Solar Financing Options in New Jersey: A Straightforward Guide

Thinking about going solar but unsure how to pay for it? At SLM Solar, we talk to homeowners across New Jersey every day who are excited about solar, but overwhelmed by financing options. The good news? You’ve got more choices than ever, and many of them can make solar truly zero out-of-pocket.

Let’s break it down plainly.

Option 1: Cash Purchase

Paying upfront? You’ll own the system entirely and enjoy:

• Maximum long-term savings

• Full access to tax credits (like the 30% federal tax credit)

• No monthly payments or interest

The simplest avenue with the biggest upside. Between the utility savings, tax credits, rebate programs and energy credits, most systems can pay themselves off in 5 years. That's a 20% return on investment!

Best for: Homeowners with cash on hand looking for the biggest Return On Investment.

Option 2: Solar Loan (Low Monthly Payments)

Most homeowners go this route. You finance the system just like a car — but it pays you back in energy savings.

Key benefits:

• $0 down

• You own the system, so you keep the incentives

• Loan terms typically range from 5–25 years

• Monthly payments often replace your current electric bill

If you want to own your system without spending cash upfront, a solar loan might work best for you. Enjoy all the benefits of paying cash, while locking in a great rate.

Best for: Anyone who wants to go solar with no upfront cost and maximize long-term value.

Option 3: Solar Lease or PPA (Power Purchase Agreement)

With a lease or PPA, you don’t own the system — you simply agree to buy the solar electricity it produces, usually at a lower rate than the utility company.

• Often $0 down

• No maintenance responsibilities

• Lower energy rates, but you don’t get the tax credit

Our most popular model. SLM Solar offers a wide range of Lease and PPA options to assist homeowners who prefer the most hands-off approach. You sign the paper and let the savings roll in.

Best for: Homeowners who want to reduce bills with no responsibility or who can’t qualify for financing.

Bonus: Ask About Our No-Credit-Check Programs

At SLM Solar we believe solar is for everyone; that everyone deserves to take control of their energy generation, regardless of credit history. Ask about our Low and No Credit financing solutions.

Solar Financing… What’s the Best Option?

It depends on your budget, your credit, and how long you plan to stay in your home. At SLM Solar, we walk every homeowner through the numbers so you can make a smart, confident choice — no gimmicks, no pressure.

We’re local, experienced, and easy to talk to. If you're a New Jersey homeowner and want to see your solar savings options, we’ll break it down for free.