Financing Your Solar Installation
While the cost of solar technology is continuously declining, rooftop solar installations still cost at least thousands of dollars. Here at LA Solar Map, we understand that most consumers don’t have that amount of money lying around, but there are plenty of ways to pay for solar.
Purchasing solar panels with cash
Cash is undoubtedly the clearest and most straightforward way to purchase photovoltaic panels. This method lets you avoid paying any interest and borrowing fees and does not require a qualifying credit score. As a consequence, you’ll save more cash throughout your solar panels’ lifespan.
However, you must pay a fortune upfront. It means you’ll have to wait a while before you can recover your investment through savings and the federal solar tax credit.
Obtaining a loan to purchase solar panels.
If you cannot afford to pay in full, solar loans, both secured and unsecured, are widely available.
A secured loan is one that is guaranteed by assets, such as your home or the photovoltaic arrays. Essentially, you’re declaring that if you don’t pay, the bank can use your collateral to cover the loan.
Unsecured loans, on the other hand, do not have such guarantees. As a result, secured loans have better interest rates and longer repayment schedules.
Optimizing your solar financing options
When deciding on a solar financing option, it is critical to understand the conditions of each scheme. Furthermore, whether you pay for your solar power system in cash or with a loan is determined by your reasons for choosing solar.
If you want to maximize the investment rewards on the solar energy system, buying it with cash is probably the preferable option. A solar loan, on the other hand, should be considered if you value an easy, maintenance-free approach to lower your energy bills while also helping the environment.
If you have excellent credit and meet the criteria, the interest rates on solar panel financing at LA Solar Map can be as small as $0.99 per month with no down payment. Please contact us and one of our specialists will assist you in finding the ideal solution for your needs.