So you’ve decided that a solar panel installtion is right for your home. Maybe you even got a free solar estimate from one of our expert solar partners. Now you need to know how to pay for your solar panels. We’re here to tell you why a solar loan is the best choice, and why all other solar panel financing options pale in comparison.
Here’s a guide to the different methods of home solar panel financing, from most to least awesome:
#1: Take out a secured solar loan or HELOC
Taking out a loan for solar is like getting a small business loan for a business that’s sure to succeed. That’s because solar panels are warrantied to produce a certain amount of energy for 25 years or more, and putting them on your roof means you’ll save money for every kilowatt-hour you’re not buying from the utility company.
A secured solar loan or Home Equity Line of Credit (HELOC) takes advantage of the equity in your home to keep interest rates low. In order for a loan to be worthwhile, it needs an interest rate of around 7% or less.
Types of secured solar loans
