Why Solar—Once a Luxury—Became a Long-Term Financial Strategy
Photos by Kim Belverud
For a long time, solar energy wasn’t even a consideration for Jane. As a working mom of two living in high-cost San Diego, she had a clear sense of her financial boundaries—and solar was outside them.
“I never thought I’d be a homeowner, first of all,” Jane says. “Solar seemed like such a great idea—I’ve always been environmentally conscious—but it just never felt like a reality. It was one of those things, like you imagine millionaires doing. Not something someone like me could afford.”
But after several years in their home, rising energy costs began to shift the equation. During peak months, her family’s electric bill was climbing past $300. “It just didn’t make sense to keep paying that much,” she says. “We ran the numbers and realized that solar could actually save us money over time—if we did it right.”
Forging a path to financial health
Jane’s financial life is built around structure. “I have spreadsheets for everything,” she says. “Our household budget, the kids’ activities, future savings goals—everything is accounted for. So when we started thinking about solar, I did a deep dive into the research.”
She found YouTube videos, online forums, and local conversations on Nextdoor to be more helpful than flashy advertisements. “I’m in communications and marketing, so I can spot a sales pitch a mile away,” she says. “I wanted real feedback from real people.” Jane’s commitment to doing her own research reflects a broader trend among SaverLife members. In a recent survey, over one-third (36%) reported learning about tax credits and rebates through social media.
That’s how she learned that ownership matters. “If you finance solar through certain third-party agreements—like a lease or power purchase agreement—you usually don’t qualify for the federal tax credit, because you don’t actually own the system," she explained. “That would’ve been a dealbreaker. We made sure we went with a provider where we’d be eligible.”
They also moved quickly. At the time, San Diego’s utility company, SDG&E, was preparing to shift its solar reimbursement structure, and Jane and her husband had just one month to lock in the more favorable “NEM 2.0” plan. “That was the tipping point. We knew the opportunity would close soon.”
It’s Common in San Diego—but Not Accessible to Everyone
In Jane’s neighborhood, solar isn’t unusual. “Here, it’s not some futuristic thing. A lot of homes have it,” she says. “We get so much sun, and electricity rates are among the highest in the country. It’s not a niche product here—it’s a smart move.”
But even with growing visibility, many families can’t take advantage of it. “When I talk to neighbors or friends, the main thing I hear is, ‘I wish we could afford it,’” she says. “The upfront cost is a huge burden. Even if the numbers work out in the long run, the entry point is just too high for a lot of people.”
What would help? More immediate, tangible financial support. “If there were faster rebates—money in hand, not just a tax credit next year—I think way more people would go for it.”
Hidden Costs, Unexpected Challenges
Jane is the first to admit that solar didn’t solve all her financial stress. “Right after we installed it, our ceilings started leaking upstairs. It turned into a huge repair project. Insurance helped, but we still had to pay more than $20,000 out of pocket.”
Those back-to-back expense—solar plus restoration—put a strain on their finances. “We’re still paying both off,” she says. “But I’m glad we made the investment when we did. We’re saving on energy every month, and we know the system will be fully paid off in time. That adds up.”
And when the day comes that they sell their home? “The next owner will inherit a house with solar fully paid off. That’s going to help someone else too. It’s not just for us—it has lasting value.”
The Ripple Effect on Financial Health
For Jane, solar wasn’t just about cutting a bill—it was about protecting their financial foundation in a high-cost area. “We were looking for ways to reduce long-term uncertainty,” she explains. “Solar gave us a little more control over one part of our monthly expenses.”
That kind of planning defines her approach to financial health. “Even when we finish paying off the panels, there’ll be something else—repairs, kids, life,” she says. “But having this investment in place makes things a little steadier.”
She views it as one piece of a broader strategy. “We don’t buy a lot for ourselves — I think it’s been eight years since I bought myself socks. We stretch our money and focus on what’s going to benefit the household long-term. Solar fits into that mindset. It’s not flashy. It’s functional.”
Teaching the Next Generation to Think Ahead
What matters most to Jane isn’t the panels on her roof—it’s the example they represent. “My biggest goal is to teach my kids what it means to be kind, thoughtful, and intentional,” she says. “We talk about not wasting things, being grateful, and thinking about how our choices affect others and the planet.”
She hasn’t formally introduced her five-year-old to the solar panel system on their roof just yet, but she sees those conversations coming. “She already understands recycling and reusing. Solar will just be another way to talk about being mindful with our resources.”
In the end, Jane says, solar is just one step on a much longer journey. “It’s not the whole picture,” she says. “But it’s part of how we’re trying to build a life that reflects our values—financially and otherwise.”
Jane’s story is part of SaverLife’s Downpour Initiative, which explores the ways in which the effects of climate change intersect with the financial health of our members. This series wouldn’t be possible without the generous support of Wells Fargo Foundation
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