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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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Rana L.
Rana L.
Honestly, we did not feel like we had to do a lot of research when it came to getting solar.  We've always heard that Baker is the best and we understand… Read more
Dick S.
Dick S.
In December 2021, after a thorough review of solar companies in our area, we selected Baker Electric Home Energy to install a solar system on our home…. Read more
Rick H.
Rick H.
We decided on Baker after significant online research and talking with neighbors and friends. Our system was turned on just over a week ago. Overall, we're… Read more
Robin L.
Robin L.
I went on "Angi" (first time) and immediately Corey responded to my request to do a maintenance on my AC/Furnace. We set up an appointment 2 days later…. Read more
Heidi S.
Heidi S.
We recently had Baker Electric install a solar system on our house. From start to finish the crews, who came were; professional, considerate, provided… Read more
Brian R.
Brian R.
It's hard to write a review of big places or small ones. There's no point reviewing SDG&E, and there's no point reviewing McDonalds #2345. So I wasn't going… Read more
Dave M.
Dave M.
Baker Roofing Team, lead Juan Carlos Solorzano & crew Eduardo, Salbador, Felipe, Felipe and Sergio arrived to replace our roof well prepared and organized,… Read more
Mark Schaa
Mark Schaa
On time, professional, courteous and excellent workmanship. Esteban was an expert who answered every question with patience and phrased things in a way I could understand. The work site was kept clean and safe. When they completed the project you couldn't tell anyone had been there except for the wonderful solar panels on the roof. A++ for everyone connected to this project! Read more
Helen S.
Helen S.
From the first estimate to the final install, everyone at Baker was courteous and professional. We can't imagine having a better experience getting solar… Read more
Mark Sampson
Mark Sampson
I interviewed several candidates for my solar photovoltaic project. Baker offered the best combination of price and technology. My decision was rewarded with an outstanding installation experience from start to finish. All Baker personnel with whom I worked were knowledgeable, professional and punctual. Read more
Donovan G.
Donovan G.
Baker was very responsive to my inquiries and got the project done within just a few weeks of me signing. I have an older home (1960s) so there was a need… Read more
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
Based on 123 reviews
Based on 407 reviews

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