Going solar has many benefits – both financial and environmental. Going solar means you could potentially eliminate or reduce your electric bill, increase your property value and protect your household against rising energy costs. These days it’s all about your carbon footprint, so going solar is a great way to reduce it!
When you consider going solar it is important to weigh the different financing options. There are many options out there for different credit types. A personal loan for financing solar equipment is a great option if you have fair, good or excellent credit.
These types of solar loans do not require any collateral and are based entirely on your credit history and verifiable income. If you have a good history with installment and revolving credit you would be a good candidate for the best possible rate.
You may be able to take advantage of federal or state tax credits if you purchase solar equipment.
Benefits of a personal loan for solar panels:
- A personal loan is a great option when looking to finance your environmentally friendly solar panels. They typically have very competitive interest rates and favorable repayment terms.
- A personal loan comes with a fixed rate and a set payment schedule. You can make extra payments toward the principal at any time and pay off the entire amount early without penalty.
Ready to find a lender to help you pay for solar panels?
Once you are approved and your loan is funded the amount will be deposited into your account. You then can act as a cash buyer and negotiate with the solar contractor directly.