Financing Solar In 2007 vs Financing Solar In 2016
It seems the masses are becoming smarter and more knowledgeable about purchasing solar. Recent numbers show the decline in leasing on a national scale with more families and corporations alike wanting to out right own their systems instead of the obsolete and contractually damaging lease. One of the key reasons? Financing is becoming more accessible and user friendly. When solar leasing began it's quick rise to commonplace, it was because solar financing was rare, hard to qualify for, and most banks did not understand how to minimize their risk. The earlier versions of solar financing were to either pay an exceptionally high interest rate to hedge the bank's risk or do a home equity loan.Ted "The Wolf" Strzelecki
However after 2008/2009 there was not much equity to be had by homeowner's. Fast forward 7 years to the present. There are now a myriad of options for homeowner's and business owner's alike to take advantage of securing funding. This also allows them to retain the rebates, receive the incentives as income, and write off the interest on the loan. Such is the case for the common and quickly growing "FHA Title 1 Loan". A favorite of us at Solar Wolf Energy, mainly in part because the interest rate is fair, low, locked, and tax deductible. It offers a true "win / win" for our customers. The loan works "similar" to a home equity....without actually being a home equity, or requiring any equity at all. Imagine one of the best parts of loan - being federally insured available for piece of mind. I know typically most do not think the federal government as a great partner but in the case of a loan it is tough to find a better one. Those of you that owned a home through the financial crisis of 2008 can appreciate the FHA as the backbone that may have been the single and only saving grace for the American homeowner's.
The future of solar is no doubt one filled with clear skies and sunny days for the foreseeable future. It only makes sense to align yourself with a long-term partner with a proven track record for safeguarding your loan & investment.
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