
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.


