Aug 13 Everything You Need to Know About a Solar Loan
Finding the best way to pay for your panels can be difficult. At Vision Solar we know that every household’s financial status is different. We also know that times have not been the nicest, especially in 2020. Because of this, we will do everything we can to make sure that our customers’ needs are being fulfilled. In order to do this, we need to make sure you know all about the different kinds of ways to pay for your solar panels. One of the most common ways to pay for your panels is a solar loan. So, we hope that you can find this article helpful when deciding if a solar loan is a good fit for you.
Buying Your Panels
The first step in obtaining a solar loan is determining that you are purchasing your solar panel system. Buying your solar panels outright can be a pricey endeavor. However, for those who have the opportunity to do so there are many state incentives to help you. When tax time comes around, the Federal Solar Tax Credit can let you earn up to 26% of the installation costs back. With this, you earn all of the benefits of solar without having to add on any monthly payments for anything. The average lifetime savings that comes from purchasing your solar system can be up to $126,000. Buying your solar panel system is one of the best ways to earn the most savings.
If you do not have the cash on hand to pay for your solar power system outright, you could apply for a solar loan. This allows you to finance the cost of your solar energy overtime. However, because you are taking out a loan, your fixed percentage rates are dependent on your credit score. The higher your credit score is, the lower rates you will need to pay. The lower your credit score is the higher rates you will have to pay. In order to choose the best loan for your financial situation, it is beneficial to shop around through financial institutions that offer solar loans. This can help you find lower interest rates if possible. Your financing options are very important to us, as we want to be able to provide you with the best experience that we can with your solar energy.
With so many benefits in mind, it’s easy to see why purchasing a solar panel system is a wise financial investment for homeowners in New Jersey, Pennsylvania, and beyond. For more information, contact Vision Solar today.