how are solar panels for homes financed?
One of the most popular methods people use to finance solar panels was home equity loans. Although not many people have equity in their homes today, the people who do have an extreme advantage since interest rates are at historic lows, therefore people with good credit and equity in their homes can borrow money for cheap and invest it into a solar electric system which will lower or eliminate their electric bills.
Solar electric systems generate cash flow for your home, therefore the ideal situation would be to replace your monthly electric bill with a fixed monthly payment on a loan for a solar panels for your home, wouldn’t you agree? Companies like New Resource Bank are offering a zero down solar energy loan for people to avoid the upfront investment it takes to get started with a clean energy system. This is a great strategy for a small community bank like New Resource Bank to get started in a rapidly growing industry, although it seems like the large conglomerate banks are not offering any loans specialized for consumers to purchase solar energy, why do you think that is?
Why is it in this country, it’s so easy to get financing for a car (an asset that depreciates the second you drive it off the lot) but its almost impossible to financing a solar electric system for your home (something that acutally appreciates in value and creates instant cash flow) What a country we live in, I tell ya!
