If you’ve been living in your dream home and feel like there’s just one thing missing, it might be solar power. Those in the Sunshine State have increased their use of this renewable energy in the last several years, and while it’s incredibly smart, it also can come at a cost many aren’t prepared for. Did you know that the average cost of an entire solar system can run upwards of $20,000? Here’s how you pay for it.
When you purchased your house, you most likely applied for a line of credit specifically for this type of investment. You had to meet certain income and eligibility criteria, including your credit score. Once approved, you had a set interest rate and time frame to repay the money.
Lenders are now offering a solar specific loan, rather than requiring homeowners to utilize a personal line of credit. These loans are designed to entail the costs of the equipment and installation, and can typically be paid back over a term of 12 to 20 years. Interest rates are similar to what you’d find for a home loan, varying between 3% and 7%.
By purchasing your system instead of leasing or renting it, you’re ensuring your investment will pay for itself time and time again. You can up the property value of your home and have a permanent fixture that allows you to reduce your carbon footprint. As long as you have reasonable credit and can make your loan payments on time, there’s no reason why you shouldn’t look for a loan to get your solar system installed soon!
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