Posted by Todd Filbrun on Mon, Dec 10, 2012 @ 11:10 PM
Almost every homeowner would like to reduce energy costs, and going solar is an excellent way to do it. Solar energy will always be free and if you have a way to harness it to power your home, you can virtually eliminate monthly electricity costs. However, not every homeowner has enough cash to purchase a home solar system, or even for a down payment for a loan. A no money down solar loan gives you the opportunity to invest in solar without breaking the bank.
So how does solar financing work?
- You work with a qualified provider to determine your home's solar potential, your average energy usage, and the system requirements for meeting your energy needs.
- The solar company gives you a quote for the cost of labor and equipment. This quote should also include an estimate of the monthly savings you will generate by switching to solar.
- Your provider may offer financing options such as a solar lease or loan. While a lease may be tempting because of the lower initial monthly payments, the lifetime costs of a solar lease can be significantly higher. Look for a solar loan with the following features:
- Covers the full cost of both equipment and labor
- Requires no money down
- Includes a fixed interest rate
- Does not penalize you for making early payments
- Allows you to keep your tax incentives and rebates
- Does not require collateral or the possibility of a lien
- After your solar loan is secured, you purchase your solar panels outright, which means that you have complete freedom to sell them with your home if you choose to. Solar panels also increase the value of your home, but not if you have leased them.
- You make monthly payments that never increase, so you know exactly what your monthly electricity budget will be. Most homeowners can make the monthly loan payment with the savings generated by switching to solar and still have cash left over.
- After your loan is paid off, you have free electricity for the life of the equipment, which is much longer than the term of the loan.
If you would like to learn more about how you can reduce energy costs by going solar without any upfront expenses, get in touch with Kurios Energy. We'll work with you to secure a solar loan that requires no money down and still allows you to take advantage of Federal and state tax incentives. Schedule your free solar evaluation today.
What would you do with the extra cash if you could reduce energy costs for your home or business?