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Framingham MA Family Chooses a Solar Lease

For most working households, there are many joys from owning a home as well as a few challenges. Beyond security and satisfaction, homeowners get pleasure out of making improvements for comfort or even aesthetic appeal. Maintaining control of the budget is commonly the biggest challenge for homeowners. And a solar lease in one way to help save money while getting better control over finances

From our years of local experience, we think a family in Framingham, Massachusetts provides a terrific example of how important decisions are made about investing in a solar energy system. Let’s call them the Smith’s, Bob and Nancy.

The Smith family annual income varies because Nancy works part time. Their financial priority for the future is saving for college for the 2 children. The budget is tight but closely monitored, and a recent needed home improvement loan makes things a little tighter for them. Bob and Nancy have been increasingly frustrated with the impact of their power bills on their ability to save.

Here is a little more specific detail about the Smith family circumstances.

  • Moved into the area around 6 years ago. The are thrilled with the schools and the lifestyle they have been able to maintain.
  • Bob has a secure job and doesn’t want to opt for transfers for advancement. Nancy works part time as a substitute teacher around Framingham and the area.
  • They take few risks because of their fluctuating income.
  • With two children within 4 and 6 years of college age, educational funds are a primary focus.
  • Over the past 3 years Bob took on a home improvement loan for a planned replacement the 15 year old that included unexpected winter storm damage.
  • Their power bill is slightly above the Framingham norm averaging around $160 per month over the past year

Working with SunRa Solar, the family is given a range of both purchase and leasing options. The home is well oriented for getting the most out of the sunshine and there is very little shade throughout most seasons. Two solar energy systems can be considered, one that could offset 50% or 60% of their past annual demand and another that would cover most of their average energy usage in a year. Cash up front and zero down options are in the mix. Bob wants to minimize what they are paying to their utility, Eversource. Nancy is looking for the best alternative to fatten the college savings accounts.

The Smiths decide to lease the midsize solar energy system because it is the most efficient way to meet all of their financial objectives over the next 5 to 10 years. It is an affordable option for them and will be a big help in freeing up funds before and during the college years.

The family financial circumstances and the options available to them are pretty common:

  • A sufficient credit score means the family is a candidate for certain zero-down loan options.
  • The cash down options for purchase give the Smith’s the best long term cost savings.
  • With predicted family income and existing deductions, they are not certain they can use the full Investment Tax Credit (ITC) deductions (30%).
  • Also, Bob and Nancy feel that money is best set aside for security and to be put towards college savings.
  • The leasing plans for either system give them the wanted breathing room from the electricity costs, saving anywhere from $200 a year to $420 a year. Money they can use now.

The Smiths decide to lease the midsize solar energy system because it is the most efficient way to meet all of their financial objectives over the next 5 to 10 years. It is an affordable option for them and will be a big help in freeing up funds before and during the college years.

SunRa_Framingham_CaseStudy_leasing_Cumulative Savings
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Solar Power Means Savings

In particular, these are the family’s advantages in acquiring a SunRa solar power lease:

Without any out of pocket expense they will be able to save enough in utility costs to make a difference in added college savings.

Nancy is able to more accurately plan and budget each month for the near future.

There is some breathing room for future home expenses, planned and unplanned.

They are thrilled to be getting worry-free clean energy that covers most of their needs. Working with a local company for everything is a added bonus. The solar system monitoring is more than a toy and something the kids can explore, too.

Learn More

If you are in the Framingham or surrounding areas, we invite you to find out more about all of your options to immediately reduce your total energy costs. Ask us any question you have about solar power by clicking to Contact Us here. We welcome the chance to assess options for your home at no risk and without hassle.

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SunRa Solar is consistently shopping for the best financing options for our customers. Some may choose to purchase their solar energy system in full. For others, whether you choose to borrow or lease, we partner with some of the most reputable names in the industry. Our goal is to provide each customer with an affordable, turnkey system to meet their expectation and needs.

To get the most up to date information on the latest and greatest financing programs to make solar power more affordable for you, Contact Us here.

The meter is a critical part of the solar energy system. In Massachusetts, net metering allows you to use your utility company to store your energy. Unlike a traditional power meter that spins in one direction, as you produce solar energy, your meter will literally spin backwards. Then, as you use electricity at night, the net meter allows you to pull energy from the grid so you always have power.

Whenever you are generating more power than you can use, the meter tracks the amount that you transmit to the utility grid. This is why a well designed solar system can produce enough power in a summer to help offset more power needed in winter months, when the sun shines less.

Here you can read a little more about net metering.

A solar panel is an assembly of individual solar “cells”, each almost always made from different forms of silicon. Each panel differs in the numbers of cells combined, from 60 to 72 per panel, and in the technology used in the manufacture of each cell and the assembly into a panel.

Because solar panel technology is constantly improving, there are a range of panel efficiency (%) and panel rating (kW) available for design. Not every installation calls for the newest and most expensive technology. Good system design is a balance between cost and performance, and often a well-established and earlier generation panel can deliver 25+ years of affordable, reliable service.

This is why SunRa Solar stays on top of developments and offers panels from a few manufacturers including LG Solar, one of the largest brands represented in Massachusetts, and others.

Every homeowner gets an immediate savings as soon as we flip the switch and you start to generate power. If you sign up to purchase, your agreement will spell out for you each monthly payment.

If you finance some or all of your solar energy system, your savings are easily calculated by comparing the sum of your new payments to your previous bills. If you purchase a system without financing, your monthly utility payments could be negligible.

The best news, whether you purchase outright, finance a purchase, or choose a lease you will be able to predictably bank your savings. Ask us to show you how in more detail by click to Contact Us. Or simply give us a call.

Whether paying cash or borrowing, a homeowner buying a solar energy system can take advantage of the Federal Income Tax Credit (ITC) of 30%.

Homeowners buying solar in Massachusetts are no longer able to accrue and trade Solar Renewable Energy Certificates under the new program program. The Solar Mass SMART. It was known as SREC 2 or SREC II. This program allows homeowners to sell the accrued credits to utilities in blocks of 1 MWh each. To learn more about this program and its current status, visit our Learning Center.

Massachusetts also allows Net Metering, which gives the solar system owner the ability to feed back to the utility grid through a special meter any momentarily generated solar power not needed by the home. Any extra is credited in kWh (kilowatt-hours), the same units you see on your power bill.