Solar Panel Financing In Syracuse New York

Here’s Why You Need Solar Panel Financing In Syracuse, New York!

Going solar is the best decision you can make. You want to, but you can’t meet the cost? Solar panel financing in Syracuse, New York, is the way to go.

Traditional sources are quite expensive, and solar power in Syracuse, New York, can save you a lot of money. However, the initial cost of installation can be expensive. Rooftop panels are especially expensive!

But, after the installation, you can enjoy a clean, much cheaper source of reliable energy in your home. This is what you are aiming for.

The only hurdle you have to overcome is the initial cost of installation, and there is a way around it.

Here is everything you need to know about solar panel financing that solar companies in New York recommend:

 

What Is Solar Panel Financing?

With solar power in Syracuse, New York, skyrocketing, more and more people are transitioning to solar energy. At present, the cost of solar panel installation is around $33 570 on the higher side. This is quite expensive for most households.

If you cannot afford the installation cost, you can seek help where the government or solar companies in Syracuse, New York offer financing options to help you raise the installation cost.

This help is known as solar panel financing. What are the various forms of financing you can access in New York?

 

Different Options Of Solar Panel Financing In Syracuse, New York

 

Everyone wants to be part of the change; by using clean energy. Therefore, many people, including solar companies, and the government are rooting for you and want you to install solar panels in your home. Therefore, you have several financing options:

Solar Loans (Personal Loans And Home Equity Loans And LOCs)

Solar loans are one of the most popular ways of solar panel financing in Syracuse, New York. These are loans offered by solar panel manufacturers, banks, and organizations whereby you purchase the solar panels and get full ownership.

You can approach various solar companies in Syracuse, New York, find out their rates, and you can get a direct loan for your solar panels. Here are ways to get solar loans:

Personal Loans

Since we have established that paying cash upfront for solar power in Syracuse, New York may be too expensive, you can opt for a personal loan. You can opt for an unsecured personal loan whereby you do not need any collateral.

In this case, you can take out a loan and get a solar company to install the solar panels for you.

You also can take out a personal unsecured loan, whereby you will require collateral to back your loan. You can back it with your solar panels or other assets like a car and house.

The safest loan to purchase your solar panel with is the unsecured loan, whereby you own your solar panels and are not at risk of losing them to your lenders.

Pros:

  • Interest rates are fixed, and low
  • The solar panel remains in your ownership and is only threatened in a secured loan whereby you back your loan with your solar panels.
  • You are eligible for tax incentives that can translate to an amount you can use to pay back your loan.
  • You can access your money faster

Cons:

  • Your credit score needs to be great to pay back your loan at lower rates!

Home Equity Loans

This is a loan you take against your home. If you cannot afford to install your solar panels using cash, this is an option that solar companies in New York accept as a source of financing.

Pros:

  • Steady, fixed, and low-interest rates
  • You own the solar panel fully from the word go
  • You can save money through solar panel tax incentives

Cons:

  • You run the risk of losing your home in case of default to repay the loan

Solar Lease 

A solar lease is different from other financing options for solar panels. Solar companies in Syracuse, New York, offer solar leases whereby you can lease your solar panels from them for some years, mostly 25 years.

In this period, they service the solar panels without any charges, and you don’t have to put any payment down for the lease. This is the cheapest way of solar panel financing in Syracuse, New York since you can enjoy solar energy at zero cost.

Pros:

  • You enjoy solar energy as soon as you lease the solar panels
  • Your solar panels will always be in good condition; the solar companies in New York ensure it
  • Zero maintenance cost
  • Zero cost to start enjoying solar energy

Cons:

  • You do not own the solar panels
  • You do not receive tax benefits; they go to the owner, the solar panel company

Is Solar Panel Financing In Syracuse, New York Through Solar Loans And Leases Worth It?

Yes. Here’s why:

 

Low Costs

Solar loans allow you to enjoy solar energy at a low cost and fully own the solar panel.

 

Tax Benefits

Solar loans allow you to enjoy tax benefits, which only go to the solar panel owner. You can save money through the incentives and make it easier to repay the loan.

 

High Resale Prices On Homes

Solar power in Syracuse, New York increases the value of your home, and you can sell it at up to 4% higher than the buying price.

 

Instant Solar Energy At No Upfront Costs

Solar leases from trusted solar companies in New York allow you to use solar energy immediately at a low cost. You only need to pay utility fees.

 

Low Maintenance Cost

Solar companies in Syracuse, New York, provide full maintenance of their solar panels. You do not spend anything on service costs.

 

Contact Us!

At Green Visions Solar, we provide the best solar panel financing in Syracuse, New York. We do not require any upfront costs and provide regular solar panel maintenance services. Enjoy your clean solar power at zero upfront fees for 25 years!

Call us today!

 

Leave a Comment

Your email address will not be published.

Scroll to Top