There are different types of loans, similar to a mortgage. There are secure and unsecured loans. A secure loan is backed by collateral on your home. An unsecured loan is backed by your credit.  

The length of the loan can vary depending on how long you choose and what you can afford, similar to a car loan or mortgage payment as well. It’s important to keep this in mind so you know how long you’ll have to pay off your solar panels.

Sometimes a down payment is required. This can also alter your finance rate. However, there are several companies, like Guyou, that offer zero down when installing solar panels.  Guyou can help you get started with an easy step-by-step process.  

In 2021, according to the U.S. Department of Energy you may be eligible for a 26% federal investment tax credit for solar systems. While this tax credit was set to step down to 21% at the end of 2020, new legislation has extended the 26% tax credit until 2022. However, this is set to expire and will be gone within the next five years.

Overall the most important part of solar panel financing is to remember that it’s an investment toward energy independence. According to the U.S. Solar Energy Technologies Office, the cost of technology behind the panels continues to decrease every year yet the savings will remain. Plus, other studies show solar panels provide an increase in property values, a lower electricity bill, plus a smaller carbon footprint. In some cases, the loan payments are smaller than the average energy bill.

If you are interested in learning more about how to finance your solar panels with Guyou click here or call 866-GO-GUYOU.  Get a free assessment today!