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5 Options For Financing Your Home Solar System

With so many benefits associated with going solar, and the industry as a whole having been revolutionized and improved upon in recent years, thereu2019s little dispute that having a solar panel system installed at your home is a smart move in so many ways. But, itu2019s also difficult to dispute the cost associated with it, even though it can help you save money (and the planet) in the long term.<br>Fortunately, there are a number of different ways in which residential solar systems can be made more affordable, with financing options such as the 5 listed below:<br>

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5 Options For Financing Your Home Solar System

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  1. 5 Options For Financing Your Home Solar System

  2. With so many benefits associated with going solar, and the industry as a whole having been revolutionized and improved upon in recent years, there’s little dispute that having a solar panel system installed at your home is a smart move in so many ways. But, it’s also difficult to dispute the cost associated with it, even though it can help you save money (and the planet) in the long term. Fortunately, there are a number of different ways in which residential solar systems can be made more affordable, with financing options such as the 5 listed below:

  3. 1. Cash Okay, so this might not be within every homeowners budget, but if you’ve got the cash to pay for solar panels upfront, it could be the most effective way to get the most return from your investment, particularly when you consider the lack of interest required that a loan would demand. Solar loans ● Solar loans come as secured or unsecured, and function in a similar way to a standard loan for purchasing a car. Every time you make a payment, you get that bit closer to owning your solar power system, and when the last payment is made, full ownership will be transferred to you.

  4. Many financial institutions offer their customers rates that are highly competitive, and if you’ve got a zero credit score and don’t want to make a significant capital investment upfront, it may be possible to sign up for a ‘zero dollars down’ rate. Cash-out refinance or HELOC ● Sometimes referred to as a Home Equity Line of Credit (HELOC), these give you a line of credit to use as and when you wish, while a cash-out refinance plan involves money being borrowed against your home equity, allowing you to refinance your mortgage to help you pay for a solar panel system and its installation.

  5. Both of these financing options enable homeowners to purchase a solar power system without making an upfront payment – typically at lower rates of interest than unsecured loans – and they can still take advantage of solar tax credits and similar incentives. That said, should you default on your cash-out-refinance plan or HELOC, you do put your home at risk, and closing costs and variable interest rates must also be taken into consideration for both payment plans.

  6. Solar leases ● While they may appear as the more affordable option, the fact that solar lease terms invariably last a lot longer than those of a loan, can become a problem should you want to move home. You are also subjected to utility provider’s annual rate increases, too, and because the leased system will never be owned by you, you also cannot claim any federal tax credits for the system. If you plan to remain living in your home for the foreseeable future, or at least for the next decade or so, a solar lease will save you around 50% when compared to owning a solar system. If you are considering entering into an agreement for a solar lease, you must read all the fine print and know who is responsible for maintaining and repairing the system.

  7. Power Purchase Agreement ● As with a solar lease, a solar panel system is installed on your property, and as the homeowner, you agree to pay an amount per-kilowatt-hour that’s fixed and usually competitive with other rates of energy, locally. But, you will always pay the full amount for the energy produced, even if you don’t use it, and a PPA agreement means that you’re not eligible for tax credits.

  8. Solar is a win-win investment in terms of lowering your energy bills and reducing your carbon footprint, but how you finance your solar system may depend on your personal circumstances. Ultimately, your decision should be made only after careful deliberation of the facts and fine print.

  9. Proxima Solar Energy is a proud veteran owned organization founded by a group of partners, on the premise that everyone should have access to a clean, alternative-energy future. Proxima Solar Energy is the best solar company in Dallas and believes that your path to a clean energy future should not be difficult or complicated, so we seek to bring you simplified solar solutions that will benefit today and help to ensure a brighter tomorrow. If you are looking for solar power in Miami or Dallas or Tampa, look no further than Proxima Solar Energy. Get an instant ballpark solar estimate using satellites!

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