Are you considering solar energy for your home or business? Did you know that a solar loan can make the investment more affordable? A solar loan is different from a solar lease because you actually own the solar panel system. This way, you reap the additional financial benefits the leasing company usually gets, such as the Solar Renewable Energy Credit (SREC) and the Solar Investment Tax Credit (ITC).
Let’s explore the benefits to going with a zero down solar loan and why this option might be a great fit for your home or business.
Solar Loans are Surging in Popularity. Here’s Why!
Solar loans are becoming one of the top choices for financing a solar panel installation. The loans tend to provide better savings over the long term because they are paid off in 7 to 15 years. Also, you can start saving money on your electric bill right away.
Owning the system means you receive the Federal Investment Tax Credit, as well as additional rebates from the state and utility companies. By taking advantage of these credits, you can have your solar system paid for that first year. Better yet, owning the system means you are not responsible for solar lease maintenance costs or profit margins.
Zero Down = Immediate Savings
Fortunately, a zero down solar loan makes owning a solar system attainable. You don’t have to put anything down, and you can start saving money immediately. The loan is paid back over time. As with any loan, a solar loan is comprised of the principal amount and an annual interest rate. It also includes monthly payments and a payback period. Take your time getting quotes to see which loans fit your budget best!
Where to Get Solar Loans
Solar loans come from banks, credit unions, and solar installers, so you have a wide range to choose from. The use of solar is increasing, so new loan options are always being developed. Still, some people are a better match than others for a solar loan. The best candidates are those who:
Want to take control of their system but don’t want to pay cash upfront
Are willing to take care of their system and provide it with monitoring and maintenance
Have a decent credit score (otherwise some down payment may be required)
Prefer immediate installation and savings off their electric bill
If a solar loan sounds like the right choice for you, call AllSeason Solar and learn more about your options! You will be surprised by how affordable solar energy is and how fast you can start saving money.