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How to repay solar power generation loan

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How to repay solar power generation loan [PDF]

4 FAQs about [How to repay solar power generation loan]

How do you pay for a solar system?

There are three main ways to pay for your home solar system: upfront with cash, a solar loan, or through a lease or power purchase agreement (PPA). If you can't afford to pay for your system out of pocket—or don't want to tie up that capital—solar financing allows you to spread the cost over time through a loan or lease.

Should you take out a loan to finance a solar system?

Taking out a personal loan or a home equity loan to finance your solar system is also an option worth considering. But regardless of loan type, interest is the main tradeoff, reducing total savings compared to cash.

What if I can't pay cash for solar?

If you can't pay cash for solar, there are solar loans to help you start saving. Solar loans are flexible because they typically require $0 down and offer loan terms between 8-20 years. This allows you to design a loan with a monthly payment that you are comfortable, and essentially choose your own electricity rate.

Where can I get a solar loan if I can't pay cash?

According to the Department of Energy, there are PACE programs in California, Florida, and Missouri. Going solar is a major investment with a significant long-term return. If you can't pay cash for solar, there are solar loans to help you start saving.

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