FL Solar Panel Financing

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How To Pay For Solar Panels In Florida

If you are like most homeowners and don’t have the cash to pay upfront, financing solar panels is a great option. The good news is that there are several ways to make it happen, and most are easy to start.

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$9,500+

Avg Savings/Year With Solar

Does Solar Make Sense For Your Home?

Calculate Solar Costs And Payback Period

Navigate the financial landscape of solar power with precision using “Calculate Solar Costs And Payback Period.” Multiple factors, including the solar tax credit, local rebates, loan terms, and system size, influence the cost of transitioning to solar energy.

Take the first step towards informed decision-making by requesting a complimentary solar quote. Our team of experts will meticulously calculate your return on investment, allowing you to crunch the numbers and explore the financial viability of solar for your home. Empower yourself to make the right choice by selecting the optimal solar panel financing option tailored to fit your budget. Seize control of your energy future – inquire today!

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Solar Panel Financing Option #1

Solar Panel Financing Through Easy Green Energy

We make it easy for Florida homeowners to make the switch by offering several in-house solar panel financing options. This means you won’t have to go to a bank, credit union, or another third party. Schedule a free solar quote to get started.

Solar Panel Financing Option #2

Home Equity Loan

Florida homeowners can also finance solar panels using a home equity line of credit. These loans are provided by both banks and credit unions, are fairly easy to get, and have reasonable interest rates.

One drawback of using a HELOC for solar panel financing is that you must have enough equity built up in your home to get the loan.

In most cases, you can only borrow up to about 80% of your home’s value, minus what you owe on the mortgage. For example, if your home is worth $300,000 and you owe $200,000, you can borrow up to $40,000.

Solar Panel Financing Option #3

HomeStyle® Energy Loan

Fannie Mae has made it easy for homeowners to get a loan for home energy upgrades, especially when financing solar panels. This loan is available for those who are looking to buy or refinance their existing mortgage and lets homeowners wrap up all costs into one low monthly mortgage payment.

One drawback to this solar panel financing option is that you can only borrow 15% of your home’s appraised value. This may limit the number of solar panels you can install on your home or leave you with a large amount to cover with cash or another type of loan.

Solar Panel Financing Option #4

Credit Card

Purchasing solar panels with a credit card is easy if you have the available credit limit. The only downside to this option is the interest rates. Most of the time, they are much higher than a traditional home loan, which may not make financial sense for everyone.

Why Switch To Solar?

Savings You Can Feel Good About

With solar panels, you can help mitigate the effects of climate change. What’s even better is that you can save money while doing it. The environmental impact of just one average size Florida home can make a big difference.

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FL Solar Panel Financing FAQs

Get answers to our most asked solar installation questions.

Do I Need A Good Credit Score To Finance Solar Panels?

In our experience, we’ve seen homeowners qualify for solar panel financing with credit scores of 550 and over. Unfortunately, we have no control over what parameters a bank or financial institution uses to approve a loan, and everyone’s financial situation is a bit different. If you are interested in financing a home energy system but are unsure if you would qualify for a loan, we suggest talking to a financial expert who can help.

What Are The Benefits Of Financing Solar Panels?

One of the biggest benefits of financing solar panels is you don’t have to deplete your savings to pay for them.

Most solar financing options have additional benefits like single-digit interest rates, 25+ year terms, and low monthly payments.

This allows homeowners to add solar panels to their homes and not pay anything out of pocket and essentially swap their electric bill for their solar payment.

Does The Government Provide Free Solar Panels In Florida?

The federal government does not provide free solar panels to Florida homeowners. The only saving opportunity currently offered is the solar tax credit.

Are There Solar Grants In Florida?

There may be grants or programs available in Florida for homeowners to get solar panels. However, they are not run by the city, state, or federal government. Instead, they are run by non-profits or other organizations.

Will I Have To Pay Increased Property Tax After Installing Solar Panels?

No, homeowners will not have to pay additional property tax if solar panels increase the value of their homes. Florida provides a 100 percent property tax exemption for residential renewable energy upgrades.

Will The Tax Credit Impact Solar Financing?

If you decide not to use Easy Green Energy panel financing options and get a home or personal loan, you will not receive the tax credit until the following year. This could mean you have to take out a loan for the full contract price and then make a large lump sum payment when you receive the tax credit.

What Is A Solar Lease?

Solar leases are not that common in Florida, and for good reason! Instead of a homeowner buying panels outright, they lease the system through a bank or financial provider. The homeowner cannot claim the tax credit, but the bank can. After the system is paid off, the solar panels can be transferred into the homeowner's name. The homeowner makes the monthly payments, but the bank owns the system until it’s paid in full.

If electricity rates go up, the lender has the option to increase the monthly payments. This allows the bank to “break even” on their investment but prevents the homeowner from actually saving any money long-term. A solar lease may be a good option for someone who can’t claim the solar tax credit, but for everyone else, it doesn’t make financial sense.

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