Solar panel electric systems are an excellent way for homeowners in Volusia County to reduce their energy spending while saving the environment. However, the overhead costs for solar electric installation might be too steep for some homeowners. Fortunately, they can take advantage of the following financing options to ease the burden.
1. Personal Loans
Personal loans are the most straightforward way Volusia County residents can finance solar panel installation. There are two types of personal loans: secured and unsecured loans. The former requires collateral (usually your home or vehicle), while the latter doesn’t. These loans have fixed interest rates and monthly payments. They include:-
- Home improvement loans
- Home equity loans
- Home equity lines of credit
2. Contractor Financing
Sometimes, the solar installation contractor may have financing options for its customers. They often partner with a third-party lender and cover the entire solar installation cost. It’s a simple way to finance the solar electric installation, but it usually requires a credit check. This credit check bars people with low credit scores from funding. However, with a repayment period of 10 to 25 years and a fixed interest rate, it’s an ideal choice for qualifying, cash-strapped homeowners in Volusia County.
3. Power Purchase Agreements (PPA)
The premise of power purchase agreements is simple: the homeowner pays the solar panel contractor a fixed amount per kilowatt hour (kWh). The contractor will also be responsible for repairs and maintenance until the termination of the agreement, usually after 25 to 20 years.
4. Solar Lease
A solar lease is similar to a PPA, except the homeowner pays a fixed monthly fee for the duration of the lease. At the end of the lease, you can choose to extend it or purchase the solar panels from the contractor. The downside to solar leases and PPA is that they don’t qualify for tax incentives and rebates.
Solar Panel Financing in Volusia County Simplified
You don’t have to break the bank to install solar panels on your home. With the financing options available, you can install solar panels without any upfront costs. Explore these options and choose the one that best fits your financial situation and energy needs.
Are you looking for high-quality, expedient, and affordable solar panel installation in Volusia County? Contact Wayne’s Solar at (386) 673-9720, and we’ll schedule a consultation immediately. You can also learn more about our solar pool heating solutions!