Solar Panel Financing

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There are a variety of finance options that are available to you when you are considering having a solar energy system installed. Since the upfront cost can be rather costly, many people find it necessary to finance their system. At Pro Solar Miami, we will discuss your finance options with you in detail. Once you have received a realistic estimate of the cost associated with installing your new solar panel system, you may have dismissed the idea of having them installed simply because you don't think you can afford the upfront cost. Rather than counting it out altogether, give us a call and let us help by providing you with information that will help you make a well-informed decision.

Solar System Finance Options
You will have the option of paying on a solar loan or perhaps a solar lease would be most suitable for you. Either of these options will enable you to begin saving and benefiting from your solar system. Solar loans are good options if you want to own your system outright. You can finance part of the system or the entire solar system. Secured loans are offered that will enable homeowners to use their property for their collateral or an unsecured loan. When considering a solar loan there are several things to keep in mind:

• Your monthly electricity bill savings should be more than you are paying on the monthly loan. If it isn't, you are not receiving money-saving benefits as quickly as you could be.
• Make sure you are saving at least 40 percent of your energy expenses for as long as you have your solar system.
• Those who purchase their system outright are able to benefit from certain government financial incentives. Some solar loans interest is tax deductible. This offers you additional money-saving benefits.
• Solar loan terms are similar to other types of home improvement loans.

The other finance option that is available to you is solar leases and PPA’s (Power Purchase Agreement). This is the equivalent of renting your solar system. When considering a solar system lease/PPA there are several things to keep in mind: 

• If you elect to finance your solar panels with a lease or PPA, make sure you’re saving a minimum of 10 percent per month in energy expenses and do not have to pay anything upfront.
• A third party installer owns your lease or PPA. You are agreeing to pay them a below-market rate to use the solar powered energy source throughout the term of the lease.
• The third party installer maintains your solar panels and they are the ones that will eventually remove them at the end of the term.
• You will not be eligible for the solar panel system incentives offered by the government.

Why Choose Pro Solar Miami
We can show you how it is possible to have solar panels regardless of your budget, based on the finance options that we present to you. Our contractors make sure you receive great value for your money at Pro Solar Miami.

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