Solar Finance

Going solar has many advantages, both financial and environmental. Going solar means it could potentially eliminate or reduce your electricity bill, increase your asset value, and protect your home from rising energy costs. Right now, it’s all about your carbon footprint, so going solar is a great way to reduce it.

Summary of Solar Loans

There are many options for solar loans that are available to you
• With a solar loan, you can save 40-70% over the lifespan of solar panels.
• Many are $0 USD down loan and allow you to finance the total amount of your solar panel system.
• Many types of organizations offer solar loans, from regular banks to solar panel producers.
• Solar loans have the same basic formation, terms and conditions as other home improvement loans.
• Solar loans offer immediate returns, saves money on your electricity bills right away, even repayment of loans.
Loans on the solar panel have the same basic reasons as other types of loans:
• Lower interest rates lead to lower overall costs for borrowers.
• Loans with shorter terms generally will have more monthly payments and lower total costs over the life of the loan.
• Solar panel loans can be secured or unsecured, resulting in a wide range of interest rates, conditions and credit claims between loan offers.
Availability of solar loans

In addition to traditional banks, many other institutions offer loans for solar energy.

• Manufacturers of solar panels offer loans, often through network solar installations.
• Central credit unions across the country are developing products for solar home loans and often offer solar loans at a lower cost.
• National credit institutions offer special products for loans suitable for residential solar panels systems.
• Public-private partnerships can offer solar energy lending programs. Local government agencies are partnering with private lenders to offer solar loans with lower interest rates and no commission.
• Utilities offer a financing program for programs that allow homes to finance solar energy systems and pay the amount borrowed through an electricity bill.
• Municipalities sometimes offer PACE (Property Assessed Clean Energy) solar loans that are repaid through an annual assessment of the tax liability of the owner.

A very important difference

There is a very important difference between solar panel loans and other home loans: a solar panel loan allows you to own assets that generate significant financial value. This includes the value of electricity generated by the solar panel system during its lifetime and 30% of the federal investment tax and other applicable rebates and incentives such as solar renewable energy certificates (SRECs). Although the new kitchen or terrace is a good addition to your home, they do not offer the same kind of financial benefits.

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Did you know that solar installation increases the value of your home? Because solar is in such high demand in this day and age, a potential buyer would be more interested in buying a home that already has it installed, so that they do not have to do it themselves. This way, if you already have it, your home can be priced higher than it would without it. So, in the long run, if you decide to sell, you may not be losing out on money.