Solar loans are an increasingly popular option for people interested in financing their solar panel systems. The trend away from leases and towards an ownership model like solar loans is a result of two key factors: the economic benefits and incentives available to solar customers and the greater accessibility of solar loan options.
If you want to install a solar energy system on your property, one of the first questions you’ve probably asked is, “How will I pay for it?” There are many financing options available today for homeowners who want to enjoy the benefits of solar. In many areas, an increasingly popular option for home energy improvements like solar is property assessed clean energy (PACE) financing.
Going solar is like all big home improvement project – the more questions you ask beforehand, the better prepared you’ll be on installation day. And while most homeowners understand the importance of vetting potential solar installers, they may not realize it’s equally as important to fully vet their loan provider too. There are many financiers throughout the country that offer solar loans with varying terms and conditions, but how do you determine which is best for you? Here’s a quick checklist of the top questions to ask your solar financing company before you sign an agreement with them:
February hasn’t been a great month for SolarCity so far. After reporting their fourth-quarter earnings on the 9th, shares of SCTY dropped nearly 30 percent, leading the New York Times to suggest that the company is “facing a cloudier future.” Now, it appears that SolarCity has stopped offering its MyPower loan product altogether, which it once heralded as “the greatest savings we have to offer” and offering “the perks of ownership, but none of the hassle.” As of Tuesday morning, the product page for the MyPower loan has been taken down from SolarCity’s website (although a cached version remains), and Greentech Media confirmed this morning that the loan has been pulled from the market.