Solar Financing for Residential Projects
Solar power can be an excellent investment for your home, allowing you to significantly reduce or even eliminate your power bills and increase the value of your home. However, that investment isn’t small and frequently costs tens of thousands of dollars if you install a full-sized solar power system to meet your energy needs. That investment can be daunting to many, but if you’re committed to switching to solar power, our financing options can help.
The PowerStore, Inc., has partnered with two financers to help our installers and their customers receive the financing they need for their residential solar projects. By working with GoodLeap and Sungage Financial, we can offer you more options for financing your project, so you can find the terms that work for you.
About Sunlight Financial
Sunlight Financial works with contractors nationwide to offer homeowners innovative, affordable loans for residential solar and home improvement projects. Sunlight’s suite of loan products, tools designed to simplify the sales process, and easy-to-use portal come together to help contractors grow their businesses. With the Sunlight-Powerstore direct pay program, procuring materials and managing cash flow is simple. The program allows solar contractors to get materials quickly and easily without having to dip into their cash reserves. This helps avoid delays and keeps projects moving forward. Click here to learn more about Sunlight and the Sunlight-Powerstore the direct-pay program.
Formerly known as Loanpal, GoodLeap is a marketplace for sustainable home solutions. They offer flexible ways to help you pay for your solar systems and other sustainable home projects, like solar battery storage, smart home devices, more efficient HVAC systems, energy-efficient roofing and windows, xeriscaping, and more. GoodLeap’s mission is to make it faster and easier for consumers to make those sustainable investments in their homes and protect the planet we all love.
Sungage Financial is known for its flexible and reliable financing for residential solar and its exceptional support and expertise to the installers they work with. Their streamlined process makes it easier for installers to close sales, avoid unexpected cancellations, and provide your customers with the kind of experience that can lead to valuable referrals.
Of course, installers aren’t the only ones who love Sungage. Homeowners love the variety of options regarding terms and rates, as well as the competitive monthly payments. Moreover, they are the only major financer partner to offer a true zero-interest plan for the ITC and state solar incentives. Sungage strives to be more than a lender for those installing solar power. They work to help you succeed and become an irreplaceable part of your team with their ongoing support, guidance, and expert recommendations.
Pros and Cons of Financing Your Solar Installation
Many homeowners wonder if it’s worth financing a solar power system. Is it worth paying more, in the long run, to get a solar installation now? What are the benefits of financing rather than waiting and saving until you can pay for it in cash? Despite what many people may believe, the truth is that financing could be the better option in many cases rather than waiting to buy your system with cash upfront. If you’re wondering whether or not financing is the right option for you, here are a few pros and cons that you should consider when making your decision.
You Still Get the Tax Credits and Incentives
For the foreseeable future, there are Government tax credits and other incentives for installing solar, it’s worth noting that you are still eligible for them, regardless of whether you pay in cash or get a loan for your system. Your incentives are calculated based on the total cost of your system, not on how much you pay for it upfront. Financing your system can allow you to collect the entire incentive amount for the year you install it before you’ve even paid for the entirety of the system. This can allow you to use those government incentives to actively pay down your loan rather than receiving them as reimbursement for already-paid money.
You’ll Still Likely Have an ROI on Your System
For most people, the return on investment (ROI) is an important consideration when deciding whether or not to get a solar power system. Naturally, adding loan interest to the cost of your system can increase the long-term cost of getting one installed, which may lower your overall ROI. However, suppose financing means you can get that system sooner. In that case, you can more than offset those interest payments in many cases and increase your overall ROI.
Learn More About Our Financing Options
Whether you’re a homeowner or an installer, The PowerStore, Inc., is here to answer any questions about your solar financing options. Our goal is to make solar power affordable for every homeowner with our flexible financing partners and wholesale equipment costs. Please reach out to us if you have any questions regarding how to receive financing for your solar power installation. Our team is always available to assist you.