The solar sector is now struggling to survive the coronavirus pandemic. Additionally, while project delays and work halts may have significant short- and medium-term effects for solar installers, one long-term COVID-19 effect—an economic downturn—could potentially increase residential solar sales.
One of the best financial moves a homeowner can make during a recession is to install solar power since it is a dependable investment and offers significant energy bill savings.
Solar energy is a significant investment.
Investing in the stock market may be dangerous, as we witnessed with the Coronavirus market meltdown of February and March 2020. For some of us, losing the money we invest, even for a short period, is simply too dangerous, even though these losses are likely to occur soon.
If you want an inevitable return on your investment, put your money in solar. Your repayment time would be fewer than five years in other areas, such as Massachusetts and New Jersey. After that, you’ll have paid less for your system than you saved, providing you 20 or more years of power for nothing!
The time it takes for a system to pay for itself varies from state to state and is influenced by local power prices and available incentives.
Low-interest rates on solar loans make borrowing simple.
Solar loans are an excellent option to finance a solar system if you don’t have the money for the initial charges.
Central banks reduce lending interest rates during economic downturns. In doing this, banks hope to promote more loan applications and investment activity. This implies that the US’s already-low interest rates will continue to decline. The Federal Reserve has already lowered borrowing costs to below 1%.
Solar loan borrowers pay less each month for their loans thanks to low-interest rates than they did for their previous power bills. You would thus trade your monthly energy bill payment for a cheaper loan if you took out a loan to install solar.
You will also save more money thanks to decreased interest rates. Once the loan is repaid, you will receive power at no cost!
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