A growing number of Americans are choosing to use the sun’s energy to power their daily life, as seen by the hundreds of thousands of solar panels that have sprung up around the country since 2008. Every year, the cost of going solar decreases in part as a result of the investments made by the Solar Energy Technologies Office (SETO). You may be investigating the possibility of installing a solar energy system on your home’s rooftop or exploring another method of harnessing the energy from the sunlight for your needs.
Many homeowners are concerned about prices as more Americans consider transforming their homes to solar power. Home solar installation costs today range from $15,000 to $35,000, based on your property, where you are located, and how much power you want to generate.
This is a simple solution for the majority of our purchases: raw, cash money. The out-of-pocket installation of solar power system, on the other hand, is quite significant, thus the purchase is comparable to that of an automobile. Since solar panels pay savings, investing in a financial instrument would be a better comparison.
The most effective methods of financing solar panels
If you don’t have enough cash on hand to cover the entire cost of going solar, have a look at the solar panel financing alternatives available to you.
Loans for individuals
Personal loans are arguably the most popular method of solar panel financing because they are flexible and affordable. A personal solar panel loan will have fixed interest rates and fixed monthly payments for the duration of the loan, which will never fluctuate over the loan’s term.
The most important advantages
Personal loans often provide access to cash more quickly — sometimes in as little as a day or two — and many do not charge origination costs, which is a significant benefit. Furthermore, because personal loans are unsecured, you are not need to put your home up as collateral or have a significant amount of equity in your property in order to qualify.
The most significant disadvantages
You’ll need good or exceptional credit to be eligible for the lowest interest rates. If you don’t have the best credit, you may be stuck with exorbitant interest rates, which will make financing solar panels prohibitively expensive for most people.
Who this is most appropriate for
If you need the loan cash as soon as possible, financing a solar panel purchase with a personal loan may be a viable alternative for you. Alternatively, if you have excellent credit scores and are therefore likely to qualify for the most competitive interest rates, it may make sense for you to borrow.
Talk to your local Roofing and Siding Company
Many roofing companies in Georgia offer in house financing, so it would be best just to google roofers in your particular city and ask. Do you offer financing for a solar roof. They make money off the sale, so if they can afford to offer payment options, why wouldn’t they?
One of these companies in particular in Georgia is Stogner Contracting. They have offices throughout the state and you can contact them here at the following websites:
- http://www.atlantaroofingandsiding.com/
- http://www.athensroofingandsiding.com/
- http://www.augustaroofingandsiding.com/
- https://www.maconroofingandsiding.com/
- http://www.warnerrobinsroofingandsiding.com/
- http://www.savannahroofingandsiding.com/
Loans through the Federal Housing Administration and Fannie Mae
There are also two types of mortgage loans available — the FHA 203(k) loan and the Fannie Mae HomeStyle Renovation loan — that can be used to fund the purchase of a home as well as the installation of solar panels, as well as other modifications or improvements to the property.
