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Solar Home

Financing Solar

Solar is a big home improvement investment and many people finance it with a loan or lease. Here we take you through the options.

Finance options for everyone

Baker Electric Home Energy offers various financing options which take into account your needs and goals for getting solar panels. These include a variety of residential solar choices like cash purchase, loan, or lease. We’ll help you decide which fits your lifestyle best.

Why would you consider a Cash Purchase?

Considering a cash purchase offers the lowest cost per kilowatt hour and is potentially tax deductible.

With a cash purchase, you buy and own the system, along with all the energy it produces. A cash purchase requires the highest upfront cost, but will generally pay for itself in five years or less, and provides you with the lowest cost per kilowatt hour. When you purchase your solar system outright, it also allows you to utilize the Investment Tax Credit.

Benefits of purchasing your solar include:

  • You own the solar system
  • Contract value is paid directly to the solar provider
  • Investment Tax Credit (ITC) is claimed by you
  • Studies show purchased solar can increase home value
  • Return on investment in as little as five years

Why would you consider a Solar Loan?

Considering a solar loan is the same as a cash purchase and offers the lowest cost per kilowatt hour and is potentially tax deductible.

Many consumers find that financing their solar system makes the best sense because it offers many of the same benefits of a cash purchase, but without the upfront costs.

It’s a great option if you want to own your solar system but don’t have the immediate funds for a cash purchase. Instead of high-cost electric bills from utility companies each month, you’ll have a lower-cost loan payment. Whether you use your own bank or one of our loan partners like Dividend Solar or Wheelhouse Credit Union, we’ll help you every step of the way in obtaining the solar loan option that works best for you.

Loan options include:

  • Self-Financing e.g. HELOC
  • Solar Loans through Baker’s preferred financing Partners

Benefits of using a loan for your solar include:

  • You own the solar
  • Investment Tax Credit (ITC) is claimed by you
  • No heavy upfront out-of-pocket expenses
  • No prepayment penalty on Solar Loans
  • Some loans are transferrable in the event you decide to move.

Why would you consider a Lease/Power Purchase Agreement (PPA)

Considering a Lease/PPA means zero upfront costs.

Leasing is an attractive way to go solar because it requires no money up front. With a leasing option, you don’t own your solar system, and simply make a monthly payment to the Lease Provider.

Choosing to lease your solar installation is best thought of as paying for the electricity generated by the solar rather than the installation itself. Our lease option offers total product and production guarantees for the entire 25-year lease agreement. Much like a loan, you will have a lower-cost, fixed payment for your solar each month rather than an electric bill from your utility company, and it requires no money down. Our lease payment plan does not include any escalation factors — the amount you pay each month stays the same for the entire 25-year lease. The lease is transferable in the event you decide to move.

When you lease your solar, you see immediate savings with $0 up-front costs and monthly payments typically 25%-35% less than your current average electric bill (assuming 100% energy offset). While there are no upfront costs, you must have a 650+ FICO® Score.

Benefits of leasing your solar include:

  • $0 down
  • Fixed (vs escalating) monthly payment — immediate savings
  • Customers still benefit from ITC through lowered monthly payments
  • If the home sells, the lease can transfer with homeownership (based on simple credit requirement)
  • System removed or lease extended after the life of the lease
  • Includes 25-year Full System Warranty
  • Includes Solar Production Guarantee and 3rd Party Monitoring

