Did you know that solar power is noise pollution-free and can be used to power calculators?

As the effects of climate change start to unfold around the world, more and more countries are starting to turn to renewable energy to drastically cut down co2 emissions.

Germany, Japan, and the US are major markets for solar power energy, meaning homeowners like you can start benefiting from it.

But when you switch to solar energy, it can come with a costly setup.

In this article, we’re going to give you four residential solar financing tips, so you can enjoy the financial benefits of this green energy, whilst helping the environment.

Read on for more information.

1. A Simple Loan

One of the most straight forward ways to secure financing for your solar energy project is through a loan.

You can ask at most banks to be considered, and they are relatively similar to a lot of home improvement loans.

Before you go asking your bank though, make sure you do your homework and ask all the right questions.

Ensure you know exactly how much you’ll need, then enquire about interest rates and how long you have to pay it back.

You can also get a loan from several solar installers, so make sure you check all your options if you decide to go down this route.

2. Solar Leases

A solar lease can be attractive because of its general simplicity.

Instead of having to seek finance for setting up, a developer will install the system and you will pay a monthly fee to them.

The duration of the lease lasts for around 15-20 years and several homeowners prefer this method.

Make sure though that the monthly fee is lower than your current energy bill price and clarify who handles the maintenance.

3. Solar Power Purchase Agreements (PPA’s)

Another relatively stress-free way to enjoy the benefits of solar energy is to enter a solar power purchase agreement.

A solar finance company will buy, install, and handle all maintenance of the system. You then buy the electricity at a competitive per-kilowatt-per hour rate.

This method takes the pain out of trying to find and secure a loan, plus, you’re guaranteed low-cost renewable energy for a long period.

4. Fannie Mae’s Homestyle Energy Mortgage

This is certainly an option worth considering as it has started to change the solar landscape.

With this energy mortgage, you can complete a clean energy upgrade up to 15% of the as-completed appraised property value of your home.

Therefore you can start enjoying the benefits of solar energy sooner rather than later.

Lastly, if you are looking for a loan, check out Loanpal who are leaders in residential solar loans.

Look Into Residential Solar Financing With These Tips

We hope you enjoyed this article and have discovered some residential solar financing options to consider.

It’s important to analyze each option carefully, so you can choose the right solar finance option for you.

Why not check out our blog for more awesome articles about personal finance and how to save money?