3 Solar Financing Options Most Americans Don’t Know About

Most people agree that in the long run, renewable energy is more affordable, secure, and better for the environment than any of the fossil fuels used to create power today.

For individuals and families, making the switch to renewable energy like solar, wind, or geothermal can have an immediate impact on the amount of money is costs to heat, cool and power a home, not to mention a significant increase in home value.

The catch? Until renewable energy is more widely adopted and connected via a nationwide smart grid, the upfront costs for installation and maintenance prevent most people from enjoying the benefits.

The good news is that there are a lot of options for solar financing available from both public and private agencies, you just have to know where to look.

Here are just three of the available government incentives for home solar systems in the U.S. Many were new to me, which ones are you surprised to see?

1. Tribal Energy Program Grant

Th DOE program provides financial and technical assistance to tribes to evaluate and develop their renewable energy resources and reduce their energy consumption through efficiency and weatherization. The program also offers education and training opportunities to help build the knowledge and skills essential for sustainable energy projects.

2. Rural Energy For America Program Grants

The Rural Energy For America Program Grants/Renewable Energy Systems/Energy Efficiency Improvement Program (REAP/RES/EEI) provides grants for energy audits and renewable energy development assistance. It also provides funds to agricultural producers and rural small businesses to purchase and install renewable energy systems and make energy efficiency improvements. The grants are awarded on a competitive basis and can be up to 25 percent of total eligible project costs.

3. Residential Renewable Energy Tax Credit

Consumers who install solar energy systems (including solar water heating and solar electric systems), small wind systems, geothermal heat pumps, and residential fuel cell and microturbine systems can receive a 30 percent tax credit for systems placed in service before December 31, 2016.

Related Reading:

Solar Energy Powers 1 Million Bangladeshi Homes

Communities Crowdsource Clean Energy With Solar Mosaic

Solar Power Without The Panels?

Former Sears Tower Will Generate Energy With Solar Windows


Image Credit: Flickr – joncallas

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Karen Martinez
Karen Martinez2 years ago

Good to know that there's a rural option. Looking into wind energy for our little ranch. Trying to find out about solar right now for the hot water heater! Solar for the hot water heater in the city house would be a big help as well! Thanks for the article!

Ruth R.
Ruth R.2 years ago

Thank You for the article !

Jamie Clemons
Jamie Clemons2 years ago

There is also solar leasing.

Ana P Martinez
Ana Martinez3 years ago

Good info!

James H.
James Hager4 years ago

hell yeah

KrassiAWAY B.
Krasimira B.4 years ago

Noted with interest.

Hugh Mcintyre
Hugh Mcintyre4 years ago

great article!

Anastasia F.
Anastasia F.4 years ago

THe tribal and rural options aren't going to work for many, but it's great that they're available.

pete M.
peter m.4 years ago

We cannot provide for a planet with people with unlimited population growth free birth control for everyone.

Kamal Prasad
Kamal Prasad4 years ago

You could spend thousands of dollars (even after tax credits and rebates) to cut your carbon footprint or you could save thousands of dollars, and go vegan! http://www.scientificamerican.com/article.cfm?id=the-greenhouse-hamburger