3 Things to Know About Solar Panel Financing in 2023

Solar power has become a popular upgrade for homeowners looking to reduce their dependence on non-renewable energy sources. While embracing solar energy to power your home comes with some upfront costs, there are financing options available that make the transition to solar energy more affordable. These generous financing offers can help reduce the upfront costs and spread them out over time, making it easier on your wallet. Here’s what you need to know about solar panel financing for 2023.

1. Pay With Cash If Possible

While there are various ways to finance your solar investment, paying with cash is undoubtedly the best option, if you have the cash on hand. Not only does it provide immediate relief in the form of lower energy bills, but you can also create surplus power that you can sell back to the grid. Plus, without any monthly payments or interest rates to worry about, you are free to enjoy the full benefits of your investment without any lingering financial burdens.

2. If You Can Already Cover Your Electric Bills, You Can Cover a Solar Loan

More and more homeowners are applying for solar loans—and for good reason. These loans function much like typical loans but with a focus on solar panels. The concept is simple enough: if you can afford your current electric bill, you should be able to handle the payments for a solar loan.

Once the loan has been paid off, you’ll own the solar panels outright, meaning you can continue to enjoy the benefits of free energy for years to come. Of course, owning the panels also means that you’ll need to take care of any maintenance or servicing that they require, but the long-term savings make it more than worth it.

3. Cash-Out Refinance or HELOC May Be an Option

Planning to refinance your mortgage? A cash-out refinance can help you pay for your new solar energy system. This option allows you to access the equity in your home so you can use the funds for much-needed home improvements or to pay off other debt.

Another option is a home equity line of credit (HELOC), which can function like a lower-interest credit card, giving you access to cash for your solar panel installation or other home projects. With these financing options, you’ll have the convenience of easy access to cash or a low-interest loan to help you transition to solar energy.

Making the Switch to Solar Has Never Been Better for Your Wallet

If you’re looking to save some money and reduce your carbon footprint, it’s time to consider making the switch to solar energy. With today’s financing programs and generous grants and tax rebates, it’s never been more affordable to make the transition. Not only will you be helping the environment, but you’ll also save instantly on your energy bills. If you’re ready to say goodbye to expensive utility bills and hello to a more sustainable future, reach out to the solar experts at Solar Bear of Tampa today at (727) 471-7442!