Most installers offer loans for a duration of 15, 20 or 25 years, while banks may offer short-duration loans at lower interest rates and for lower fees, Aggarwal said. Interest rates can vary widely depending on factors such as the loan amount, duration and the strength of the borrower's credit.
It's also worth noting that installers don't always mention the fees, so be sure to ask about the installation cost if paying cash versus financing, Aggarwal said. Prepayment fees aren't likely, but it's worth asking and confirming in the loan documentation, just to make sure, he said.Consumers should always ask what fees are associated with the loans being offered, in addition to the interest rate, since fees could amount to thousands of dollars.
Home equity loans and HELOCs could be a good option for homeowners who have built sufficient equity in their home. These options could also work well for homeowners whose credit doesn't allow them to qualify for a personal loan with a favorable rate, according to Bankrate.The last thing any homeowner should do is let a green finance loan lead to foreclosure.
Sunrun and Sunnova together captured 79% of the third-party-owned market for home solar. This brings up another key decision for homeowners: should they finance and own the system themselves or lease the rights to their solar energy generation?Leasing options exist and may be attractive to some homeowners as a way to avoid the upfront costs of equipment and installation. Another benefit is that the homeowner isn't responsible for maintenance.
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