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California Solar Panel Financing

There was a time, not too long ago, when the cost of installation for a solar energy system was considered completely out of reach for many California residents. Since 2010, the cost has dropped by 50%, making it a much more realistic option for homeowners who want to enjoy the many benefits a solar energy system provides. Considering that SolarMax Technology offers flexible solar panel financing, it’s now easier and more affordable than ever to upgrade your home with a custom-designed solar installation.  

Options for Solar Panel Financing

We are the first and only California renewable energy company to offer in-house solar financing in SoCal. While we will also partner with outside financing companies, the approval process for our in-house options is less stringent, and therefore an attractive option when it comes to financing your solar panel installation.

Solar panel financing options include zero down, 12 years at only 2.99% APR, 20 years at a low 4.99% APR, and our in-house financing with terms from 6 months to 5 years with rates as low as 0% APR. Let’s take a closer look at each of the available options for solar panel loans and compare how the different scenarios can save you money, beginning from the first month your solar system is installed.

The Benefits of Solar Financing

The goal of adding a home solar energy system to your house is to save you money every month by eliminating your electrical usage charges. Many homeowners don’t have the funds to buy a solar system as a lump-sum payment, so that’s where solar financing comes in, with flexible options that help you to stick to your budget and financial goals.

Scenario 1: Rapid Return on Investment

Many homeowners consider solar as an investment that they would like to be able to pay off in the shortest possible amount of time. If you are comfortable with a slightly higher payment, you can reap some very substantial savings when your solar loan is paid off in as little as 24 months. Once you own your solar system free and clear, you now have a dedicated solar power plant on your roof from which you can draw free, clean energy for the next 25 years.

Solar financing as an investment example:

Your average electric usage charges = $300 a month

Solar panels on your home eliminate the electrical usage. Now you pay $0 a month for electricity from the utility.

Solar finance:

  • Down payment: $0
  • Annual percentage rate: 0%
  • Terms: 24 months
  • 30% tax credit: Applied to loan after 13 months
  • New solar payment: $900 a month

Bottom line: After the loan term is up, when you’ll no longer have monthly electrical OR solar loan payments, your savings will be $300 a month on average—and more over the years as energy rates increase. You’ve just turned a $0 down, 0% interest loan into an investment that essentially pays you huge dividends at the date of maturity for the next 25 years. It’s a rate of return that is virtually impossible to match with any other investment vehicle.

Scenario 2: Lower Monthly Energy Payments Some homeowners just want some relief from their monthly utility costs along with protection from constantly rising utility rates. If this describes your situation, the most attractive financing arrangement for you might be to put $0 down and finance the entire cost of your solar system over a longer period of time—up to 20 years. This allows you to go solar right away without shelling out any cash up front, and requires a monthly payment amount that is much more manageable than the energy costs you’ve been paying to your utility provider.

Long term solar financing example:

Your average electric usage charges = $300 a month

Solar panels on your home eliminate the need for electricity, so now you pay $0 a month.

Solar finance:

  • Down payment: $0
  • Annual percentage rate: 4.99%
  • Terms: 20 years
  • New solar payment: $160 a month

Bottom line: Without investing any money out of pocket to get up and running, you can save $140 on average every month. You’ll also have protection from rising utility rates. Just imagine the savings that will accumulate over the next 10 years!

Benefits of SolarMax In-House Financing

By owning its own finance company, SolarMax is able to pass all the savings on to you. And those savings are incredible.

  • No loan origination or added finance fees!
  • 0% APR available
  • $0 down financing available
  • Terms from 6 months all the way up to 15 years (up to 20 years through partners)

Learn More about Our Residential Solar Energy Solutions

Contact us for more information about our top-rated residential solar energy solutions and flexible financing options. Call SolarMax Technology today, or fill out our online form right now, to schedule a free, in-home consultation.