How to Choose the Best Solar Financing Company for Your Home
How to Choose the Best Solar Financing Company for Your Home
Solar energy is a clean, renewable, and affordable way to power a home and reduce its carbon footprint. However, installing a solar system can be a significant investment that requires careful planning and financing. Fortunately, there are many solar financing options available to help homeowners go solar without breaking the bank. In this article, the following topics will be discussed:
What is solar financing and why is it needed?
Solar financing is the process of obtaining funds to pay for the installation and maintenance of a solar system for a home. Solar financing can come from various sources, such as banks, credit unions, solar companies, government programs, or third-party providers. Solar financing can help homeowners overcome the upfront cost barrier of going solar, which can range from $15,000 to $25,000 depending on the size and type of the system. Solar financing can also help homeowners save money in the long run by reducing or eliminating their monthly electricity bills, increasing the value of their home, and taking advantage of tax credits and incentives.
What are the pros and cons of solar loans vs. solar leases or PPAs?
One of the most common ways to finance a solar system is through a solar loan or a solar lease/PPA. A solar loan is a type of loan that is specifically designed for solar projects. With a solar loan, homeowners borrow money from a lender and use it to pay for the installation and maintenance of their solar system. They then repay the loan over time with interest and fees. A solar lease or PPA is a type of contract that allows homeowners to use a solar system without owning it. With a solar lease or PPA, homeowners pay a fixed monthly fee to a third-party provider who owns and maintains the system for them. They then get to use the electricity generated by the system for free or at a discounted rate.
Here are some of the pros and cons of each option:
Solar loans Pros: ● Homeowners own the system and get to enjoy all the benefits of ownership, such as tax credits, incentives, net metering, and increased home value. ● Homeowners have more flexibility and control over their system design, installation, maintenance, and warranty. ● Homeowners can choose from various loan types, terms, rates, and lenders that suit their needs and preferences. ● Homeowners can pay off their loan early without any penalties and save money on interest. Cons: ● Homeowners have to pay upfront costs for the system installation and maintenance. ● Homeowners have to take on more responsibility and risk for their system performance and operation. ● Homeowners have to qualify for a loan based on their credit score and income.
Solar leases/PPAs Pros: ● Homeowners don't have to pay any upfront costs for the system installation and maintenance. ● Homeowners don't have to worry about any responsibility or risk for their system performance and operation. ● Homeowners don't have to qualify for a loan based on their credit score and income. ● Homeowners can save money on their electricity bills by paying a fixed or lower rate than their utility. Cons: ● Homeowners don't own the system and miss out on some of the benefits of ownership, such as tax credits, incentives, net metering, and increased home value. ● Homeowners have less flexibility and control over their system design, installation, maintenance, and warranty. ● Homeowners have to sign a long-term contract that may be difficult or costly to cancel or transfer. Homeowners may pay more over time than with a solar loan due to escalating fees or higher rates.
Maxeon Energy works with 4 Top solar financing companies to help you go solar
Maxeon Energy is a trusted and reliable partner for homeowners who want to go solar. Maxeon Energy offers high-quality solar panels, expert installation, and excellent customer service. Maxeon Energy will support you throughout your journey to approval and beyond. With Maxeon Energy, you can enjoy the benefits of clean and renewable energy for years to come.
Maxeon Energy has partnered with four top solar financing companies in the US to provide you with different options for paying for your solar system. These are:
How Maxeon Energy can help you go solar with confidence
No matter which solar financing company you choose from this list, Maxeon Energy will make sure that you have a smooth and hassle-free experience. Maxeon Energy is a trusted and reliable partner for homeowners who want to go solar. Maxeon Energy offers high-quality solar panels, expert installation, and excellent customer service. Maxeon Energy will support you throughout your journey to approval and beyond. With Maxeon Energy, you can enjoy the benefits of clean and renewable energy for years to come.