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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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Melissa B.
Melissa B.
11 Aug 2022: We just signed the contract with Baker to add solar panels and battery backup to our existing system. Am going to update this review as we… 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
Walter Shihinski
Walter Shihinski
Eric Young the technician you sent to repair my home air conditioning unit performed his work flawlessly. Extremely knowledgeable he wasted no time addressing my issue and had it resolved almost immediately. I would definitely ask for Eric to perform any additional service or repair needs. His performance reflects the professionalism of your company. Again thanks for the exceptional service. 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
Charles Padgette
Charles Padgette
Outstanding in all regards. Exceptional customer service, pricing and follow-through. . The installation team of Chui and Antonio were remarkable in all regards. Highly knowledgeable, professional and personable. They form a unbeatable team from courteous customer relations to product knowledge. My new A/C unit is great. Read more
Rolando Hernandez
Rolando Hernandez
First time using Baker Electric. But will use them and recommend them to everyone. Communication was perfect, even called to make sure my unit was no under warranty so I wouldn't have to pay out of pocket. The tech Eric Young came out on time and checked my A/C unit he let me know the issues, as the unit has warranty but just for parts. He was nice, knowledgeable and friendly. Great face for the company. Read more
David Furukawa
David Furukawa
Our technician, Eric Young, Was superb! He was knowledgeable, thorough, well spoken and engaging. He explained the details of the work he was performing and alerted us on items that needed further attention. We purchased a maintenance contract for his services for the next three years. He was a great ambassador for Baker Electric. Read more
Cassandra Beckman
Cassandra Beckman
Will Stinson just came out and installed our Tesla car charger. He arrived on time, with all the appropriate tools. He was extremely professional, a true reflection of Baker Electric. He took his time to explain the process and what the next steps would be. So grateful to have Will as our expert technician. He and Baker Electric team deserve more than 5 stars! Read more
Brigitte R
Brigitte R
I am very pleased with my new heat pump. My house never been this comfortable during a heat wave. Curt was excellent in recommending the right unit and patiently answering my many questions. The price was very competitive, and the installation was very professional and expertly done. Would definitely recommend Baker Electric to my friends and family. Read more
Neel B.
Neel B.
Baker was consistent, transparent, and professional from start to finish. They were not the cheapest bid I received, but were in the ballpark of others. The… Read more
Michael B.
Michael B.
Ryan did a great job. He was on time. He was thorough with checking out the A/C equipment. And he was very personable. I will recommend Baker Electric to my friends and family. Thank you 😊 Read more
Based on 552 reviews
Based on 455 reviews

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