![]() ![]() The catch is you'll want to leave them invested for at least five years to avoid early withdrawal penalties. With that in mind, US Treasury I-bonds are a good candidate for saving, with rates that are tied to inflation. Hopefully they'll be able to keep pace with inflation. If you do decide to save up for the full or partial cost of a solar system, or anything for that matter, now is a good time in history to get started, thanks to some favorable interest rates for savings accounts. The best way to save up money for solar panels Be sure to spend plenty of time on your research in advance and compare multiple quotes and you'll have a better chance of coming out ahead in the long run. A reputable solar installer can help walk you through potential saving and financing options. Or maybe you live in a place with net metering rules that reduce the amount you can save with solar.Ī solar system is a big purchase and the calculus that goes into determining its overall value can be complex. Or maybe your credit score makes it difficult to get favorable financing. Maybe you aren't ready for the commitment of a system meant to last for decades. "It's just like going from renting to owning it's paying itself off and you're not changing your expenses."īut again, it comes down to your individual situation. "It can make sense financing it," Mendelsohn explained, adding that savings from a solar system over time could justify taking on the debt. The concert tickets are a one-and-done purchase. For some homeowners it certainly might be, but solar panels are a very different purchase to concert tickets, since solar panels are an investment that will save you money on utility costs. With savings rates near their most favorable levels in a generation, starting to save now for a big purchase like a renewable energy system might seem like a great idea. It got us thinking about whether or not it makes sense to take a similar approach to paying for a rooftop solar panel system. So, rather than saving for some unforeseen future emergency, need or desire, you're contributing toward something more tangible. A sinking fund is basically just a savings account with a specific purchase in mind. My CNET colleague Dashia Milden used the concept of a " sinking fund" to save up for a large purchase: in her case, expensive seats on the floor at a Beyoncé show. The upfront cost of a rooftop solar panels system can be hefty - between $15,000 and $30,000. Solar panels are known to save you money in the long run, but most people don't have thousands of dollars laying around for a cash purchase.
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