What is a Solar Loan? A guide on the key things to know
As the cost of living rises, solar energy is rising in popularity. Most energy-conscious homeowners consider solar panels at some point, but many stop short when they realize how much the panels cost.
Just like you can finance cars with an auto loan or a house with a home loan, a solar loan is the tailor-made solar panel finance option. If you were planning to fund your next solar panel purchase with a personal loan, think again. Solar loans offer lenders benefits they can't get from a more general loan.
Take a look at these key things to know about getting a loan for solar panels.
There Are Many Types of Solar Loan
Some loans are called "solar loans," but that doesn't refer to one specific type of loan. Some common options include home equity loans, unsecured personal loans, loans from utility companies and governments, secured solar loans from the manufacturer or seller, and more.
To get a good idea of what kind of loan is best for you, talk to a lender like Loanpal. Whether you're on the hunt for a solar loan for bad credit or are just hoping to get a good deal, talking to the experts is guaranteed to sort matters out.
You'll Own Your Panels
When you go to purchase your solar panels, the company you buy from will do their best to make you lease them. Make no mistake, leasing is in their best interest, not yours!
Leasing your solar panels means that the company has control at the end of the day. Taking a loan instead allows you to call the shots, and you'll likely save money in the process.
Take Advantage of Solar Energy Rebates
It's true that solar panels are a hefty investment up-front. If you went pale with fear when you saw how much a set of solar panels would cost you, learning about government solar energy rebates should put some color back in your face. To make solar panels more accessible, rebates are in place to defray the cost after you buy.
These rebates that you buy and own your solar panels—this isn't an option if you're leasing. Unfortunately, not many people can afford solar panels out of pocket. When you buy your solar panels with a solar loan, you can get the rebate without being rich.
Zero Down, Zero Problem
One great benefit of taking out a solar loan is that you can own your solar panels without having to put money down. While not all solar loan lenders offer zero down, many do.
Previously, to get solar panels with no money down, homeowners were forced to lease, giving the company more control. Now, buyers are lucky to have a lot more flexibility when updating their energy systems.
More News for Your Lifestyle
Now that you know some key things about taking out a solar loan, you can make your solar energy dreams a reality.
Once everything's all set up and you're browsing the internet using that solar energy, head over to our site for more interesting lifestyle news. Whether you're taking on a home project or are catching up with sports, we have just the article for you.
