Solar panels have been in the news since at least the 1970s. However, the technology has changed radically over time, and people who never thought they would use solar panels may be surprised at how much they could benefit from their own installation. Here are a few facts about solar panels today and some reasons why it might be the right time to make the switch.

How do They Work?

Light is made of photons, and the sun produces a staggering amount of them. Solar panels are made of photovoltaic cells. Photons that hit these cells knock electrons away from atoms, creating a flow of electricity. The photons that strike a solar panel would otherwise strike the roof of the structure or the ground, generating heat and going to waste. Once a solar panel is installed, it produces electricity at no cost. However, the price of solar panels has historically been high.

Falling Costs

Since their introduction, the price of solar panels has dropped at a steady rate. In the past, the investment required for solar panels was too high for many to afford, even though the panels would pay for themselves over time. Today, they are far more affordable. Furthermore, new markets have emerged. Companies now offer the option to lease solar panels. The cost to lease solar panels goes to the lender who paid for them outright, and they can dramatically reduce the cost of your energy bills each month in addition to helping you reduce your impact on the environment. Even if you don’t have the resources to pay for solar panels yourself, lending options may make the move a realistic and money-saving one.

Myths and Changing Attitudes

In the past, homebuyers tended to stay away from solar panels. Today, real estate agents agree that solar panels increase the value of the home tremendously. Many people in colder climates think solar panels will be inefficient; in reality, solar panels work well even in Europe, which receives far less sunlight than the United States and many other regions. Furthermore, many people feel tempted to wait before making the switch to solar panels due to their falling prices. Economists who’ve analyze the issue agree that the technology has long past the point at which making the switch makes sense financially for most individuals and organizations.

We’ve been hearing for decades that the solar revolution is coming. Today, the transition is well underway, and homeowners, business owners, and large organizations can benefit from making the switch. If you’re interested in solar panels, make sure to take a look at lending options. The market for solar panels and leasing options is strong, and the savings you can reap over time can be substantial.

TOPCU is a leader in financing programs for Solar systems.

Solar financing at competitive rates is available for systems installed on residential, investment and business properties, too.

  • Low Rates
  • Minimal Upfront Costs
  • Flexible Terms
  • No Prepayment Penalty

Contact us at (520) 881-6262, ext. 702 or email us at solarloanteam@topcu.org to learn more