Should I buy solar during the pandemic?

Solar Trust Centre Team
Solar Trust Centre Team
May 6, 2020

We are currently living through unprecedented times. The COVID-19 pandemic and resulting lock down has consumer spending and investing behaviours. While solar can help families save money on electricity in the long run, many customers are currently questioning whether the up front costs are an expense that can be justified in the present moment.

Many solar dealers and installers (especially high quality solar dealers) are still operating. Feel free to contact your local installer if you are considering going solar now or in the future. Such installers will reinstate the value of solar as a long-term investment. By talking to solar dealers, you can better come to an understanding of payment pathways and financial options available to help you get the ball rolling with solar.

The Solar Industry at present

Consumer behaviours have significantly changed as people have to reconsider their priorities, or otherwise feel they are unable to make the decisions they would normally be able to facilitate.

While some customers may have accrued a safety buffer that can see them through these unpredictable circumstances, we are aware the pandemic has no discernible end point. Some experts are reporting that we might  have to stay in lock down for six months…

Two types of solar customers

Speaking with dealers, and reading industry sites, it has become clear that there are currently two main types of solar buyers right now:

  1. The first type of customer has an emergency fund or cash reserve they can dig into for now. The pandemic has indicated the need to be self-sufficient, and solar provides the promise of energy independence.
  2. The second type of customer is tight on money, with limited savings. They are reluctant to spend from their buffer, due to the inability to see where it is needed in the future.

Depending on which type you identify with, there’s a number of options for considering solar for your home.

Solutions for Solar Customers

One option may be to borrow against a mortgage – we’ve discussed this recently in our blog post here: Is it worth borrowing against your mortgage to install solar?

Another option is to ask your dealer if they offer monthly repayment plans.

Yet another option is to ask your dealer if they offer loans or finance packages – there are a number of financial products being offered on the market currently. Make sure your dealer’s loaning scheme allows extra payments and termination at any time for free.

Exploring these payment pathways is the key to working a manageable solution alongside the need for energy security. With this strategy in place, buyers can invest in a clean energy solution that will help save on energy bills without having to break the bank.

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