For several reasons, financing a solar and battery system can be an intelligent financial decision. First, these devices may eventually pay for themselves since they can reduce energy expenses.
They can also aid in the fight against climate change by lowering a household's carbon footprint. Further decreasing the demand for fossil fuels is the ability to power an electric vehicle using a solar and battery system.
A solar and battery system may be expensive up front, but there are financing options to help you budget for the expense. Due to its potential to provide savings and offer a long-term investment, financing a solar and battery system may be a more attractive choice than financing a home or a vehicle.
Which one to finance – solar and battery combo, the car, or the house?
We buy houses, and we buy cars. Both are significant investments, cost a fair bit of money to maintain, and are an essential part of our lives. In the house, we need shelter and a car to get around, buy food, drive to work, and go on holidays. Cars and houses, as they are big expenses, are regularly purchased via a loan. On the other hand, a quality solar and battery combo is a reasonably significant expense, although lower than a car or a house.
Advantages to financing
The major benefits of a solar and battery system over a house or a car are:
- The renewable energy package can make money for you;
- It can pay for itself, while for example, your vehicle depreciates by 20% each year;
- A quality solar battery system is a guaranteed investment and will make you money over time;
- It will help reduce your family’s carbon footprint and therefore reduce your contribution to climate change;
- If you purchase an electric car – it can help you create the electricity to fuel your vehicle.
The most significant advantage is:
- The solar/battery combo can help you pay off the car and the house faster. This is done by reducing your electricity bill over an extended period;
Therefore, the logic for getting a solar/battery system seems straightforward. Furthermore, if the up-front cost is an issue, finance options are available to make a purchase possible.
If you would like an estimate on your potential finance payback feel free to check out our calculator here.