As you’re comparing your solar options, one of the biggest decisions you’ll need to make is how you’ll pay for your system. Fortunately, there are many accessible financing options available for those looking to install solar with little–or no–money upfront.
Given the number of solar financing options and the differences between them, we often get questions about the pros and cons of certain loans – truthfully, every financing solution has both. In this article, we’ll give you a quick overview of factors to consider with one common solar financing option: home equity loans.
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.
When making the switch to solar, many EnergySage shoppers end up financing their installation with a loan from Sungage Financial. Based in Boston, Massachusetts, Sungage currently provides financing solutions through their partner installer network in 18 states and Washington D.C. EnergySage conducted a Q&A with Mike Gilroy, Sungage CEO, to learn more about their company, what customers should consider when choosing a solar loan, and how they differ from other specialized solar lenders.
Buying a house is a major investment that comes with many long-term variables to consider, including location, home style, sales price, and monthly utility bills. During the process of applying for a home mortgage, new buyers may also have the opportunity to think about other large home improvement investments that they would like to make once they move in to either increase the value of their home or decrease their monthly homeownership costs. The new solar + home loan from Lowtility is a unique option for home buyers looking to do just that by financing both a house purchase and a solar energy system installation all at once.
(Note: As of fall 2019, BlueWave no longer offers residential solar financing.)
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.
In recent years, solar loans have become a popular way to finance solar panel installations. While there are a number of loan options to consider, each with varying qualities, the majority of solar loan products share the trait of having fixed interest rates, monthly payments, and terms. If you’re looking for a solar loan option that allows you to adjust your monthly payment down the line, keep an eye out for re-amortization options.
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.