The average solar panel system at a home can cost more than $20,000. It’s a significant investment, but solar panel financing makes the process easier. Powering a home with the sun’s energy is environmentally friendly and a money saver for just a few dollars each month.
There are many solar panel financing options, including a personal or government loan. People looking for how to pay for solar panels can also consider a lease program.
Here are the best options for solar panel financing.
Personal Loan
Banks, online lenders, and credit unions are great places to search out personal loans for Blue Raven solar panel payment options. Lenders offer secured and unsecured loans to help homeowners figure out how to pay for solar panels. A good credit score and a low debt-to-income ratio can get you the best interest rates.
Secured Loans
A secured loan requires collateral such as a house or a car to pay for solar panel financing. If you fail to pay back the loan, the lender will seize the property. Interest rates are lower for secured loans.
Unsecured Loans
Unsecured loans require no collateral and typically come with higher interest rates. Many people choose unsecured loans to pay for solar panel costs because the money comes quickly and with easy approval.
Government Loans
The federal government expects solar energy to create 20 percent of America’s electricity by 2050. There are several government loan programs to help people afford solar panels. These programs help homeowners consider solar panel financing options for a solar system or equipment.
To qualify for many of these programs, you must own the solar panel system (not lease).
Homeowners can use money from net metering when discovering how to afford solar panels. With this step, you sell any unused solar energy back to the power grid. The money you save on your monthly electric bill is an added benefit when considering solar panel payment options.
Lease
Perhaps you have bad credit or don’t want to own a solar system for your home. Many homeowners choose to lease a solar panel system in which they avoid hefty solar panel costs.
Leasing a solar system means you owe a monthly payment without the headaches of owning an entire system. You avoid any maintenance or repair fees, adding to a solar panel cost.
Even with a lease program, you can take advantage of federal tax incentives; it’s another way to lower the overall solar panel cost.
Solar Power Financing Options
There are several solar panel financing options for you to choose from as a homeowner, including a personal or government loan. You can also lease solar panels for your home.
Help the environment and increase your home value today. You can take advantage of the many government incentives and rebates to lower costs.
Please read more on our website about how solar panels can benefit your home. Acting now can help you get in on the ground floor of the solar revolution!
