Solar panel installation and maintenance can be costly. This is the primary reason people decide to skip the use of solar power despite its significant savings.
People don’t realize that they can finance solar panel systems through loans and leases–just like your houses. It’s one of the many steps of various states worldwide to promote the use of cleaner and greener energy.
What is solar power financing?
Solar power financing is getting loans, mostly on lump sums, to cover all necessary residential solar power use stages. This covers solar panel purchase, solar batteries, roof or ground installation, electrical installation, and maintenance.
Where can you get solar power financing?
Loans and leases for solar power implementation are offered mainly by solar power contractors such as solar panel manufacturers and solar panel installation service companies.
In some cases, they offer in-house loans, in which the overall cost of solar panel installation is broken down into installment prices. On the other hand, more prominent solar power companies offer third-party loans from banks and credit providers.
Just like in home equity loans, most solar power financing plans offer up to 85% of the total cost of solar power purchasing and installation. However, you can still change this depending on the amount you’re willing to give as a down payment.
Aside from these commercial loans, various states also offer energy mortgages for their residents.
The Federal Housing Administration allows people to add the cost of solar projects to their new or refinanced mortgages. In most cases, the amount of money that you can allot to solar power is determined based on the value of your home.
Aside from this, you can also get tax credits from a fully-functional residential solar power use. You can get up to a $1,000 exemption on your annual income tax return–enough to reimburse your budget for your solar project.
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