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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 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.

Cash Purchase

Pros: lowest cost per kilowatt hour; potential tax deductibility
Cons: highest upfront costs

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, 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
  • You pay the minimal amount for solar energy
  • Contract value is paid directly to the solar provider
  • Investment Tax Credit (ITC) is claimed by you
  • Solar panels are warrantied for 20-25 years
  • Studies show purchased solar can increase home value
  • Return on investment in as little as five years

Solar Loan

Pros: same as a cash purchase (lowest cost per kilowatt hour; potential tax deductibility)
Cons: small interest rate on the loan

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
  • PACE Financing
  • Unsecured Loans
  • Warranted Solar Loans

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
  • Some loans offer no prepayment penalty
  • Loans are often transferrable in the event you decide to move.

Standard Lease

Pros: zero upfront costs
Cons: you forego any solar tax credits along with state and local incentives

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, but basically pay a monthly “rent” to your solar 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 20-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 20-year Full System Warranty
  • Includes Solar Production Guarantee and 3rd Party Monitoring

Current offers

Save this summer with our latest offers

Zero Excuses Summer Sale

Zero Excuses Solar Summer Sale
$0 Down, 0% Interest
and 0 Payments until 2023

View offer
Tesla Solar Panels

Zero Excuses Tesla Solar Panel Sale
$0 Down, 0% Interest
and 0 Payments until 2023

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Teha E.
Teha E.
Eric from Baker has been exceptional to work with and helped us trouble shoot issues we've had with our A/C unit. We are continually impressed by his… Read more
Christy Campbell
Christy Campbell
Baker has been absolutely amazing! They are very organized, clean, communicative, and punctual. Everyone on their team who has been out to our house has been 100% positive and helpful. The roofers and insulators are all very professional and know what they’re doing. You can tell it’s a great company because everyone who works for them is very happy. I would recommend Baker electric to everybody. We made the correct choice to go solar with Baker. Read more
Rb B.
Rb B.
Baker Home Energy contacted me right away as soon as I put in my request. My airconditioning wasn't working as it should. My cold air had stop working… Read more
Lisa M.
Lisa M.
The Baker Electric team did a great job on my solar installation. Their prices are very competitive and there service is top notch. Esteban and his team… Read more
Annie R.
Annie R.
We are in the process of getting our solar panels & in the process had a need to get some roofing work done. This review is pertaining mostly to the Roofing… Read more
10/10 highly recommend! My Technician Junior A. came out to fix my A/C unit and had it done in less than 10 minutes! He was very considerate in giving me a call to let me know he was 40 minutes from arriving at my home, which really helped me plan out my busy schedule that day. As he troubleshot the issue I felt more than comfortable with him due to his ability to explain what he was doing and why he was doing it. I did not feel as if the was trying to up-charge me or make me purchase anything that I did not need because of that. I feel that this company is ran in a way that makes their employees very happy which in turn produces stellar Technicians like Junior and makes customers like me comfortable and satisfied. EXPEDITIOUS, HONEST and AFFORDABLE! Read more
Brian K.
Brian K.
We chose Baker Electric for a fairly substantial home project: complete reroof, 24-panel solar PV, Tesla Powerwall and EV charger installation. I've read a… Read more
jackie baxted
jackie baxted
I found baker electric to be highly professional friendly and always on time. Everyone that I met through this experience was exceptional in my opinion. Any dates that were given to me were met or exceeded. I will not hesitate to recommend baker electric to any friends or anyone that asks me about my solar. Read more
We got four quotes on a new HVAC system and chose Baker. While their quote was not the lowest, they had the product we wanted, the warranty and service we needed, a professional sales presentation, and a very competitive price. Eric was in our home doing some warranty work today. His expertise and helpfulness confirmed to us that we made the right choice going with Baker. We recommend Baker without reservation. Read more
Gemma Gray
Gemma Gray
Fantastic solar company to work with! We signed up with Donald who was very knowledgeable and stood out compared to other reps in the industry. The roofers Tyler, Fernando and Carlos, led by Roy, were all superb, getting the job done quickly and cleanly. Finally, the install of panels and switch on was seamless. Thank you Team Baker!! Read more
Nicholas Pike
Nicholas Pike
Our air conditioner was recently cycling on and off. Our Nest thermostat was complaining that it was losing power. I requested a quote from Baker Electric and the next afternoon Alex was here with a quick resolution! Thank you for the very quick response, and compete professionalism. can't wait to give y'all more business on my house! Read more
Nicholas P.
Nicholas P.
Our air conditioner was recently cycling on and off. Our Nest thermostat was complaining that it was losing power. I requested a quote from Baker Electric… Read more
Based on 113 reviews
Based on 372 reviews

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