5 Ways You Can Install Solar Panels on a Budget

The availability and status of tax incentives may help you make the decision to invest in solar panels for your home or business. The Solar Investment Tax Credit allows you to deduct a portion of the cost of installing solar panels from your taxes. It is phasing out, however, so the sooner you act, the more savings you will see from this program.

Grants for renewable energy are usually awarded to businesses, schools, or researchers, but there are some out there for individuals as well. They offer funding that does not have to be repaid, so it is an attractive option. Check community foundations and local, state, and federal agencies for grant listings.

Many manufacturers and utility companies offer rebates for the purchase of solar energy systems. Check with your contractor to see what rebates apply to your panels, and how to maximize them. If you aren't adding battery storage to your panel system, ask your utility about net metering too.

There are also attractive lease options. The lease payments will generally be offset by the amount you are saving in utility bills, especially if you are in an area with high electric rates. In many cases, you can purchase solar panels oftentimes with payment options available.

Professional solar contractors can determine the best locations for installation to maximize the power generated, can accurately determine what size system you need for your household needs, and they have access to current industry information.