Solar Loans are Best Found at Your Local Bank or Credit Union
A lot of folks are looking to “solar financing companies” to fund their solar power systems, but have you noticed interest rates from local banks and credit unions are going down? Our local bank (photo right) is only charging 1.99% on a home equity loan.
Financing companies that will allow you to get started with solar with no money down are popping up everywhere. As enticing as that sounds, interest rates can be as much as 12%, and you could be paying tens of thousands of dollars more in interest than you need to. Some financing and leasing companies will even have you sign over your state and federal incentives. (The Federal Tax Credit alone could account of 30 percent of your costs.)
Check out the cost of grid-tie systems, and be sure to do the math. Give us a call at (800) 472-1142 if you need help. The return on your investment could be much shorter than you think.