Is It Better to Buy or Finance Solar?
Are you considering switching to solar power in Florida? With its abundant sunshine, it’s no wonder that more and more homeowners are turning to solar energy. However, the decision to invest in solar panels can be a daunting one, especially when it comes to financing options.
At Solar Bear Orlando, we understand that choosing the right payment plan is just as important as selecting the right equipment. That’s why we’ve put together this article to help you weigh the pros and cons of buying versus financing your solar panel system.
With our expert guidance, you can make an informed decision that fits both your budget and your energy needs.
Solar Investment: Is Financing or Buying the Way to Go?
If you’re considering switching to solar power in Florida, one of the first questions that may come to mind is whether it’s better to buy or finance your solar panels. The answer depends on a variety of factors, including your budget and how long you plan to stay in your home.
Here are some things to consider when making the decision:
- First, if you have the funds available, buying your solar panels outright can save you money in the long run. You’ll pay a larger upfront cost but will ultimately own your system and won’t have to worry about monthly payments or interest rates. Additionally, owning your system means you may be eligible for tax credits and other incentives that can further reduce the overall cost of installation.
- On the other hand, financing your solar panels can make them more accessible for those who don’t have a large lump sum available. Financing options typically allow homeowners to pay off their system over time with manageable monthly payments.
Let’s take a closer look at each option.
Considerations for Buying Solar Outright
If you take out a solar loan, you’ll need the lender’s approval for the design of your system. This means that you won’t have complete control over every aspect of your solar panel layout and setup. On the other hand, buying outright gives you greater flexibility and control over the design process.
Additionally, when purchasing a solar panel system outright, there is often more room for customization and personalization. You can work with a professional installer to create the exact layout and configuration that meets your specific needs and preferences.
Considerations for Financing a Solar Project
Before you apply for financing, it’s important to understand how borrowing affects your credit score. To qualify for financing, you’ll likely need a credit score above 650.
Your credit score reflects how reliable you are when it comes to paying back loans and debts. When you apply for financing, lenders will look at your credit report and use this information to determine whether they should lend money to you. If you have a high credit score, lenders will view you as a lower-risk borrower and more likely to approve your application.
It’s important to keep in mind that applying for new loans or lines of credit can also impact your credit score in the short term.
The good news is that if you qualify, monthly payments on a 15-year solar loan are often equal to or even less than your current power bill. This means that you can start enjoying the benefits of clean energy without breaking the bank.
Switch to Solar in Central Florida
Switching to solar energy is an investment that benefits both the environment and your wallet. With Solar Bear Orlando, you can trust that your transition to solar will be seamless and stress-free. Our team of experts will work with you every step of the way to ensure that your solar system is customized to fit your specific needs and budget whether you buy outright or finance your system.
Don’t wait any longer to make the switch—contact Solar Bear Orlando today at (727) 471-7442 to start saving on your energy bills and reducing your carbon footprint!