The price of solar systems has dropped dramatically over the last few years, but getting a whole home system can still seem out of reach for most people. This is not always the case, though since there are several ways to pay for having a solar system installed from financing to tax credits and government assistance.
This will depend on your state since some have laws preventing manufacturers from offering to finance their solar panels. If you are in a state that will allow you to take advantage of this financing, then it is something to consider. Your rates will vary just like getting a loan from the bank, but you should have an easier time getting approved. You can get solar financing in NJ and other states that do not place restrictions on manufacturer loans.
Home Equity Loan
If you have a good bit of equity built up in your home, then you can use this money to pay for the addition of solar panels. Solar panels add to a home’s value, so getting approval for a loan like this should be easy. One downside to this type of loan is the need to have the installation done professionally. This is because the bank wants to make sure that the job is done properly, so you may be required to have a professional solar panel contractor install them.
While you are not going to completely fund your solar conversion, government tax credits can help to offset the cost of the conversion. This can vary but expect around a 30% credit. If taking the tax credit, then your installation must meet federal guidelines. Like getting a loan, this usually means hiring a professional.
There are several different ways to fund your solar conversion, but this is one of the easiest ways to reduce your carbon footprint. In addition to this, it has also never been easier to get solar panels installed at your home.
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