How do I finance my energy storage system?

Similarly to solar, there are three primary models for financing your energy storage systems, with slight variations from what’s available for solar. The most common way to pay for a battery is through an upfront, or cash, purchase.

How do solar battery financing options work?

Battery leases are another solar battery financing option that works like solar leases. You let a solar installer own and maintain your solar battery storage system at a monthly fee. It’s a viable option if you’re adding storage to an already leased solar system.

How much does energy storage cost?

But storage isn’t free: to take advantage of the myriad benefits batteries offer, you’ll first need to pay for your energy storage system. When paired with a solar panel system, a typical battery will cost around $15,000 on EnergySage.

What is a storage loan?

Storage loans are another way to own your system outright. They let you pay for the system over ten years, as opposed to all at once upfront. There are two different types of storage loans: Solar-plus-storage loan: the most common way to finance a storage system is through a dual solar-plus-storage loan.

What is the best financing option for solar batteries?

A cash purchase is the best and fastest financing option for solar batteries. It qualifies you for incentives or rebates while saving you the hassle of monthly interest or payments. You will immediately eliminate your electricity bills if your solar system plus storage generates enough power to meet your energy needs.

Where can I get a solar battery loan?

Lenders like banks, solar installers, or solar-specific financing providers offer different loan options for solar batteries. They include the following: Storage-only loan: This loan helps you pay for a standalone storage system when you have an existing solar power system.