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How do people afford the upfront cost of solar? (self.homeimprovement)

submitted 1 year ago by AnotherPerson to c/homeimprovement

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I just got a DIY kit quote for solar and it's ~$18,000. That would mean a contractor installing is at least $25,000 if not more. That's a big chunk of change upfront.

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[–] [email protected] 4 points 1 year ago (1 children)

Outright purchase, finance, or lease are the 3 options for getting solar. Many people prioritize this on their wish list, save up, and eventually can afford to do so. There may also be subsidies, rebates, and tax credits (federal and/or state) that may apply. New York, for example, is eligible for a max federal credit of -$5700 and a state credit of 25% of your system value to your income taxes. So that would shave off a lot.

[–] [email protected] 1 points 1 year ago

Does that mean you receive that much as a refund on your taxes, or is that much a write-off? Write-offs are worthless if you don't itemize and have enough write-offs to surpass the standard deduction.