Introduction
After you have made the decision to go solar, the next step is figuring out how to pay for it. Here at Solar Wave we only offer financing solutions that allow you to own your system outright. In this article, we will outline these solar financing options to help you choose the best solution for your budget.
Cash purchase
A cash purchase of your solar panel system is the best way to maximize your savings and the return on your investment. By going this route you will not have to worry about a monthly expense for the electricity that your system produces which makes this a great solution if you are looking to minimize your monthly expenses for retirement or if you want to avoid financing fees/interest. Your return on a cash-purchased solar panel system could be greater than if you were to invest the same amount of money into the market. The only drawback of a cash purchase is that solar isn’t cheap.
Solar Loans
The second way you can fund your solar panel system is with a solar loan. Solar loans are a wonderful financing option because they allow you to go solar with no money down, and often you can choose a term that has a lower payment than your current utility bill. Solar loans make it so that if you can afford your monthly electricity bill, you can afford to put solar on your roof.
The only drawbacks of solar loans are you will be paying interest or financing fees on the money you borrow. Even though they come at a cost, solar loans are still a fantastic option to fund your solar project. Once you discover that you can save thousands with your solar investment you may not mind paying more to finance your system and lock in a low monthly payment. The important thing is that you know exactly what you are paying for and here at Solar Wave, your finance fees will never be hidden.
What is right for you?
You may choose a cash purchase if:
- You are looking to maximize your solar savings
- You don’t want any monthly payments
- You would like to avoid the fees or interest that come with loans
You may choose a solar loan if:
- You do not want an upfront expense to get your system installed
- You would rather take what you are paying your utility company and put it towards solar instead
- You don't mind paying fees or interest as long as you still receive savings
Compare Your Options With Solar Wave
Whether you are considering a cash payment or you would like to explore solar loans to fund your solar project, Solar Wave is here to help. If you do not have a proposal from us yet, click here to start your proposal today. If you already have a proposal from us and you would like to discuss your financing options in more detail schedule a meeting with us by clicking here.
