You've decided on adding solar panels to your home. Now, the big question. How do you pay for it? There are actually many options.
Cash provides the most value up for many people, but not everyone has enough cash saved to purchase a system up front.
Refinancing your home loan can be beneficial in many ways. First, if you get a lower interest rate you are lowering your mortgage payments, providing additional savings. Also, spreading out payments over 15-30 years can make a big difference for homeowners. Finally, your loan interest is tax deductible, saving you money each year. We have a few mortgage lenders we recommend, but you are welcome to utilize any other trusted lender.
Our primary lending partner is PRMI Solar. They are a highly rated company that aims to save you money in many ways. They have approximately 30 refinance options which includes the solar and any other projects you wish to fund, up to 100% of the home value. They can handle credit scores all the way to 580. You can do a soft credit pull here and see what you could qualify for.
In the Denver Metro area, we know Logan Ellis, also a Marine veteran, has experience funding solar through the mortgage/refinance process and can fund down to a 600 credit score in many cases. His contact information is: Logan Ellis, First Community Mortgage, 303-476-9906, firstname.lastname@example.org.
If you haven't purchased a home yet, or are looking for another refinance option, the Fannie Homestyle Loan could be perfect for you. This loan can be used for multiple projects as well, as long as they are permanently affixed to the main property. Talk to Jon Reed at New American Funding for details. 303-453-9587, email@example.com.
Home Equity Line of Credit might be an option if you have enough equity in your home and the interest rates aren't favorable for a refinance.
Conventional Loans are fast but often more expensive than using a refinance or home loan. You can compare various conventional loans here.
401k Loans aren't for everyone, but we have had customers utilize this option.
Credit Cards aren't recommended with a high interest rate, however, some people have great deals and can pay off the system while redeeming rewards.
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