SOLAR FINANCING OPTIONS
TWO DECADES PROVIDING UNIQUE SOLAR LOAN SOLUTIONS!
There are several options to finance a solar system for your home or business. You can take advantage of the bank’s discounted rates that start at 1% interest rates. If you have less than perfect credit, there are options available for you too.
The most common way to buy solar is:
- Specialty Loans
- Lease Agreement
- Prepay Agreement
- Credit Union Loans
- PACE loans
- Home Refinancing
Grandmark team has the expertise to help you find the best loan.
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Solar Loan Overview
Banks provide these loans that their main focus is solar loans or home improvement loans. The benefits of these loans are low credit score requirements and tax benefits in some cases.
The lease agreement is very beneficial for people who plan to stay in their homes for a long time and want cheaper energy without the solar system’s ownership. The benefits are lower, fixed monthly payments for the next 20 – 25 years.
The prepaid option is good for people that want cheaper electricity but would want to own the solar system at some point. Usually, the bank would transfer ownership of the solar system after 7 years. The benefits are shared tax credits and full liability for the bank during the first 6-7 years.
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How Much Does Solar Installation Cost?
Average Cost: $10,434 – 16,487. Use Grandmark calculator below to estimate your project.
More Solar Loan Options
Credit Union Loans
These loans are prevalent for people that belong to local banks. The loans usually have very low-interest rates, and usually, the closing costs can be minimal compared to other loans.
Property assessed clean energy loans are loans that are paid through your property taxes. These loans attach to the house by way of an assessment or lien. These loans are great for homes that consume lots of energy and homeowners who have less than perfect credit.
Lots of people fail to explore this opportunity if there is the possibility of refinancing the home loan. Sometimes it is beneficial to explore getting money out at the time of refinancing to go solar.
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Explore what loan option is best for you. Grandmark has decades of experience providing guidance and processing solar loans.