With all the rumors and misinformation regarding home solar systems, one that pops up time and time again is that upfront costs are out of reach for most homeowners. In addition to this misconception is the reminder that this is a home improvement project and home improvement projects can go over budget. Together these issues can create concern for a home owner but special financing programs exist solely for the installation of solar panels that should help alleviate both these fears.
The benefit of borrowing for solar panels is that solar installations are actually very attractive to lenders. Instead of being what may be considered a “cost improvement” they can be seen as a “profit improvement” meaning they are going to produce a cash flow after installation helping to pay back their own cost. Some lenders have even gone as far as specializing in the solar home energy field.
Here are some of the benefits these lenders offer:
- Quick application process. These lenders are small and not banks which means they aren’t government regulated. They are able to make decisions quickly, including on the approval process. If home owners find they later need any adjustments, these lenders will be able to get back with you within days, not weeks or months like big banks.
- Easier approval. Remember, this is a “profit improvement” and these lenders know there is increased chance of repayment because of the incoming cash flow. Some don’t even require FICO scores when reviewing applications. Instead, they’ll be looking at your home equity as well as your future installation value.
- Flexible options. Lenders look at loans for home solar systems favorably and are more apt to offer options not found on traditional loans. Examples include no payments the first year, no upfront fees and fixed, competitive rates.
- Expert in solar home energy. These lenders know this industry. Since they depend on loan repayment, they’ll work with homeowners to create the financing that succeeds for them. The loans are different than financing a car, a new driveway or home repairs since they are creating cash flow, and this will work in your favor.
Clever Energy, one of the few family-owned solar dealers in Central Florida specializing solely on solar panels, has a network of lenders it partners with to bring beneficial financing to customers. By partnering with multiple different lenders, Clever Energy can pair home owners with the best lender for their installation whether it be a single-family home or multiple residential unit. Each installation is unique whether it is a single residence or a multi-unit dwelling.
When searching for solar companies, lending partnerships should be considered. Located in the downtown sunny Orlando, Clever Energy works throughout central Florida including the surrounding communities of Oviedo and Casselberry, and at any time is working with a minimum of five solar panel lenders.