Today, solar loans rapidly are becoming amongst the most popular options for financing solar. They’ll frequently offer better overall savings than PPAs or solar leases, as you own a system and, as a consequence receive the 30 percent Federal Investment Tax credit for the solar purchase, and any utility and state rebates. Also, you do not need to pay for profit margins or costs for solar lease maintenance.
More importantly with the dawn of zero-down solar loans (a loan in which no upfront payment is needed), homeowners have the ability to instantly begin to save on their power bill, as they increase the value of their house by the value of their solar panels. For more information on our Solar Loan in NJ contact Green Power Energy at (908) 271-4066.
How Solar Loans Work
Solar loans include loans expressly issued for placing solar panels upon a home. They’ll have an annual interest rate, principal amount, month-to-month requirements of payment, and payback period, as with any additional loan. For instance, you may see a $20,000 solar loan that has a 4.5 percent interest rate, as well as a 15-year repayment period. Those loans will work like a home improvement loan or car loan.
Solar installers, credit unions, and banks issue loans in order for you to have plenty of possible providers to select from. Those providers are developing new loan choices all of the time; therefore, it’s becoming increasingly easier for homeowners to discover a loan which fits their precise financing needs.
Solar Loan Benefits
Frequently, solar loans have the highest net savings of all of the financing kinds, with the exception of a cash purchase.
Unlike PPAs and leases, loans permit you to own the solar panels.
Since you’ll own the solar panels, you’ll obtain the federal tax credit within the first year – the government will essentially pay you the initial year if you take advantage of this tax credit.
Additionally, you’ll get all local and state incentives, too, since you’re the solar panel owner.
A solar loan offers instant savings over the electric bill.
A zero-down solar loan is widely obtainable.
Many providers provide zero-down loan options.
For more information on our Solar Loan in NJ contact Green Power Energy at (908) 271-4066. Like us on Facebook