Is switching to solar energy on your wish list this year? If so, you’re not alone. More and more people are looking to make the switch to solar power to reduce their electricity bills and take a meaningful step toward a greener, more sustainable future. However, while the long-term savings are undeniable, the upfront costs of installing solar panels can feel like a significant hurdle for many households.
The good news is that there are plenty of financing options available to help make solar energy more accessible. Here are some options.
Green loans
If paying for solar upfront isn’t an option, green loans might be the perfect solution for you. These are unsecured personal loans specifically designed to help people purchase environmentally friendly products, and solar panels fit the bill perfectly! Because you’re contributing to a more sustainable future, green loans typically come with lower interest rates and reduced fees compared to standard loans. However, they’re not offered by all financial institutions, and approval is usually limited to those with a good credit score. So, if you qualify, a green loan can be an excellent way to finance your solar installation.
Interest free solar loans
At first glance, interest-free solar loans might sound like the simplest option, but there’s more to consider. While these loans don’t charge interest, the cost of the solar system itself is often inflated to cover the lender’s expenses. This means you might end up paying more for your system compared to other financing options. That said, if your credit score isn’t strong or you’re unable to qualify for a different type of loan, an interest-free solar loan can still be a viable choice to help you get started with solar energy.
Personal loan
For those with a good credit score, personal loans can be a convenient and flexible way to finance solar panels. One key advantage of personal loans is that they’re pre-approved, giving you the funds upfront. This allows you to negotiate a better price when purchasing your solar system, as you’ll have cash in hand. Another benefit is the speed of approval as personal loans are often processed faster than green loans, meaning you can secure the money and act quickly when you find the right solar deal. With a personal loan, you’ll have the financial freedom to shop around and potentially save even more on your solar installation.
Switching to solar has many benefits, and even though it might cost money up front, you’ll get that money back in no time. If you don’t have the money to pay for solar but you want to get one installed as soon as possible (and we don’t blame you, especially if you live in Australia), then it might be time to consider getting finance for your solar instead. Paying off a loan rather than saving up for the solar system means you can enjoy solar right away and reap the benefits.
Your Solar & Electrical Experts
Established in 2020, Tropical Solar and Electrical Services is a locally owned and operated company servicing homes and businesses throughout Mackay and surrounding areas including Moranbah, Sarina, Proserpine and Rockhampton. Whether it’s power on the roof or within the property, we’ll ensure it’s running as it should. Get in touch with our electrical experts today for a free quote. We’re available 24/7 for your convenience.