Solar panel installations are always the best option for any home. If you’re concerned about your finances, you don’t have to be. There are many ways to go solar in 2019 without parting with a considerable chunk of your hard-earned cash and putting a massive dent on your pockets:
1. Get a Secured Loan
Among the pool of credible ways to finance your solar lifestyle is taking a secured solar loan. There are various kinds of guaranteed solar loans – PowerSaver Second Mortgage and Property-Assessed Clean Energy (PACE) being the main ones.
While secured solar loans may be beneficial in more ways than one, you may find the application process to be tedious and stressful. Also, it may take a while before your loan is processed. That’s why borrowing an unsecured solar loan may work out for you at this point.
2. Borrow an Unsecured Loan
Unsecured solar loans are a lot more straightforward. To enjoy all the benefits that come along with it, all you need is good credit. Throughout the course of acquiring your home’s solar quote, you may be offered a loan of this nature.
You, the homeowner, stand to benefit a great deal because most solar companies include additional perks with the loan.
The downside of taking out an unsecured loan is that it’s not tax deductible. However, if you’d instead dodge the lengthy paperwork and extended waiting period, this option might work out for you just fine.
3. Take Out a Personal Loan
If the first two loan options above don’t sit well with you, you have to consider taking out a personal loan. The idea behind a personal loan is relatively straightforward: take out a certain percentage of the tax credit and pay that exact amount with a few payments.
If you need your money to be deposited within a short time frame, groups such as LendingTree won’t waste any more time in depositing it. Personal loans are OK; though it may be hard to find a third party who’s willing to loan you at a fairly decent rate.
4. Pay Up Front
There are countless benefits of paying for your solar installation with cash. Aside from rebates and tax credits, you also get to enjoy added incentives such as a significant rise in your home’s value. Paying up front may work out pretty well for your pocketbook.
You get to save bills in a state where electricity bills are off the charts. Before you pay up front, know that you’re tasking yourself with the responsibility of chasing down the manufacturer in case of a shoddy installation.
5. Get a Power Purchase Agreement (PPA) or a Solar Lease
Homeowners can benefit significantly from PPAs and solar leases. PPAs ensure that you pay minimally for your solar electricity. Keep in mind that this option doesn’t get you a free pass from paying your regular fossil fuel electricity.
As for solar leases, they’re a means of getting affordable electricity. They typically come with energy production guarantees that ensure you get the most of what you paid for.