Solar Loans And PPAs Can Get Your Solar Today

Getting a loan to buy your solar panel system is a great option for homeowners who require the home equity value and tax incentives that develop from owning solar panels, without having to put down a significant upfront expense. And of course, a solar loan allows you to experience the other clean energy and financial benefits of getting your very own solar panel system.

There are a few ways consumers can take for obtaining a solar loan. Many solar businesses work with third parties who produce solar panel funding. For instance, we work with great and verified third-party lenders, that provides loans that customers can use to buy solar panels and other accessories from us. Using valued third-party companies is great because they don't demand a down payment, merely a regular fee. Also, you can pay off your loan whenever you need (with no penalty). Just keep in cognizance that your credit score may influence whether you will be qualified to obtain a loan for solar panels.

If you have a not-so-perfect credit score, you might explore unique programs such as PACE (Property Assessed Clean Energy). PACE is a government plan that finances projects that enhance energy efficiency. The program alters by location, but in several places, homeowners can pay for their solar panels by a property tax estimate (so your credit score isn't a determinant). You also possess the opportunity to finance your solar panels by applying for a personal loan through your bank or credit union.

Zero Cash Down Options

If you don't want to buy your panels outright or prefer a solar loan, there are other solar financing possibilities you can consider. These include a PPA (Power Purchase Agreement) and lease. Both are excellent options that can help you save money on power annually, but the availability changes by state and city.

Solar PPA

The PPA is one of the most charming solar financing choices. Not only is it affordable, but it makes moving to solar simple. With a PPA, the solar provider typically maintains ownership of the solar panel system and supports all of the equipment, and you have to pay for the energy that the panels generate. Additionally, the rate per kilowatt-hour is often affordable than the price that a traditional utility company requires. Regrettably, PPAs aren't ready in each state. 

Leasing A Solar Panel System

Analogous to a PPA, you don't pay any upfront expenses for your panels with a lease. The solar provider normally covers the installation, maintenance, and the guarantee. Here's where it gets a bit complex: alternatively of paying for the power the panels generate, you're actually paying for the equipment. To explain, you're not purchasing the solar panel system,  you're just paying to utilize the equipment. We'll consider how much energy your panels generate over the course of the year, divide that quantity by 12, and then multiply that amount by the kWh rate to determine your monthly payment. If the panels don't generate as much energy as expected, we'll pay you the difference to payment your bill. This method determines that you're guaranteed to never overpay for energy.

As you can tell, solar financing opportunities are abundant. Getting the perfect choice for you will be determined by your financial goals, inclinations, and location. The great news is, we're here to help you drive through these types of projects. Your never alone in the solar game when HahaSmart is on your side. HahaSmart you will have a peek at what we can offer you on the cost of solar panels and cost of solar installations. We will attempt to find you the best prices available. Follow the solar experts. Follow the solar experts. Try our price checker tool. It tells you how much solar power you need and how much you can save on your energy bills each month. Please visit our solar blog to find out more about the benefits of going solar.