Do You Even Know What You Are Paying For?
Simple question. When you bought your solar array system, did you know what you were buying?Ted "The Wolf" Strzelecki
Let's talk financing for a minute. DO you know what you have for a rate? How about the "dealer fee" Did you even know about that? I bet you didn't / don't. What am I saying dealer fee? I will let you non solar industry green forward minded individuals in on a closely kept secret. Did you finance with Greensky or Sungage, or any of those low interest companies? Did you know you paid an extra 4-10 grand up front and will pay another 4-10,000 more over the course of the loan? No, no you didn't. See when you get a loan through them they do it unsecured. That means there is possibly no recourse if you don't pay it back. So how does a bank hedge its risk?
By charging a "dealer fee" this is often 14-19.25% of the total loan which is to be paid up front by the dealer to the financier. So guess what that does to the price? Mhm, first you pay for that, on a 30,000 system you just agreed to pay an extra $4,500 up front. Now your bill is $34,500. It gets worse, you will also pay 5% over 10-20 years on that extra 4500, making that real number $9,000. Ouch! How many electric bills does it take to pay that back?! This is why we at Solar Wolf Energy offer a FHA Title 1 loan. It is a tax deductible loan exactly like your mortgage, low interest, non equity requiring, home improvement loan. There is no huge dealer fee and this can be used to fix other necessary repairs around your home as well. It's also no down payment.
So...what do you have?
Get a FREE Quote from Solar Wolf Energy
SHARE THIS BLOG POST