You love the promise of solar power. You want to cut down on utility bills while simultaneously saving the planet. But, there’s one hiccup – you are not sure whether a sizeable upfront investment is the way to go about it.
Thankfully, there are plenty of solar financing options. Today, we’ll discuss some common questions related to one of the popular financing options, solar loans.
What’s the down payment on solar loans?
It’s $0. That’s right; many solar loans require you to make no down payment at all.
Do I qualify for solar loans?
Typically, homeowners with a FICO score of 640 and above qualify for solar loans with ease. If you have a lower score, the chances tend to be lower. For a more accurate response based on your unique case, talk to us.
What form of collateral do you need for granting the solar loans?
None!
Your solar loan is tied to your solar power system, and the latter works like a collateral. You don’t have to offer any additional collateral to qualify for the solar loan.
Can I change my solar financing agency?
No. Once you get a solar loan from a solar financing agency, you will be making payments to the same company.
Green Power Energy works with the most reputed solar financing agency with an excellent track record of operations in the Connecticut region. So, you need not worry about your experience with the solar financing agency.
Is there a cap on the solar loan that I can get?
Your solar loan covers your entire solar power system, including the panels, the inverter, any batteries you install, wiring, and charge controller. However, depending on your credit score, there may be a cap on the maximum solar loan amount you could qualify for.
If I get a solar loan, will I still get the solar tax credit, net metering incentive, and other benefits?
Even with a solar loan, you retain complete ownership over your solar panel system. So, you receive all the incentives on the solar installation, including tax credit, net metering payments, Connecticut’s RSIP (CT Solar Grant), no sales tax or property tax increases, and more.
What’s the term of the solar loan?
In partnership with Sungage, Green Power System offers flexible solar loan terms to suit the unique needs of the customers. Whether you want to repay your solar loan over 10 years, 15 years, or more, we can make it work with interest rates as low as .99%!.
