How are solar panels for homes financed?
Oneof the most popular methods people use to finance solar panels was homeequity loans. Although not many people have equity in their homestoday, the people who do have an extreme advantage since interest ratesare at historic lows, therefore people with good credit and equity intheir homes can borrow money for cheap and invest it into a solarelectric system which will lower or eliminate their electric bills.
Solarelectric systems generate cash flow for your home, therefore the idealsituation would be to replace your monthly electric bill with a fixedmonthly payment on a loan for a solar panels for your home, wouldn’tyou agree? Companies like New Resource Bankare offering a zero down solar energy loan for people to avoid theupfront investment it takes to get started with a clean energy system.This is a great strategy for a small community bank like New ResourceBank to get started in a rapidly growing industry, although it seemslike the large conglomerate banks are not offering any loansspecialized for consumers to purchase solar energy, why do you thinkthat is?
Why is it in this country, it’s so easy to getfinancing for a car (an asset that depreciates the second you drive itoff the lot) but its almost impossible to financing a solar electricsystem for your home (something that acutally appreciates in value andcreates instant cash flow) What a country we live in, I tell ya!
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