With so many special offers, discounts, and community programs, it’s hard to know if now is the right time to go solar.
Our best advice is that if solar makes economic sense today, get it installed and lock in your savings.
If solar almost makes economic sense, consider getting it anyhow. Within 3 to 4 years, you’ll be saving money.
That monthly solar payment depends on a number of factors, including interest rates. As interest rates go up, solar companies will have to increase prices for new systems. Interest rates are currently at an historical low: this is the most important reason to buy now.
A totally normal change in interest rates can increase the costs of solar by 20% or more. No other factor has such a large impact. So if solar makes economic sense today, do it!
Other factors that affect the level of solar savings simply don’t have as much impact. These include: price of electricity from the local utility (going up!); decreased costs of solar panels (going down a bit); increased efficiency of solar panels (going up a bit); and installation and maintenance costs (not expected to change much).
If solar ALMOST makes economic sense (say, it costs less than $2 per day), locking in current financing terms could make sense. As utility rates increase, you’ll be saving in no time.
A final word: If your roof is just a few years from a replacement, wait on solar. To stay under warranty, the solar installer must come to your home, take the panels down, and put them back after your roof is replaced. This expense eats up your savings, so it’s better to replace the roof first, then have solar installed.