New homeowners who happen to be in the market for a solar investment will have a number of solutions at their disposal.
As they work with local suppliers in the area, they will be presented with a range of solar panel financing options.
This will feature outright cash payments, leases, power purchase agreements (PPAs), personal loans, green loans, interest-free loans, and packages that tie the purchase to the mortgage.
Which pathway works best? For a price that can be upwards of $15,000-$20,000 and beyond in some cases, it pays to think strategically about what will work for the household in the intervening period and in 2-3 years from now.
Defining a Project Budget
Installing a solar panel system will provide community members with a wide array of products that they can leverage. The cheaper the system, the more affordable these financing policies will appear to be. That is why clients should examine the prices attached to polycrystalline, thin-film, and monocrystalline alternatives in the market, giving them the ability to craft a budget that is in line with industry standards.
Brand Provider Quality
One of the strategies that will work for new homeowners when assessing solar panel financing options is to take notice of the reputation of the brand providers in the market. There will be outlets that have experience selling deluxe models to the high end of town and others that enjoy a good track record with middle-class suburban areas. Pay attention to the types of demographics they cater to and if other customers are satisfied with their service.
Amount of Client Financial Flexibility
It always helps the cause for participants who are scanning solar panel financing options to see where the flexibility can be found from their perspective. The concern is that they could signup for a long-term agreement without the ability to look for other solutions down the line. A personal loan is deemed one of the most flexible approaches when dealing directly with a lender, but a standard lease agreement will often leave the client with a higher interest rate and outstanding balance fees in the event of moving out.
The Need for Ownership
There are positives and negatives for new homeowners who are looking to own the infrastructure outright. Thankfully there are policies listed with solar panel financing options that give participants the chance to go down that route. It ensures that there are no complex repayment schemes and no increased fees. However, the cost of the purchase will be extensive, so families have to make an executive decision about their liquidity and whether or not they want to add this value for subsequent purchases in 5 or 10 years’ time.
The approach of Other Community Members
A clever way for new homeowners to take notice of solar panel financing options is to speak with neighbors in the area about their experience and what has worked for their situation. This is an easy method for participants who might be brand new to the area and want to be able to find a way of accessing a shortcut through some key referrals. It will give confidence to clients who can see for themselves firsthand how good the system is and whether or not it is deemed affordable in the short and long-term.
Ultimately there will be other criteria at play for new homeowners who are assessing the merits of solar panel financing options. They will see how approachable these businesses happen to be, how transparent they are with terms and conditions, and if they have a track record servicing other residents in the area. If all of these components are considered together, then customers can be confident that they will find solar panel financing options that work for them.