MARSHFIELD, WI (OnFocus) – There are several ways to finance solar panels on your house, including:
Cash purchase: If you have the funds available, the most straightforward way to finance solar panels is to purchase them outright with cash. This can save you money in the long run since you won’t have to pay interest on a loan.
Solar loans: Many lenders offer loans specifically for financing solar panel installations. These loans may have lower interest rates than traditional personal loans, and some lenders offer loans with no money down. Local credit union MMCCU is a solar lender in Central Wisconsin.
Home equity loans or lines of credit: Another option is to use the equity in your home to finance solar panels. Longer terms are available with home equity loans, but the turnaround time may take 4-6 weeks and additional costs may be incurred.
Property Assessed Clean Energy (PACE) financing: PACE financing is a type of loan that is repaid through your property taxes. It allows you to finance the cost of solar panels and pay the loan back over a period of several years.
Power Purchase Agreements (PPAs): With a PPA, you don’t actually own the solar panels. Instead, a third-party company installs the panels on your house and sells you the electricity they produce at a fixed rate. This can be a good option if you don’t want to make a large upfront investment in solar panels.
When considering how to finance solar panels on your house, it’s important to weigh the costs and benefits of each option and choose the one that best fits your financial situation and goals. You may also want to consult with a solar panel installer or financial advisor to help you make an informed decision.
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Author: News Desk
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