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:
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.
With iSolarWorld, you can find all the detail information about solar loans to finance your home solar systems.
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