

Financing Options

Financing an at-home solar system isn’t as expensive and stressful as most people think. Understanding your financing options and what works best for your budget is helpful when it comes to making the switch to solar. 

In-House Financing

Many solar providers offer their own form of in-house financing. This process is different with every company, but many choose to use a solar financing company to handle paperwork and work through financing details.

In-house financing is the most popular option for our clients at Advanced Solar. For our in-house financing, we work with Mosaic Solar Financing. They offer more solar loan data than any other company in the solar energy financing industry. 

Home Equity Loan

If you’d rather work with your bank, a home equity loan or line of credit is an option. For homeowners with a lot of equity in their home who would rather borrow against it, this is often an ideal solution. Most banks will allow you to borrow up to 85% of your home’s value.

Personal Loan

A personal loan is considered “unsecured financing”, meaning the loan isn’t tied to anything related to your solar system or home. These loan amounts typically range from $1,000 – $100,000 depending on your credit score, income, and existing debt.

A personal loan is typically quicker and easier to get approved than a home equity loan or line of credit, but they tend to have higher interest rates and may charge additional fees. If you have excellent credit and don’t want to use your home as collateral for a loan, this route is for you.

Incentives

Going solar also has a variety of perks and incentives when it comes to filing your taxes in the future.

Federal Solar Tax Credit

If you have your solar energy system installed before 2033, you are eligible to receive a tax credit at 30% of your cost based on the federal solar tax credit also known as the Investment Tax Credit (ITC). This includes equipment costs, labor, and permit fees. 

Starting in 2033, this tax credit will be reduced to 26%, so if you’re considering switching to solar, take advantage of the higher tax credit rate and start the process now!

Indiana State Solar Tax Exemptions

If you’re a homeowner in the state of Indiana, you will be 100% exempt from all property taxes associated with an increase in your home’s value due to your solar power system installation.

If your home is located in an area of Indiana served by NIPSCO, you can enroll in a program to get credit for your solar energy. The program works with you to buy back the extra energy your system generates that you don’t need for your home. For more information about this program, visit the NIPSCO Feed-In Tariff website.

Solar For All Program

Outside of financing and incentives related to solar energy, solar energy has become more accessible, especially for low-income individuals due to the Biden-Harris Administration. Back in April, The U.S. Environmental Protection Agency announced that 60 selectees were to receive $7 billion in grant awards to deliver solar energy to over 900,000 households across the nation.

This grant is meant to benefit low-income households so Americans everywhere can reap the benefits of this affordable, green energy source. The program will reduce 30 million metric tons of carbon dioxide-equivalent emissions cumulatively over the next five years.

Advanced Solar Makes Solar Energy Accessible

Solar energy is more accessible than ever before. If you’re ready to start creating a brighter and more sustainable future, contact Advanced Solar to get started today. We’ll walk you through your financing options and work with you every step of the way through your solar installation.

Let’s harness the power of the sun today for a more sustainable tomorrow.