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Solar panels are attractive financially and environmentally, but can require a large initial investment. So can you get a loan to install solar panels? The answer is yes, solar panel financing is available for all credit types.
Some solar panel loans can approve you with zero money down allowing you to better our environment while saving on your electricity bill sooner than you may have imagined. While there are many types of solar panel loan options available, a personal loan is a leading choice that allows you to essentially buy your system outright. Buying your system outright can allow you to take advantage of federal tax credits. In addition, the interest on your solar panel loan may even be tax deductible.
Acorn Finance gives you control when shopping for low rate solar panel loans. Simply submit one application and receive multiple personalized low rate solar panel loan offers within seconds. Keep reading to learn more about financing solar panels.
How much do solar panels cost on average?
On average residential solar panels cost between $15,000 and $28,000. Typically they range from 6kW to 8kW. The size of your home and amount of power needed can vary the cost significantly.
Are solar panels worth getting installed?
Most homeowners who have installed solar panels believe it’s one of the best investments they have made. In addition to the long term savings, solar panels provide a natural source of energy that has the ability to power your home.
How much can you save on electricity with new solar panels?
Federal and state incentives piled on top of huge savings on your electricity bill makes solar panels easy to justify. Most homeowners who install solar panels can save 40% to 70% on electricity costs during the lifetime of their system. One estimate shows a savings of more than $45,000 dollars over 20 years after installing solar in California.
How does system size affect total solar costs?
Part of the solar installation process is determining the size of the system you need. In order to estimate the size of the system you need, start by gathering your daily kWh energy requirement. Once you have this, divide it by your peak sun-hours. This will give you the kW output required. Next divide the kW output by your panel’s efficiency. The answer will equal the total number of solar panels your system requires. Typically, the larger the system size, the cheaper the average cost per watt is. For example, a 4kW system costs $3.72 on average per watt while a 8kW system costs $3.21 on average per watt.
Can you finance new solar panels or solar panel installation?
Yes, solar panel equipment and installation can be financed. Acorn Finance can connect you to multiple lenders with competitive and personalized offers for solar panel financing. You can easily sort the offers based on what’s most important to you: interest rate, payment amount, length of the loan term.
How long can you finance solar panels for?
Acorn Finance offers competitive payment options for solar panel loans and financing. Using Acorn Finance you can recieve offers that allow you to borrow up to $100,000 with terms up to 12 years. In some cases, you can receive funds as soon as one business day.
Is it better to finance or lease solar panels?
Buying or financing solar panels offers far more incentives than leasing them. Federal and any local incentives are only redeemable if you pay cash or finance your solar panel systems. In addition, some leases may include clauses that slightly reduce annual savings.
What is the best way to finance solar panels?
Discover the best solar panel financing offers at Acorn Finance - a reliable and top-rated company that provides financing solutions for solar panels. Take advantage of affordable payment options and free services while saving tons of time.
Three steps to get started with Acorn Finance:
- Complete and submit a short loan application online
- Receive multiple pre-qualified offers
- Get connected with lenders to obtain your pre-qualified loan
What credit score is needed for solar panels?
Acorn Finance can help all credit types discover financing solutions for solar panels. In addition, you can apply online without impacting your credit score.
In conclusion, you should invest in solar panels and there are financing options to help with the upfront investment. AcornFinance.com can be a great place to shop for solar panel loans. They partner with reputable lenders to provide competitive solar panel financing. You can apply online using their simple three step process to receive multiple offers for financing. This allows you to save time and compare offers easily. Ready to take the next step? Apple online today!