Solar loan rates & solar financing
When it comes to financing your solar installation, you’ve got options, and getting a solar loan may work for you.
You work hard for your money and although solar is one of the safest investments you can make, maybe you have somewhere else you want to spend your money, like a new car, kitchen remodel, a month long vacation on an exotic beach… sorry started to day dream. Where were we, ah yes, maybe you don’t want to spend your money on solar. Enter the revolutionizing “Solar Loan!”
How solar loans work
So here’s the thing, we all need electricity. Until recently, you’ve only had one option: pay the utility company every month to deliver you electricity. Month after month, you roll your eyes, grumble and pay the electric company. Luckily, there’s a light at the end of the tunnel! Solar allows you to create, use, and sell your own electricity. But not everyone has or wants to pay cash for a solar system. What if there was solar financing to allow you to stretch out your payments over time into small monthly payments?
Because solar is so reliable, solar financing companies have created solar panel loans to help ease the burden of a one-time payment. Meanwhile, the government is trying to encourage homeowners to go solar by offering aggressive tax incentives that lower your costs. The “solar loan” has helped many customers install solar energy on their homes and personally enjoy the savings, increase property value, and enable energy independence without the upfront cost. Yeah, that’s great news… but is there a catch? What are the terms? How many years is a loan? Will my system last long enough to make it worth it? Great questions, let’s dig in!
Here’s how it works:
- Energy Assessment: A Rooftop Solar specialist will run an energy assessment on your house to determine how much solar you need to get the best return on your investment. The amount of energy you need determines the amount you need for solar financing.
- Solar System Financing. Within seconds one of our top tier solar financing partners will give you the green light for financing. Since you are already spending a monthly payment for electricity that is usually similar to the new solar loan payments, approval is generally pretty straight forward with really great solar financing rates.
- Installation and Payment. Rooftop Solar will work directly with the solar financing company, who agrees to pay Rooftop Solar after the work has been completed and verified. Since we don’t get paid until your system is installed and approved, Rooftop Solar is motivated to complete your system as quickly as possible while maintaining a high quality installation.
- Tax Credits. The government issues a dollar for dollar tax credit to homeowners who are going solar. This means that after you go solar, the government is going to give you a credit when you do your taxes. This incentive is worth almost 30% of your solar installation costs. Once you get your tax refund, you can keep that money and spend it on that beach vacation, or if you prefer, pay down your loan to receive even lower monthly rates.
- Low, Secure Electric Payments. Every month the electric company will essentially buy the energy you don’t use giving you an immediate return on investment. Those credits can be used to pay your solar financing payments. At the end of the day, you have a monthly bill similar to your previous electric bill, but now the electric company is helping you pay off your investment instead of you paying off theirs. How’s that for a “Power move?!”
Certified Rooftop Solar partners & lenders
No matter how much you care about the environment, most homeowners aren’t going to go solar unless it makes financial sense. So Rooftop Solar worked hard to secure the lower solar loan rates in the industry. We were one of the earliest partners with some of the nation’s largest solar financing companies like Mosaic. However, we also know that low interest rates, and low closing cost also affect your bottom line.
In addition to some of the larger known financing companies, like Mosaic, YGrene, and PACE, Rooftop Solar has also established local ties with credit unions, to ensure a low solar financing rate and even lower monthly payments. We are proud partners with companies like Wheelhouse Credit Union, Point Loma Credit Union, and exclusive partners with Puget Sound Cooperative Credit Union.
The first step is understanding if solar makes sense for you. With a little bit of information, a Rooftop Solar specialist can analyze your current energy usage, future energy needs and design a system that’s right for you. We’ll help you understand the equipment options you have before determining the perfect fit.
After we’ve determined the perfect solar system for your house we can explore different financing options. Would you rather pay it off quickly so you don’t ever have to think about energy again? Would you prefer to lower your monthly payment without any upfront expenses? Or maybe a little bit of both: a down payment and super low monthly payment to ease the month to month burden? No matter how you want your solar panels financed, we have the right solar panel loan for you. Enjoy zero to low closing costs, low solar loan rates, and low monthly payments.
Find out if solar makes sense for you
If you’d rather speak directly to one of our team members, get a free quote by calling (800) 786-7080.