Solar panels have gained momentum in today’s world as the need to switch to sustainable living has caught everyone’s attention. It may be a burden for some people to acquire a good amount of funds to go ahead with this switch. A residential solar panel system can be difficult to purchase with its upfront cost. Thankfully, there are residential solar financing options that can make it possible for people to switch to solar energy. If you find yourself second-guessing your PV purchase because of costs, you can now look forward to solar financing options. Today, there are numerous solar financing companies that offer different packages that can help you secure great deals.
With these solutions available, it is now easier for everyone to make an informed and conscious choice and switch to healthier living. The added benefit to this is that the cost of solar panels is decreasing every year, making it affordable for most of the population. In this article, we will learn about residential solar financing, the options available, and different companies that offer such solutions.
What are residential solar financing options?
Solar financing is provided by a few financial institutions to homeowners who find it difficult to pay upfront in cash for solar photovoltaic systems. If you do not have the money to pay for these products, you can now rest easy because these financial institutions can help you secure financing for your solar residential system. There are different kinds of solar loans and solar lease contracts that can come into play to make sure that you start utilising solar energy and play your part in reducing adverse effects on our planet.
Solar Loans
If you are not able to or are uncomfortable paying for your residential solar system upfront, you can definitely opt for a solar loan that will help you secure these eco-friendly systems. Solar loans enable a person to not only buy the solar photovoltaic systems but also cover the cost of their installation. The best advantage of a solar loan is that you can avail a flexible time frame to pay your dues if you cannot pay them in its entirety. You can also enjoy the benefits of The Federal Solar Investment Tax Credit if you opt for a solar loan. This credit can help you decrease your pay for your loan and help save a good amount of money!
Solar Leases And PPAs
If you opt for a solar lease, you must cross-check the terms and agreements of this contract as you will have a pay out date and it’s important for you to be comfortable with that setting before opting for it. Usually, you need to pay your dues every month and clear a certain amount of money. A solar lease term can last up to 20 years if needed. In a solar lease setting, you will not have the ownership of the system but your lease company will in order to enjoy benefits of the tax credit. PPAs on the contrary lend a helping hand by financial institutions that help pay for the ownership and its installation cost.
What are some of the solar financing companies?
There are numerous solutions and types of financing one can avail for solar power for homes, but, in this article we will only address companies that offer solar loans. Here is a list of companies that you can keep in mind if any such need arises:
Mosaic
Loan Range: $10.000 to $100.000
Mosaic is one of the best solar financing companies that you can tie up with for a loan. They have provided numerous homeowners with solar loans upto $100,000! The company boasts a large number of installers, developers, and contractors that can come to your aid!
LightStream Financial
Loan Range: $5,000 to $100,000
