Solar Financing Options To Fit Your Needs
The decision about how to finance your solar PV system depends on your particular financial goals. Because everyone's goals are different, the "right" financing option is different for each person. Financing your solar system is easier than ever before. At Solar Maximum, we offer several ways to finance your new solar system.
At Solar Maximum, we offer $0 down solar loans and leases.
Looking for a $0-down option, and you are unable or unwilling to use the Federal Investment Tax Credits (ITC) and state tax credits? A solar lease could be the perfect solution for you. Solar Maximum offers a 20 year solar lease through our leasing partners.
Solar loans are similar to other home improvement loans that homeowners have used for decades. The same basic structure of loans used for building a deck or adding a second bathroom to your house is used for solar loans. The principal, or money that you borrow from a lender, is paid off in monthly installments over an agreed upon period of time (the term) at an agreed upon interest rate.
Solar loans also have the same basic considerations as other types of loans. The lower the interest rate of a solar loan, the lower the overall costs. Loans with shorter-term lengths generally will have higher monthly payments, but lower costs over the life of the loan.
There’s one very important difference between solar loans and other home improvement loans. A solar loan allows you to own an asset that generates significant savings. These savings include not only the value of electricity generated by your solar panel system over its lifespan, but also the 30% federal tax credit and other applicable rebates and incentives (like SRECs). A new kitchen or deck does not offer those benefits.
Purchasing a new PV system with cash is the fastest way to obtaining free electricity. If you are primarily interested in maximizing the financial benefits of installing a solar panel system and can benefit from reducing the amount of federal and state taxes that you pay, then this could be your best option.
Solar Maximum provides solar loans and solar leases through third party financial providers. Approval of these financing programs is at the sole discretion of the provider. All loans and leases are subject to credit approval through the provider. The tax, rebate, and other incentive information is based on public information and should not be construed as tax or legal advice. Financing options and incentives may vary depending on individual circumstance and are subject to change without notice. Please read our Disclaimer for more information.