Over 1 million homeowners in the U.S. have gone solar, and it’s not just people that care about the environment. Solar has become such a popular, mainstream investment because it can save you a lot of money on your electricity bills. Here’s why:
Solar Costs Are Falling: Solar is booming all over the world, and manufacturing economies of scale are pushing prices down just like they have for computer chips. According to the Lawrence Berkeley National Laboratory, average U.S. residential solar costs have fallen more than 50% since 2008.
Utility Rates Are Rising: Just as the costs of solar have steadily fallen, the prices charged by utilities keeps going up. In fact, according to the U.S. Energy Information Administration, average U.S. residential electricity prices have gone up 9 out of the last 10 years, which adds up to an increase of over 20% overall.
Better Solar Finance Options: In the same way that auto financing has made it possible for almost every American to drive a car, solar loans have supercharged residential solar growth by eliminating up-front costs and allowing homeowners to easily pay off their solar panels over time.
All told, the average homeowner using a Mosaic home solar loan saves $30,550 over the life of their system, with the savings often starting on their first utility bill after going solar!**
*Savings are based on savings of Mosaic borrowers between 11/3/2014 - 9/30/16 using our 20 year choice rate loan product. Savings depend on credit profile, timely monthly payments and making the prepayment target. Savings are calculated by (Electricity bill before solar) - (Bill after solar + Mosaic loan payment). Savings may vary above or below the average rate based on geography and weather variability particular to your jurisdiction. We assume a solar panel life span of 30 years, a decline in panel production of 0.5% per year, inverter replacements at years 10 and 20, and retail electricity rates increasing 2.18% per year (National average utility bill increase of 2.18% based on EIA data for the last reported 20 years, nationally (1997-2017).