When thinking of buying solar panels, many homeowners are faced with the option of paying cash or financing their solar panels. Both are great options, and we have discussed the pros and cons of both in a previous article. But there are multiple reasons why financing your solar panels is a good idea.
Not only are solar loan rates really low right now, but financing your solar panels can keep money in your pocket for other investments while also saving you money on energy bills.
Here are the top reasons why you should consider financing your solar panels.
SOLAR LOAN FINANCING RATES ARE REALLY LOW
One of the biggest concerns homeowners have when thinking of financing their solar panels is interest rates. In many cases, loans come with hefty interest rates that really add to the cost of buying an item.
Thankfully, solar loans have some of the lowest interest rates around. This is thanks to specialized financing institutions that partner with solar companies to offer super-low interest rates on their solar loans.
And while interest rates for mortgages and other lending have quickly increased in the last year, solar financing is still at rock-bottom rates.
GREEN RIDGE OFFERS GREAT SOLAR FINANCING OPTIONS
Looking at other solar companies in Oregon, Green Ridge Solar offers one of the best and most competitive rates around!
Compared to many other solar companies in Oregon, Green Ridge Solar has the lowest rates around! That’s because we work directly with specialized solar financing institutions and can offer low rates only available for solar panel installations.
Not only do we find the best solar financing options for you, we also hunt down every solar incentive you qualify for. We know the ins and outs of Oregon solar, and find you the best price and rates possible.
See how low your rate could be. Contact Green Ridge Solar today.
ARE SOLAR LOAN RATE INCREASING SOON?
While solar loan rates are low right now, that’s not guaranteed in the future. As the Federal Reserve raises interest rates to fight inflation, loan rates across the economy are also rising.
These interest rate hikes will continue to filter through the economy as the months and years move ahead, including solar loan interest rates. However, you still have the opportunity to lock in these historically low solar loan rates.
Estimate your total savings, payments, and total energy usage with our FREE solar calculator.
SOLAR LOANS FREE UP YOUR MONEY
Another reason financing your solar panels is a good idea is it frees up your cash.
While paying cash for your solar panels can be tempting if you have the money, financing your solar install can allow you to use your money in better ways.
Instead of paying a lump sum of cash, you could use those funds for other expenses that are important to you. You could put that money towards a vacation, paying off school debts, or save it for unexpected expenses like car and home repairs.
Or better yet, you can use that saved money to make you even more money. Brilliant!
SOLAR LOANS ALLOW YOUR MONEY TO GROW
On top of being able to keep more cash in your pocket, solar loans also help you make productive use of that money.
Instead of paying the full cost of your solar panels, you can use those funds to invest in other opportunities. For instance, you could put that money in the stock market and see it grow an average of 7% per year. Or how about investing in real estate and seeing a 10% ROI year after year. Or if you would rather play it safe, you could purchase bonds and see a return of 6% per year on that money.
When you consider super-low solar loan rates, the investing potential of that unspent money is HUGE! You could not only be investing in your energy freedom, but also growing your wealth at the same time.
What interest rate could YOU get for your solar loan? Find out!
SOLAR LOANS COST LESS THAN UTILITY BILL
Another amazing thing about solar loans is that monthly payments can cost LESS than your utility bill.
For some homeowners who go solar, their solar loan payments are actually lower then what they paid their utility every month. That’s not only a savings on their monthly expenses, it’s also an investment in their energy freedom.
Think about it. If you could pay less per month for energy AND be investing in huge future energy savings, why wouldn’t you do it? With solar financing, it’s a possibility!
IS A SOLAR LOAN RIGHT FOR YOU?
When it comes to paying upfront or financing your solar panels, both are great choices. Each has its pros and cons, but financing your solar install is quite attractive.
With fantastic financing options offered through our solar financing partners, Green Ridge Solar could get you a super-low interest rate on your solar loan.
Low interest rates plus producing your own power could mean you pay less per month than you currently pay for energy. And instead of sending your money to the utility month after month, you could be investing in your energy independence.
And because you didn’t have to pay cash for your solar install, you can invest that extra money however you like. Save it towards a vacation, a rainy day fund, or make that money grow by investing it in other ways.
All of these are great reasons to finance your solar panels.