While the right financing choice comes down to your specific circumstances, loans for solar have certain advantages over traditional loan options and lines of credit – particularly for recent or first-time home buyers, as well as homeowners that want to save on their energy bills and be part of a better future for our planet.
Until recently there haven’t been great loan options for solar. But in recent years things have changed, which is why you may have noticed an increase in chatter about “going solar for $0 down” This could leave you wondering what all the commotion is about and how to choose the best solution for your family.
In this article, you’ll find lists to help you decide if a solar loan is right for you. Ultimately, we‘ll let you know what makes our Smart Solar Financing program different. For additional information, check out this recording of Consultant, David Zelasko reviewing solar loan benefits.
Why you many consider a solar loan:
Purchasing a solar energy system can be a big cost to pay upfront. Here are some reasons for homeowners to consider a loan for their solar array:
- Pay monthly instead of a lump sum
- No money down
- No payment penalties
- Increase property value immediately (lowering the utility bill for the next homeowner, increasing your property value)
- Lock in your electricity at a fixed rate
- Take advantage of tax incentives
Questions to ask yourself when considering a solar loan:
Solar isn’t one size fits all. Here are some questions to ask yourself if you’re thinking about financing your solar energy system to help you choose the best finance partner:
- Do you prefer small monthly payments or small interest rates?
- Are you okay having a lien on your home?
- Can you take the tax credit?
- Will you be looking to finance additional home improvement items (new roof, electric vehicle, backup batteries)?
The benefits of our Smart Solar Financing
- $0 down
- No prepayment penalties
- Ameturized loans with no lien on the home
- Everything secured on the loan is secured by the equipment itself – if you don’t want to do a home equity or put a lien on the home, this is a good option for you.
- Various loan terms – 10, 15 and 20 year loans
- Will finance battery storage
- Good option if looking to utilize the tax credit
- Pay down your principle with your tax credit to receive an even better monthly payment
An important difference
Unlike home equity loans, our Solar Financing partner provides access to solar loans that aren’t based on how much of your mortgage you’ve paid off and don’t ask for a lien on your home. Instead, they’re based on your ability to pay going forwards, as represented by your credit score and secured by the value within the solar system itself.
One reason solar loans are different than other home improvement loans: a solar loan allows you to own an asset that generates significant financial value. It’s hard to think of another home appliance or renovation that can generate financial value.
Our mission is to accelerate the shift to clean energy. It’s because of our commitment to values that we partner with another Certified Benefit Cooperation to bring you the best Solar Financing on the market. Building a better world can start with you and can start in your home.
We’re excited to offer these loan options to make solar more accessible to everyone interested in making their home more sustainable, more self-sufficient and achieve financial savings over the lifespan of your system.