Solar Panel Financing

Financing That Pays You Back

Most homeowners finance their solar system, and for good reason. With a well structured loan, your monthly solar payment is less than the electric bill you’re replacing, so you start saving from day one.

Is It a Good Idea to Finance Solar Panels?

Yes, for the vast majority of homeowners. Financing lets you:

• Avoid a large upfront payment while still owning the system
• Capture the federal solar tax credit you may qualify for on your taxes
• Lock in a fixed energy cost while your neighbors’ bills rise with rate hikes
• Build equity in your home, studies show solar adds ~4% to home value

Compare your current electric bill to a typical 20-year solar loan and the monthly math usually wins, especially in states where utility rates climb 5 to 8% per year.

Loan Types We Help You Evaluate

• Solar loans, secured or unsecured, 10- to 25 year terms, rates typically 5.99 to 9.99%
• HELOC/Home equity loans, often the lowest rate, uses home as collateral
• PACE financing, repaid through property taxes, available in some states
• Cash purchase, best lifetime return if you have the capital

How the Federal Solar Tax Credit Works With Financing

The Residential Clean Energy Credit gives you a federal tax credit on a portion of your system cost as a tax credit. With financing, most homeowners apply that credit directly to their loan principal in year one, cutting the loan balance and keeping monthly payments low.

Incentives and financing options vary by location and may change over time. TruLine Solar will help homeowners review programs that may be available for their property. Homeowners should consult a qualified tax professional before relying on any tax related benefit.