When Should You Go Solar with a Solar Loan?
Solar Loans have proven to be a fantastic option for those who want to receive all available incentives but would prefer not to pay for the system outright. A Solar Loan offers you 100% of the monetary benefits of solar while keeping your money in the bank.
In recent years we have seen an uptick in not only the signing of Solar Loans but the customer acceptance of Solar Loans. This has also been documented by Greentech Media in their very relevant article entitled: “Solar Loans to Become No. 1 Consumer Finance Solution for Residential Solar in 2018. According to new data from GTM Research, direct ownership continues to outpace solar leases.”
The way a Solar Loan functions is rather simple:
- Simple and Fast Credit Approval Process
- No Payments Till the System is Installed and Operational
- Loan Terms of 5, 19, 15 and 20 years
- No Down Payment Required
- No Prepayment Penalty
- No Home Equity Required
- Min FICO Score of 640
- Max DTI Ratio of 50%
- Primary applicant must own home
The most important part of going solar with a Solar Loan is to already be paying Federal Income Taxes. As discussed in our article What is the Federal Tax Credit for Solar?, it is very important you are already paying Federal Income Taxes so that you can use the 30% Federal Tax Credit to get some of those payments back. If you are not paying Federal Income Taxes then it may be best to consider a Solar Lease.
For an honest evaluation of your solar options and straightforward talk, give us a call at 732-SOLAR-NJ. We promise to not waste your time and to give you the straight facts about your solar savings.
Recent, Relevant Articles on Solar Financing
As the solar finance landscape evolves, savvy homeowners are continuing to move AWAY FROM LEASES and TOWARDS SOLAR LOANS. Why? 1. Better savings 2. Better home resale value because a 3rd party (leasing company) is not involved in the sale. See here. EcoMen...
Are you one of the countless homeowners who have considered solar but were turned away because you needed a new roof? Or perhaps you weren’t even thinking of solar but your roof is begging for some new shingles. If you fall into either of these categories,...
Solar Ownership with a Sungage Solar Loan Disclaimer Please be advised that we are not tax experts. You should always consult with a tax...
Understanding Solar Tax Credits with a Sungage Solar Loan The below infographic very simply shows how the Solar Tax Credit is applied to a Sungage Solar Loan. Please contact us for a proposal specific to your home so we can show you the exact savings you...
Solar Loans to Become No. 1 Consumer Finance Solution for Residential Solar in 20182018 is the year of the solar loan. Despite rising interest rates affecting all consumer lending, GTM Research forecasts in its latest report, Bringing Scale, Profitability...
The Real Cost of Leasing vs. Buying Solar PanelsBuying solar panels requires an investment and more decision-making than leasing, but over the long term the benefits of owning your system are hard to beat. Disclaimer Please be advised that we are not tax...
Experts say that the the average American needs to save $1 million to enjoy a comfortable retirement. Unfortunately, most of us are behind in our savings. Fortunately, going solar can help us catch up on our retirement investments. You already know that solar can save...
If you have a tax appetite and good credit, a solar loan is an attractive option to be cashflow-positive day 1 with solar with no money down and save more money than a PPA or other financing options.
Experts say that the the average American needs to save $1 million to enjoy a comfortable retirement. Unfortunately, most of us are behind in our savings. Fortunately, going solar can help us catch up on our retirement investments.
Whether leasing or buying solar panels is better depends on your financial situation and your goals. Buying will save you the most money. But leasing can be an easy way to get started with solar.
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