You Could Be Paying More With Dealer Fees
Solar installations have become increasingly popular in Washington and Oregon. So have the options to finance those solar installations. However, some come with hidden costs like solar dealer fees, making solar financing a bit more complicated—and often more expensive.
Considering solar financing? Here’s what you need to know. TLDR: Solar financing options from national solar installers often have a hidden dealer fee, increasing the cost of installing solar on your home. These dealer fees decrease monthly payments but increase the amount you pay for a solar loan. Some loans also use balloon payments, requiring a large, one-time payment (often covered by your tax credit) to keep monthly payments low. Ask for clear breakdowns of all fees, and consider alternatives like working with local credit unions, which usually offer transparent loans without extra dealer fees.
What Are Solar Dealer Fees
Solar installations have become increasingly popular in Washington and Oregon. So have the options to finance those solar installations. However, some come with hidden costs like solar dealer fees, making solar financing a bit more complicated—and often more expensive. Considering solar financing? Here’s what you need to know. TLDR: Solar financing options from national solar installers often have a hidden dealer fee, increasing the cost of installing solar on your home. These dealer fees decrease monthly payments but increase the amount you pay for a solar loan. Some loans also use balloon payments, requiring a large, one-time payment (often covered by your tax credit) to keep monthly payments low. Ask for clear breakdowns of all fees, and consider alternatives like working with local credit unions, which usually offer transparent loans without extra dealer fees. Solar installations have become increasingly popular in Washington and Oregon. So have the options to finance those solar installations. However, some come with hidden costs like solar dealer fees, making solar financing a bit more complicated—and often more expensive. Considering solar financing? Here’s what you need to know. TLDR: Solar financing options from national solar installers often have a hidden dealer fee, increasing the cost of installing solar on your home. These dealer fees decrease monthly payments but increase the amount you pay for a solar loan. Some loans also use balloon payments, requiring a large, one-time payment (often covered by your tax credit) to keep monthly payments low. Ask for clear breakdowns of all fees, and consider alternatives like working with local credit unions, which usually offer transparent loans without extra dealer fees.
Solar Financing Example
Solar installations have become increasingly popular in Washington and Oregon. So have the options to finance those solar installations. However, some come with hidden costs like solar dealer fees, making solar financing a bit more complicated—and often more expensive. Considering solar financing? Here’s what you need to know. TLDR: Solar financing options from national solar installers often have a hidden dealer fee, increasing the cost of installing solar on your home. These dealer fees decrease monthly payments but increase the amount you pay for a solar loan.
How Solar Dealer Fees Affect Your Loan Interest Rate
- Total payment for $30,000 loan over 20 years: $197 x 240 months = $47,160
- Total payment for $35,000 loan over 20 years: $231 x 240 months = $55,440
- Additional cost due to dealer fee over term: $8,280
Total Cost Over Loan Term:
Solar installations have become increasingly popular in Washington and Oregon. So have the options to finance those solar installations. However, some come with hidden costs like solar dealer fees, making solar financing a bit more complicated—and often more expensive.
Considering solar financing? Here’s what you need to know.
TLDR: Solar financing options from national solar installers often have a hidden dealer fee, increasing the cost of installing solar on your home. These dealer fees decrease monthly payments but increase the amount you pay for a solar loan. Some loans also use balloon payments, requiring a large, one-time payment (often covered by your tax credit) to keep monthly payments low. Ask for clear breakdowns of all fees, and consider alternatives like working with local credit unions, which usually offer transparent loans without extra dealer fees. Solar installations have become increasingly popular in Washington and Oregon. So have the options to finance those solar installations. However, some come with hidden costs like solar dealer fees, making solar financing a bit more complicated—and often more expensive.
Considering solar financing? Here’s what you need to know.
TLDR: Solar financing options from national solar installers often have a hidden dealer fee, increasing the cost of installing solar on your home. These dealer fees decrease monthly payments but increase the amount you pay for a solar loan. Some loans also use balloon payments, requiring a large, one-time payment (often covered by your tax credit) to keep monthly payments low. Ask for clear breakdowns of all fees, and consider alternatives like working with local credit unions, which usually offer transparent loans without extra dealer fees.
