Is There Such A Thing As Free Solar Panels? Myths, Debunked
Have you heard people talking about free solar panels in your neighborhood in Orlando? Yeah, we’ve heard about them too. Sounds too good to be true, right? Well, it does, because it is! Here at Solar Bear Orlando, we hear these myths all the time, and it’s time that we debunk them and put them to rest.
So, is there such a thing as free solar panels? Let’s find out.
Myth #1: Free Solar Panels Exist
While anything free is a win in our book, the reality of free solar panels is a little more complicated. While many companies offer “free” solar panel installation as part of their financing packages, there is usually a catch.
You may end up signing a long-term contract or agreeing to pay a higher rate for the electricity that your solar panels generate. Essentially, you may not be paying for the solar installation up front, but you’ll be paying in other ways.
Myth #2: No Payments Ever
Another common misconception is that you can install solar panels with no payment at all. Even if a company offers a zero-down financing option, payments will still be made in some way, whether that’s in electricity bills, lease payments, or maintenance costs.
Myth #3: Solar Energy is Always Cheaper
We love solar energy, and it can indeed save you a lot of money in the long run, but it might not always be less expensive at the start. The initial installation costs can be high, and your overall savings depend on your energy usage, location, and utility rates.
This is why we always recommend calculating your ROI and potential savings before signing on the dotted line or making a decision to install solar.
Myth #4: You’ll Get All the Benefits from Installation
When many companies advertise “free solar panels,” they are really referring to solar leases. This means that they will put a solar system on your home at no up-front cost to you. Of course, this sounds great…at first. You get to power your home with energy from the sun, and save on energy costs, right? Well, technically.
The reality is that even though these panels are installed on your roof, you don’t own the system. Under solar lease agreements, the solar company is the owner, and you are essentially paying them for the electricity that the system produces. That, unfortunately, makes them more like the utility company that you were trying to escape.
The lesson here is that while this can save you a little money each month on energy costs, it’s less than if you own your system. If you aren’t careful, you may even wind up paying more for electricity than you did before installing a solar system. Yikes.
Myth #5. You Can Get Free Panels from the Government
Sorry, as much as we’d like it to be true, you can’t get free solar panels from the government. That said, the government does offer many incentives that can make them much more affordable.
The Federal Solar Investment Tax Credit (ITC) allows homeowners to claim 30% of the equipment and installation costs as a credit on their yearly federal tax bill. This tax credit will apply to any systems installed and in operation before December 31st, 2032.
The catch? To be eligible for the ITC, you have to own the solar system, and in the scenarios we outlined above, the installation company owns the system, not you.
Read More > What Federal and Local Incentives are Offered to Orlando Residents?
Reliable Solar Installations
While free solar panels sound great, they technically don’t exist in the way you are being marketed to, so be careful. Always do your research, understand your options, and consult with trustworthy solar professionals like our team at Solar Bear Orlando before signing any contract.
If you have any questions or want to get a quote on what it would cost to install solar power at your Central Florida home, we’re here to help! Call us at (727) 353-3886 today!