Missouri ranks 34th in the nation regarding solar energy, with a growing number of installations at nearly 19,000. Solar financing options help you get in on this expanding technology. Investing in solar enables you to reduce your carbon footprint, and it can almost eliminate your electric bill!
The best solar financing options include a solar loan, a solar lease, and energy mortgages. Once the money is in place, you’ll be on your way to a greener home!
Check out these solar financing options.
1. Solar Loans
The average solar equipment cost for a home can be up to $21,000, including installation. Solar loans are an excellent option if you don’t have the money upfront. You can get solar loans for your energy-saving project, much like any large purchase.
This is one of the best solar financing options for homeowners who want to own their solar system.
Like any loan, solar loans require a credit check, and there are different repayment options. You must also pay interest, which is either fixed or adjustable.
You can pay off the loan quickly, thanks to the money you will save from not having an electric bill in Kansas City!
2. Solar Lease
A solar lease means you and the solar company agreed to pay a fixed monthly rate to ‘lease’ (or rent) your solar panels. You avoid installation and solar equipment costs, and you don’t have to pay anything upfront! What better way to get in on solar energy!
Owning solar panels means there can sometimes be maintenance costs. You won’t have to worry about fixing anything through a lease program.
And regardless if you lease or own, you are still getting the ‘money’ value out of solar energy. You won’t have much of an electric bill, and you sell what you don’t use back to the grid.
3. Energy Mortgages
Getting an energy mortgage means you are buying or refinancing an energy-efficient home. The program considers you are already saving money on your home’s electric bill because it’s energy-efficient.
These types of mortgages are for energy-saving insulation, appliances, and ductwork. Doors, windows, and solar panels are also all on that list!
A home energy assessment is a part of figuring out your home’s ‘energy savings’ once renovations are complete.
Energy mortgages are available through all programs, including conventional, FHA, USDA, and the VA. It’s best to talk with a mortgage broker to determine which one is best for you.
Solar Financing Options for Your Home
Going green doesn’t have to be expensive when considering solar financing options for your home. Solar loans, leases, and energy mortgages are great ways to pay for your solar upgrades.
Start saving money today! Installation starts as soon as the approval process is over!
Contact us today and let us help you harness the sun’s rays and reduce your carbon footprint. We can work with you and get you the best solar financing options!