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Lynda Damato
Lynda Damato
We are very impressed with the caliber of employees this company employs. It is a BIG investment for anyone who is putting in solar/batteries, etc., so you better get the best and most established company you can. There are solar company horror stories about “here today, gone tomorrow” everywhere you turn, but you won’t be one of them if you go with this 80 year old company. I chose them because they did a huge job for my employer 25+ years ago and I was a part of that build out. The company was very pleased. They’re still providing great service. A VERY special shout-out to Felix Ortiz and Bobby (sorry Bobby, I don’t know your last name). All the other folks who were here were great too. It was apparent that they enjoyed working with each other. Felix offered (and did) to paint the outside conduits to match our house. He was was not required to do it, but he did it to make us happy. You don’t get service like that anymore. Even if we have to swap out a light switch Baker is going to do it! Good job, Baker! Read more
Denise W.
Denise W.
We recently had an issue with our furnace not working and we contacted Baker because we have been so pleased with their work and impressed with their staff… Read more
Shanny L.
Shanny L.
We are very pleased with the service we've received, specifically, from the service manager Josh. We ran into some snags, initially, after Baker became… Read more
Jill Tavolazzi
Jill Tavolazzi
Every step along the way with Baker to install solar has been smooth and efficient. They were straightforward, honest, and kept me up-to-date on everything. I researched solar companies and interviewed 3 of them. I was very impressed with Baker, plus they had the best reviews. Their prices were similar to other companies but they gave me an extra $1,000 off (someone referred me) and I am also going to receive $250 for a referral. I also took advantage of their no down, no interest, no payment offer that gives me 18 months to pay my solar installation costs. That allowed me to use my savings for a new roof and fence that I desperately needed. Go with Baker…you will have no regrets! Read more
Andra C.
Andra C.
Our AC went out last night. Great timing with triple digit temps. Carrier gave us a list of companies to service our AC which was still under warranty…. Read more
Caroline M.
Caroline M.
What a great business to do work with! Their staff has been awesome. I have the pleasure of dealing with Jeremy Denton, from customer service, not only that he is very professional, courteous, knowledgeable and takes ownership of the issue and follows up to get resolution, he also seems like a real genuine and caring person. One cannot hope for more from a business. It is so rare in the recent years to find good customer service, and this company exceeds all expectations. Thank you for putting so much emphasis on selecting the right people for your team. Read more
Pat Reynolds
Pat Reynolds
Gustavo Ruiz and his team (Alfredo, Luis, Roman and Bryan) were all very professional and courteous. They were knowledgeable about their business. They arrived promptly at the job site every morning. They performed an outstanding install. They policed the job site for cleanliness and parts before they left. I would highly recommend Baker Electric and this solar roofing team for future work. Tim Akenson and his team performed the solar electrical component install. The roof team did a great job of arranging and installing the solar panels on the roof. Tim and his team did a clean and organized install of all the electrical conduit and control boxes. The complete electrical install was completed in one day. The job looks great. The system was working properly and producing electrical energy that afternoon under test. Tim’s team was very professional, courteous and efficient in performing their job. I would highly recommend them and Baker Solar for future upgrades to my system. Read more
Pat Reynolds
Pat Reynolds
Gustavo Ruiz and his team (Alfredo, Luis, Roman and Bryan) were all very professional and courteous. They were knowledgeable about their business. They arrived promptly at the job site every morning. They performed an outstanding install. They policed the job site for cleanliness and parts before they left. I would highly recommend Baker Electric and this solar roofing team for future work. Read more
Sherry Kear
Sherry Kear
Friendly and terrific energy. Great communication and knowledge. Straight forward and honest. No up selling. Sending details to our email so we can see what the issues are and make the best decision. A low quote cost that can roll over into service. Will definitely call em again and recommend. Read more
Melissa B.
Melissa B.
11 Aug 2022: Initial Contact – Kevin We just signed the contract with Baker to add solar panels and battery backup to our existing system. Am going to… Read more
Mike Lynch
Mike Lynch
Excellent experience. The crews were very professional and quite large to get the required work done in one day. Roofers, then solar, then roofers again, 3 days. They were very respectful of our historic home and obviously had experience with red clay tile roofs. They were also able to work around our delicate gardens. Very, very satisfied. Read more
Sue F.
Sue F.
I give Baker Electric 5 stars and would give them more if I could! They are a first class outfit. In business for almost 80 years and I can see why! I… Read more
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