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Best place to finance the solar panels?
- Thread starter Iceh8r
- Start date
What do you mean by "best"? You can get an unsecured personal loan, you can do a cash out refinance (to tie it to your home loan), you can get a home equity line of credit, you can get a specific "solar / PV loan"....
The solar / pv loans that I have seen have this repayment schedule where they build into the pricing you sending your entire federal tax credit in as a principle reduction payment, due by 18 months after the start of the loan, to keep the payment the same as when you started the loan. If you dont send that federal tax credit in, your payment escalates to a higher number.
Tesla uses sunlight financial and mosaic I believe (they sent me to sunlight financial when I was considering getting a loan, before I decided to pay it off).
The interest rate on any of the above is not as low as it is for home loans or car loans right now though.
The solar / pv loans that I have seen have this repayment schedule where they build into the pricing you sending your entire federal tax credit in as a principle reduction payment, due by 18 months after the start of the loan, to keep the payment the same as when you started the loan. If you dont send that federal tax credit in, your payment escalates to a higher number.
Tesla uses sunlight financial and mosaic I believe (they sent me to sunlight financial when I was considering getting a loan, before I decided to pay it off).
The interest rate on any of the above is not as low as it is for home loans or car loans right now though.
You can finance directly through Tesla and they seem to offer a reasonably competitive interest rate, but you might be able to do a little better by searching on your own. Tesla uses sunlight financial and mosaic, so if you go through Tesla then your loan will go to one of those two.
There’s also a list of companies that provide solar financing here, so you can shop around a bit: Banks and Lenders Offering Solar Loans | EnergySage
Of course you don’t *need* to go with a solar specific loan. You could also do a home equity loan or a personal loan if you can get a better interest rate with something like that.
The one ‘advantage’ of a solar specific loan is that they are often structured such that you can make a large lump sum payment when you get your tax refund, so the payments are lower.
I’ve also seen options where you could take out two loans. One for the amount of your expected tax refund and one for the rest of the cost, then when you get your tax refund you can pay off the first loan.
There’s also a list of companies that provide solar financing here, so you can shop around a bit: Banks and Lenders Offering Solar Loans | EnergySage
Of course you don’t *need* to go with a solar specific loan. You could also do a home equity loan or a personal loan if you can get a better interest rate with something like that.
The one ‘advantage’ of a solar specific loan is that they are often structured such that you can make a large lump sum payment when you get your tax refund, so the payments are lower.
I’ve also seen options where you could take out two loans. One for the amount of your expected tax refund and one for the rest of the cost, then when you get your tax refund you can pay off the first loan.
CrazyRabbit
Active Member
interesting fact, Mosiac thru southern solar has one percent lower interest then Tesla.
loan is usually arranged by/thru the installer... just ask...
loan is usually arranged by/thru the installer... just ask...
