It’s never been easier to get a loan for solar power installation. The process is simple and straightforward, and the rates are usually pretty competitive with other financing options such as a home equity line of credit or mortgage refinance. There are also government incentives you can take advantage of to save on your monthly bill which will help you see even more savings over time! Learn everything you need to know about solar loans and find out if this is something worth looking into for your home!
1. Solar Power Loans: A Brief History
Before 2008, there were no solar power loans available- which only makes sense given that the technology was still relatively new and not as popular as it is today. But with more and more people interested in investing in this type of technology, it would seem logical to think that it would be easier than ever to get a loan specifically geared toward solar power. Fortunately, that’s exactly what happened.
The benefits definitely outweigh the downsides when it comes to taking out a solar power loan. And because you’re making monthly payments over time, it shouldn’t be difficult to save up for your down payment.
2. Getting Started with a Solar Power Loan
The first step is to do a little research and speak with your bank or credit union about getting a solar power loan. You also want to make sure you find out what the process will be like, how long it will take, what type of paperwork you’ll need, and if there are any application fees. Another thing that you will need to take care of is to find someone who will install all that solar equipment, so for example, if you need solar installers in Brisbane, a simple google search will show you how many available options are there in the area. This can save you a ton of time and hassle in the long run and is definitely worth taking care of before you start shopping for solar panels!
3. Solar Power Loans
We all know that solar power has been on the rise for quite some time now. With more and more people interested in investing in this type of technology, it would seem logical to think that it would be easier than ever to get a loan specifically geared toward solar power. The process of getting approved for a solar power loan is easy and straightforward. You simply need to speak with your bank or credit union about getting a solar power loan. The rates are usually pretty competitive with other financing options such as a home equity line of credit or mortgage refinance- which can be very compelling if you’re paying off debt (or trying not to take out any more debt). There are also government incentives you can take advantage of- like the 30% federal tax credit for clean energy, which will help you see even more savings over time!
4. Solar Power Loans Versus Other Financing Options
With a solar power loan, you should be able to get a fixed rate between 4 and 9% depending on your credit score. It’s better than the variable rates you might get with a home equity line of credit or mortgage refinance, which can be as high as 10%. Another benefit is that there are fewer fees and no prepayment penalties if you pay it off early. This should allow you to save even more money over time than other financing options. The only real downside is the length of the term, which is usually about 15 years.
5. Is It Worth the Hassle?
There are some good reasons to consider using a solar power loan. For example, it can be almost impossible to qualify for regular loans if you don’t already own your home (which is why most people opt for home equity lines of credit or mortgages). But if you already have your home, you could put the money from a solar power loan towards any existing mortgage debt. This could save you thousands of dollars in interest over the life of that loan, which means more savings to put toward your solar panels! And because it’s considered an improvement to the property, the tax assessment is lower than it would be if you bought the solar panels separately.
6. Solar Power Loans Take Advantage of Government Incentives
If you’re planning on taking advantage of the government incentives and solar power, consider also taking a loan to pay for your installation. The process is pretty straightforward and doesn’t usually take more than a week to go through. In most cases, you’ll be able to get approved for a loan as long as you have some type of collateral as part of your application. However, if you have good credit and don’t need any type of down payment or have some other type of collateral, you can often be approved for loans up to the full cost of the installation without any trouble at all.
The reason why more and more people are taking advantage of solar power is that there are a lot of incentives out there that can minimize or completely offset your monthly bill with your utility company. In most cases, these incentives will continue as long as you own the system. One of the biggest reasons people finance their installation is to take advantage of those government incentives. By paying for the installation over time, you’re able to save more on your monthly bill and then eventually own the system without having to pay anything at all.
Solar power is not only environmentally friendly, but it can also save you money on your monthly bill. If you’re looking for a way to offset the cost of installing solar panels at home, consider taking out a loan with one of these companies that specialize in financing solar installations. They’ll work with you and determine what kind of plan will best suit your needs so that installation costs are less than expected.