There is no question that investing in environmentally-friendly options—such as electric vehicle (EV) chargers and solar panel systems—will pay off in the long term. However, the upfront investment may be more costly than you are expecting. The good news is that, in most cases, you do not have to bear the entire cost of the installation and set-up on your own. There are various financing and payment options for electrical services available to qualified homeowners and business owners.
Types of Financing and Credits Available for Electrical Services
Whether you are looking into a solar panel system or an EV charger (or both), there are options available to help you cut down on the installation costs.
EV Charger Discounts, Credits, and Rebates
The battery technology and electrical requirements contribute to the costly installation prices of level 2 and level 3 EV chargers. Let’s take a look at a few ways you may be able to alleviate the financial burden of an EV charger.
- Bundling the cost of an EV charger with your automobile loan – Some financial institutions and financing companies allow you to add the cost of an EV charger to their auto loan. This is an excellent option for EV owners looking to install a level 2 charger at their residence.
- Home Equity Line of Credit (HELOC) – If you are unable to bundle the cost of an EV charger with your automobile loan or you have already bought your EV, then you may consider borrowing against the equity in your home.
- Manufacturer discounts and rebates – Companies such as Duke Energy offer rebates to customers that you can send directly to the manufacturer and receive credit in return.
- Tax credits – Tax credits, such as the Federal EV Charger Tax Credit, allow you to claim up to 30% of the installation and equipment costs.
Solar Panel Financing, Credits, Rebates, and Incentives
The total cost of your solar system will depend on which solar company you choose and the size of the system. The factors that influence this cost include the set-up and installation labor, equipment, location, mounting style, and any extras you choose. Fortunately, there are ways to ease the burden of upfront costs.
- Solar panel system loan – Just like when financing a car, a solar panel system loan allows you to pay for your system over time. The required down payment and interest rate will depend on your credit score and what you qualify for. In some cases, a down payment is not required.
- Home Equity Line of Credit (HELOC) – Since a solar panel system is considered an improvement on your home, you may qualify for a Home Equity Line of Credit (HELOC), which allows you to borrow against your home’s equity.
- Manufacturer rebates – Solar panel system manufacturers may run specials during the year, offering rebates on particular styles and models. So be sure to check around for special rebates that you can redeem with the manufacturer.
- Tax incentives – Depending on your location and current tax situation, you may qualify for Federal or State tax credits that allow you to claim part or all of the set-up and installation costs. Under the Federal Residential Clean Energy Credit, homeowners can receive credit for up to 30% of the cost of their solar system installation.
Additional Payment Options
We accept all major credit card companies for payment, including Visa, MasterCard, American Express, and Discover. We also accept cash and checks.
Which Payment Option Is Right For You?
If you are not prepared for the upfront financial investment, that’s okay! Doing your research and utilizing a combination of the payment options available will help alleviate the cost of EV charger and solar panel installations. Green electrical options should be available to everyone, and MLS Electric is doing its part to make sure that this is the case. Contact us today to learn more about your payment options, including the latest offers, credits, and rebates.
