03 Aug Defining A Solar Loan
When switching to solar power we know that it can be difficult to know all of your options of payment. Solar panels have become 50% cheaper within the past two year. However, they can still be a heavy price to pay. Because of this, we want you of know all of the ins and outs of your multiple payment options. One of the most common forms of payment for your panels is receiving a solar loan. We know loans sound terrifying; however, with a little more information from our end we hope to ease your fears and help you see all the positives of a solar loan.
What Is a Solar Loan?
As solar loan is a loan that can be taken out to help pay for the installation costs of your solar panel system. A solar loan is extremely helpful to those who want to buy their system, but do not have a large amount of cash on hand. This gives our customers the opportunity to still buy their system and to just pay off the loan over time.
Qualifying For a Solar Loan
If a solar loan is being used as payment, then you must first qualify for the loan. These qualifications are based on your credit score. If your credit score is fair to excellent then a solar loan will be fairly easy to obtain. After qualifying for the solar loan this then opens the doors for you to receive the federal solar tax credit.
Federal Solar Tax Credit
The federal solar tax credit is available to those who purchase their solar panel system. When tax time comes around it is important to remember to ask and look for the federal solar tax credit. The reason for this is because you have the opportunity to earn more than 26% of the installation costs back. Earning this money back is a great reward for saving money and switching to a cleaner, more renewable source of energy.
Savings With Solar
The total savings that can come with your solar panels is enough to save you over $20,000 over your 25 year lease. This breaks down to you saving upwards of 20% on your monthly electric bill. The more energy that your panels produce and that you do not consume, the more savings that you can earn with your panels. Through the process of net metering, your panels use stored energy in order to power your home through the night. This then can lead to you having excess, unused energy by the end of the month. This excess energy can be sold back to the grid for you to receive a credit. The end result of this is your panels essentially paying for your set monthly bill.
Contact us today to begin your solar loan journey.