Financing residential solar: what are my options?

Today, people are choosing solar for their homes at a rapidly growing rate and the opportunity to finance a solar project is better than ever before. Financing a solar panel system for your home is not a one-size-fits-all approach. There are multiple good options for payment plans that can be structured to fit your needs. You might find that most solar companies don’t discuss how financing might affect the total cost. But at Southern Current, we are all about empowering through education. Your options depend on your access to capital and how convenient you want your financing to be.

 

For customers who do not want to or are unable to purchase solar panels with cash, there are $0 down payment plans that offer immediate returns on electric bills even as they are being repaid. With nothing out of pocket, you can reap the rewards of going solar – which is the only home renovation that pays you back immediately.

There are two $0 down payment plan choices:

  • Solar Loans: tailored to the customer and have structured financing with low monthly payments.
  • Bank Loans: such as Home Equity Lines of Credit or HELOC, are the ideal option for lowest fees and interest rates.

All loans offer no money down and no hidden contract terms which allow you to finance the total amount of the system with the same basic conditions as other home improvement loans. Additionally, these payment plans can be used at the time of building a new house or even rolled into a new mortgage. One of our solar experts can help you decide which is the best fit for you. Every form of financing includes a 10 year workmanship warranty and allows you to own your system and the tax credits.

 

We all know that if you are mortgaging a home or building a new home, remodeling can get expensive. But why add additional costs when you don’t have to? Solar isn’t like a kitchen rehab that won’t ever truly pay off. One assumption when you buy a home, is that you are automatically going to be paying for power with a utility company from day one. But why rent your power? It never goes away. It’s like taking a mortgage with a higher interest rate by choice simply by defaulting to the power company for electricity.

 

Data from EnergySage.com

Electricity rates are constantly rising.  Solar fixes these costs and then pays off with very minimum maintenance.

Solar is an investment that is worth it in the end – because the risk and exposure is twice as bad if you don’t go solar.

 

Also, if you are wondering what happens when you sell your home – read more here.