Solar Panel Finance
Special Financing OPTIONS
Our financing options allow you to enjoy the benefits of going solar without the large initial cash outlay in LA Solar Group. Although a cash purchase provides the most financial benefits, including the shortest payback period, financing-related benefits are not far behind. In comparison to other types of loans, solar loans are a great way to receive immediate financial value. Solar panels will help you save money for an extended period.
When considering which solar financing option to choose, it is important to understand each option’s terms.
While solar lease supposes monthly payment for your solar system, in case of PPA, you pay for the production of the panels. In both cases, you do not own the system. Things are different for solar loans. If you have a good credit score and qualify for it, the interest rates of solar panel loans can be as low as 1.99% without any down payment, and you own the system.
Below are some financial options of solar lending that companies provide assistance with solar panel costs.
- LA Solar Group In-House
- Service Finance
- Energy Loan Network (ELN)
federal tax credit (FTC)
Currently, solar customers enjoy a 30% FTC for solar related project costs. As of 2022, the FTC is expected to remain in place until 2032. The footprint of solar installation on the roof will be covered by the FTC. Installation costs include the system, labor, fees, batteries, taxes, and certain remediation costs to install the system (e.g., main electrical panel upgrade or roof repairs).
Solar and Incentives Ownership
To conclude, if you are eligible for any state solar incentive program, then the system purchase is the best out of all solar system financing options. Otherwise, in the case of a lease or PPA, the solar module company owns the panels and receives the tax incentives.