You may be surprised at the variety of options for residential solar financing, from government incentives to bank-backed solar-specific loans. For instance, most homeowners in the United States can access a residential solar panel financing program called PowerSaver via the Federal Housing Administration. The total amount offered and the interest rate will depend on the credit score of the borrowers. If the borrower has existing loans or debts, this may also limit which government-supported residential solar financing solutions they qualify for. It’s crucial for residential borrowers to carefully consider the term of the loan, as some components may need to be replaced before the loan is paid in full.
Residential Solar Financing Solutions
- Home equity loan
- Personal loan
- Solar leasing
Homeowners should consider several aspects of each option for residential solar panel financing. Repayment terms and interest rates have a major impact on the profitability of a domestic solar array. It’s critical to evaluate the likelihood of qualifying for federal solar tax credits in the financing stage.
More often than not, renewable energy is now perceived as a wise investment by mainstream finance institutions. Not only do residential solar power projects provide eco-friendly energy, but homeowners can access tax benefits that make solar a smart investment. Get assistance from a residential solar financing company that can provide accurate assessments of energy production and longevity. This can strengthen your loan applications and ensure your investment delivers high ROI.