Tag Archives: solar loans

Are solar panels worth it in 2022?

Last updated: 04/04/2022

Like any major investment, installing a solar energy system is a big decision! But, as the cost of solar continues to decline and new energy bills make purchasing more attractive, this decision to go with solar over other fossil-fuel-based methods of energy production is becoming easier and easier. For most people, going solar now represents a smart long-term investment with substantial savings. Depending on a variety of factors, you could save $1,200 on your electricity bills in the first year of going solar. However, before installing a solar panel system, you’ll want to make sure that you can take advantage of these benefits by first considering a few major factors. In this article, we’ll help you answer the question: “Is it worth it to buy solar panels?”

Ultimately, the answer to that question is: it depends. There are few circumstances where someone can definitively say that solar panels aren’t for them without exploring their options and getting an evaluation from a licensed, reputable installer. Even renters may have solar options if their property owners or managers are open to it. Keep reading to learn if solar is really worth getting for you and your situation. 

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Is residential electricity price going up or down?

If you’re considering whether going solar is a worthwhile financial move for your home, there are essentially two factors that you should look at: 1) the costs associated with solar power, and 2) the rates you pay for electricity from your utility. Going solar makes economic sense when solar electricity costs less than grid electricity.

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Home Loan Investment Bank: a full service bank with solar lending options

Solar loans are the fastest-growing method of financing a solar panel installation for your home or business. Across the country, more than half of all new solar installations are done with either a cash purchase or through a solar loan.

Home Loan Investment Bank, headquartered in Warwick, Rhode Island, is a full-service bank that offers solar loans alongside other financing products. HLIB’s loans are accessible to solar shoppers across the country, and are one of the top 10 financing options available to solar shoppers on the EnergySage Solar Marketplace. If you’re comparing solar quotes from a few different solar installers, you may have encountered a loan option from Home Loan Investment Bank.

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Energy Loan Network review: everything you need to know

Solar loans are the fastest-growing method of financing a solar panel installation your home or business. Across the country, more than half of all new solar installations are done with either a cash purchase or through a solar loan.

Based in sunny California, Energy Loan Network (ELN) is a relatively new name in the solar lending industry. If you’re comparing solar quotes from a few different solar installers, you may have seen a loan option from Energy Loan Network.

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Dividend Solar Finance review: loans that make going solar easier

Solar loans are the fastest-growing method of financing a solar panel installation for your home or business. Across the country, more than half of all new solar installations are done with either a cash purchase or through a solar loan.

Based in sunny San Francisco, Dividend Solar Finance is a big name in the solar lending industry and serves customers in 26 states across the country. If you’re comparing solar quotes from a few different solar installers, there’s a good chance that you have received an offer for an EmpowerLoan™ option from Dividend.

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Sungage Financial zero fee loan review

Solar loans are a very popular way to pay for a new solar or solar plus storage system, since they are a great way to take advantage of the benefits of solar ownership–from tax incentives to increased home value–without requiring you to have the cash on hand to pay for the full system up front. What’s more, many solar-specific loans offer low, fixed interest rates and flexible payment terms, helping you to find the monthly payment that’s right for you. However, a low interest rate (or APR) comes with a caveat: a low APR often means a high cost to borrow money. That cost or fee to borrow money is passed on to your installer, or even built into the overall cost of the project, making a tradeoff between the lowest monthly payment (i.e., low APR) and the lowest project cost (i.e., lowest cost to borrow money). 

Recently, Sungage Financial, one of the most popular solar loan providers on EnergySage, launched a zero fee solar loan to keep your solar project costs as low as possible. Here’s what that means for solar shoppers like you.

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Tesla solar renting vs. leasing vs. buying solar panels

Tesla’s recently announced solar rental program was met with high hopes, as a program with the potential to make solar more accessible to more homeowners. With a sense of how the program works, the question becomes: how do the savings from renting solar panels form Tesla compare to the savings from owning or leasing solar panels? 

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