Financing Options Are Available For Solar Panel
As the Financing for solar continues to increase, many customers are looking for options that make it possible to invest in a green energy system. This has increased the popularity of solar financing options, including PowerPay, a company that specializes in loans for renewable projects. With its focus on solar specific loans, PowerPay offers a variety of benefits for its customers.
The most obvious option is to pay cash for a solar system outright. This is typically the least expensive option, and it allows you to take advantage of any available tax credits right away. However, if you sell your home, you will need to transfer the solar lease or PPA to the new homeowner, which may be problematic depending on how much time is left on the contract.
Understanding Your Options: A Comprehensive Guide to Personal Financing
Other popular solar financing options include leasing or renting the panels through what are called power purchase agreements (PPAs) and solar leases. Under a PPA or solar lease, the solar provider owns and installs the system and you pay a flat monthly fee for the electricity it produces. This type of financing is not available everywhere and it can be less affordable than a loan.
Lastly, homeowners can choose to finance the purchase and installation of their solar energy system through a personal loan, a home equity or refinance loan, or a Fannie Mae HomeStyle Energy Efficient Mortgage that incorporates the cost of the energy efficient project into your overall mortgage. Each option has its advantages and disadvantages, and the one that works best for you will depend on your budget and long-term financial plans.