With Earth’s natural resources being used at a rate higher than ever before, people have begun outsourcing their energy needs. Conventional practices still outnumber the alternatives due to efficiency factors, but the need for sustainability looks to be on the horizon.
Solar panels are one-way people plan to burn less coal and use less water in producing electricity.
There are essentially three options: you can front the capital costs and buy solar panels cash, you can purchase them through a home equity loan, or you can opt for solar leasing.
Cash is how to get the best price, but there is a lot of research involved for finding regulations as well as installation packages. Home equity loans are a good option if you need to finance your solar panels. With your home as collateral, the interest rates are relatively low, and interest is tax deductible. The loans can range from a period of five to fifteen years. Virginia isn’t a state with many alternative energy tax breaks, but that could change. The last option called solar loans, is not nearly as incentivizing. The interest is not generally tax deductible and are subject to change annually. This means that if the price for a unit of energy (measured in kilowatt hours) doesn’t increase, then you may end up paying more than you would in installments than you would for energy costs. In addition to this, there could be less freedom surrounding installation, supplier and maintenance. Another issue is transferring the lease. If a day comes when you decide to move and can’t bring the panels with you, you’re dependent on either paying the cash necessary to buy out of the lease or transferring it to the buyer of the house. As always, we hope you make the most well-informed decisions with your hard earned cash!
Call today to see how much you qualify for at Fast Cash Title Loans, 21615 Cascades Pkwy, Sterling, Va 20166 – 703-444-3840 or 6526 Arlington Blvd, Falls Church, Va 22042 – 702-237-5626
When you call in to get a loan, let us know that you saw our blog so an exclusive offer!