Want to finance your solar panel installation? Cash purchases and solar leases (or PPAs) aren’t your only options. If you don’t have–or aren’t willing to spend–the capital for a cash purchase but want to maximize the financial benefits of a solar energy system, the solar loan offers the best of both worlds.
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So you know you want to finance your solar panel system, but one big question remains: should you lease your system from a company, or own your system and finance it with a solar loan? The answer here depends on a few factors, including your preferences, needs, and financial goals.
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Whether you buy a system or lease it, going solar is one of the best ways to save on electricity bills. That said, the financing option you choose influences a number of factors, including the costs, maintenance responsibilities, terms, savings, and the return on investment (ROI) of your solar panel system.
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The investment tax credit (ITC), also known as the federal solar tax credit, allows you to deduct 26 percent of the cost of installing a solar energy system from your federal taxes. The ITC applies to both residential and commercial systems, and there is no cap on its value. The average EnergySage Solar Marketplace shopper saves nearly $9,000 on the cost of going solar as a result of the ITC.
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If you just purchased your first home, first of all, congratulations! Buying a home is no small feat and immediately planning your home’s upgrades may feel overwhelming–but we’re here to help! When it comes to solar, we think it’s a great upgrade for first-time homebuyers because solar saves you money in the long run and increases your home value. We’ve laid out some key questions to answer when making the decision to go solar as a first-time homebuyer.
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There are many different types of solar loan products that you can use to finance the installation of a solar panel system. But despite the plethora of options, you can generally bucket all these loans into two broad categories: secured solar loans and unsecured solar loans.
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Solar loans are the fastest growing method of financing a solar panel installation. Across the country, the majority of new solar installations are purchased with either a cash purchase or through a solar loan. Sungage Financial, based in Boston, Massachusetts, is a popular financier in the residential solar industry. If you’re comparing solar quotes from a few different solar installers, you may have received a loan option from Sungage. Here’s what you need to know about Sungage and their products.
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Many solar installers advertise solar leases or power purchase agreements (PPAs) as an easy way to reduce your electricity bill. And they’re not wrong; if you’re interested in a simple, low-maintenance way to install a solar panel system for your home, leasing solar panels may be a good option for you.
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There are many $0-down financing options available for going solar, including both ownership (i.e. solar loan) or third-party-owned (i.e. leases) solutions. Many homeowners looking for an easy, low-cost, maintenance-free way to install a solar panel system move forward with a power purchase agreement (PPA). In this article, we’ll talk about what solar PPAs are and discuss the advantages and disadvantages of this financing solution.
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Solar loans are the fastest growing method of financing a solar panel installation. Across the country, the majority of new solar installations are purchased with either a cash purchase or through a solar loan. Based in Salt Lake City, Utah, EnerBank USA is a popular company in the home-improvement lending industry. If you’re comparing solar quotes from a few different solar installers, you may have received a loan option from EnerBank.
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