A newly conducted research by Wood Mackenzie, formerly known as the GTM Research, has revealed that people across the United States prefer solar loans over the third-party-owned solar systems to install solar panels at their residences. The research said that as existing loan providers scaled up their partnerships, new loan providers grew through relationships with regional installers.Solar loan has emerged as the most suitable concept for solar buyers in the country throughout the first half of 2018 and has acquired around 42% of the residential market.
If Wood Mackenzie’s analysis is to be believed, the current solar market reflects the situation large third-party ownership providers found themselves in a year ago. Most TPO providers aren’t profitable. They begin to generate cash only after necessary restructuring process is done.
Solar leases or PPAs and cash purchasing are no longer the only options for you if you wish to go solar over traditional energy. For solar shopper, who has limited capital but wishes to maximize the financial benefits of installing solar energy system, solar loan is the perfect solution. Lets’ take a look on some basic concepts on solar loan:
- You can save up to 70% over the lifetime of your solar panels with a solar loan.
- Many loans are $0 down and also allow you to finance the total amount of your solar panel system.
- from traditional banks to solar panel manufacturers, there are hundreds of institutions that offer solar loans.
- Like other home improvement loans, solar loans also have the same basic structure.
- Even if you repay the loan, solar loans offer immediate returns by saving you money on your electricity bills.
Similar to home loans:
Solar panel loans have the same basic considerations as other types of loans including the lower interest rates and shorter term. You have both secured and unsecured options available for your solar panel loan.
In spite of these similarities, there is one major difference between solar panel loans and other home improvement loans. A solar panel loan allows the borrower to own an asset that generates significant financial value. Both the value of electricity generated by the solar panel system over its lifespan and the 30% federal investment tax credit and other applicable rebates and incentives such as solar renewable energy certificates or SRECs.
Where to find solar loan?
Other than the traditional banks, there are numerous other institutions that offer solar energy loans.
- Solar panel manufacturers often offer loans through their solar installer networks.
- Credit unions from all across the country are developing solar energy loan products for homeowners, and often also offer lower-cost solar loans.
- National lending institutions have specialty loan products tailored to residential solar panel systems.
- Public-private partnerships such as local government agencies partner with private lenders to offer solar loans with lower interest rates.
- Utilities offer on-bill financing programs and allow homeowners to finance solar energy systems and repay the borrowed amount through electric bills.
- Municipalities often offer PACE (Property Assessed Clean Energy) solar energy financing, which is repaid by an annual assessment on property owners’ property tax bill.
With iSolarWorld, you can find all the detail information about solar loans to finance your home solar systems.
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