The average cost of a solar panel system and the resulting installation fees run you between $15,000 to $25,000. For the fortunate few, this sizeable chunk of change can be easily afforded out of pocket.
For the rest of us, this hefty price tag can be enough to dissuade any decision to switch to solar. That was, until the emergence of solar-specific loan providers such as Loanpal Solar.
What Is Loanpal Solar?
Loanpal bases itself out of California, a state with a proven track record in progressing the green energy initiative. They also finance more than 20% of all solar loans nationwide.
If the large expense of installing a system is keeping you from making the solar switch, Loanpal can help. Loanpal can provide you with the necessary installation costs for an affordable rate.
How Does Loanpal Solar Work?
Getting started with Loanpal Solar is an easy process. First, you start by making an account and signing in via the Loanpal Solar login screen. The next step is filling out a customer application online. All of this is done through the nifty online portal.
Loanpal’s frictionless underwriting process should approve your loan in 10 seconds or less assuming you qualify. After that, the money is sent to your account by the next business day.
Loanpal Solar loans are structured to give you the lowest possible monthly payments possible. This is because they incorporate federal solar tax credits into your Loanpal Solar payments for the first 18 months.
You can structure your payments to your individual needs after 18 months with one of three payment scenarios. Your payments at this point can be lower, higher, or equal to your initial payments depending on how you set it up.
The loan provided does not affect your electricity bill. If you use more electricity than your system produces you will still be responsible for paying the utility company.
If your system creates more electricity than it uses, you will still be eligible for credits or payment from your utility provider as well. Customers often end up ahead, or breaking-even with their combined loan payments and reduced monthly electricity bills.
After the loan is repaid, all of the extra savings are yours, and you are left with a state-of-the-art solar system of your choice. It is a win-win scenario and anybody who is considering the switch to solar should consider it.
Save Money and the Environment
The effects of climate change are being felt around the globe. From increased wildfires in California to drought and devastating storms elsewhere. It is up to us to do our part to help save the Planet.
Before solar loan services like Loanpal Solar, it was up to individuals to bear the expensive costs of solar installation. Now, everyone can afford to make the solar switch.
Consider Loanpal Solar when deciding what is best for your home or business. For all of your other news and information, make sure to check out the rest of our blog!