It's no secret that renewable energy sources benefit not only homeowners but also the community and the environment as a whole. Home solar panel systems help reduce your carbon footprint and lower greenhouse gas emissions, explains the International Association of Certified Home Inspectors.

When you combine the falling solar system costs with the environmental impact they have on your community, solar panels are worth every penny, especially when you are able to go solar with Sunrun for little to zero down.

Installing solar panels is a smart choice, and it’s becoming increasingly accessible thanks to various solar incentives that make it more affordable.

How much does solar panels cost?

A key concern of many homeowners is the large upfront cost of solar panels. The good news is that as the solar industry expands and technology advances, the cost of residential solar systems continues to drop dramatically, according to the U.S. Department of Energy.

In addition, you have financing options that make the switch to solar power easier and even more affordable while also reducing your electricity bills over time.

1. Go the traditional route

Your first option is to purchase your solar power system outright with Sunrun’s BrightBuy. The upfront cost of a solar system ranges anywhere from $18,000 to $25,000 for a 5.13-kilowatt system, reports the Boston Globe. 

Factor in rebates and tax credits, and the out-of-pocket cost averages approximately $14,000. However, you own the entire solar energy systems and the electricity it produces during its entire lifespan. 

Sounds good, right? Well not exactly, because when you purchase the system and own it, you will also own the cost of maintenance and repairs that come along with owning the system, which can be costly.

2. Opt for a solar panel system lease

You also have the option to lease solar panels, just as you would a car. With Sunrun’s BrightSave, homeowners agree to a long-term contract and pay a monthly fee for the solar panels. 

Installation and maintenance is performed at no cost, and you have direct use of the electricity produced by the panels. 

The lease option does not grant you the benefit of tax credits, but the installation of solar panels can save you up to $570 a year on energy bills, according to the Boston Globe.

The best part of financing your home solar system with a lease is the lifetime warranty and service that Sunrun will provide. It’s true; go solar for little to zero down and pay nothing for repairs and maintenance. We’d say that’s a pretty sweet deal.

3. Solar energy system loan

If you’re set on owning your own solar panel system but want to avoid steep upfront costs, a solar loan is another way to make it more affordable.

Sunrun’s Solar Plans lets you purchase your own solar panels through one of our bank partners. You pay little to no money upfront, and you can enjoy low fixed interest rates while still cashing in on tax credits and rebates. 

Plus, loan options through Sunrun are unsecured (meaning your home doesn’t have to be used as collateral) and have no hidden penalties. However, you’ll still be responsible for maintenance and repairs since you own the system.

If your solar investment generates excess energy, you can often sell it back to your local utility company, adding even more energy savings to your overall cost reduction. The overall solar panels' energy costs do not have to be a burden.

Additionally, incorporating solar batteries into your system can help store energy for use when energy consumption peaks, further reducing your reliance on the grid.

If you're wondering whether solar panel installation is right for your home, let one of our many qualified solar consultants walk you through the benefits of having a solar power system that produces clean, affordable energy for your home and family, reducing your reliance on fossil fuels. Contact Sunrun today!