What is the Best Way to Finance Solar Panels?

Let’s be honest, not everyone has extra cash just lying around. Solar systems, though they pay off in the end, are initially expensive for the average homeowner. Luckily, there are plenty of financing options available to help with this dilemma. While one option may work for some, it may not work for others, so it’s important to do your research before deciding anything.  Be sure you are speaking with your WattSun Solar installer to figure out what would be best for you.

There are currently many solar loan options available to you. Solar loans can save you 40-70% over the lifetime of your solar panels. With a solar loan, you will see immediate returns by saving money on your electricity bill.  Also, many loans grant you the total amount of your solar system with zero money down.

Here are a few of the options available:

Home Equity Loan- Home equity loans allow you to borrow money against the equity you have built in your home. Your home serves as collateral for this option. These loans have favorable terms and the lowest interest rates. The interest on this loan is tax deductible as well.

PACE (Property Assessed Clean Energy) Funding- PACE funding is a secured loan that is tax deductible and allows you to claim the federal 30% solar tax credit after making a few payments. This is repaid by an annual assessment on the property owner’s property tax bill. Basically, this is a property tax lien against your home to pay for solar and other energy efficiency programs.

Credit Unions- These are nationwide and are developing solar energy loan products for homeowners, and they often offer lower-cost solar loans.

National Lending Institutions- These offer specialty loan products tailored to residential solar panel systems.

Many banks are also becoming more aware of the advantages solar system installations possess. Because of this, most banks now allow you to finance solar with a second mortgage, just as you would finance any other home improvement loan, such as a new deck or bathroom. With interest rates at all-time lows, the economics of a solar purchase are on your side. Depending on how you structure your solar loan, the immediate savings on your electricity bill means you come out ahead right away. Fortunately, at WattSun Solar, we help you find the best financing option. Call (844) 928-8786 to get started!  Help is just a phone call away!

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