No, no, no, no.
We recommend being extremely cautious about same-as-cash financing. Read the fine print!
Many of these “deals” are deferred interest payments. If you can pay off your loan in full within the 12 month window, that’s great. But if your finances change and you are unable to pay off your remaining balance, you will be charged interest on the full amount that you borrowed, not just your remaining balance.
These interest rates can be as high as 40 percent or more. The minimum monthly payments don’t add up to paying off the balance by the 12-month deadline, so you could find yourself with unhealthy debt if you can’t pay the full amount in the specified time period.
Here’s another tip off: Many of these same-as-cash loans require the installer to pay fixed upfront fees to the lender. You can bet those fees get passed on to you, the customer. This means that many customers will pay 5-25 percent more for solar just so the installer can offer these loans.
While we want to encourage as many people to go solar as possible, we want to do so responsibly and in the fairest way for the customer.
There are many different financing options available to you that are fiscally prudent and support our region. Talk to us about our local credit union lending partners that offer the best solar financing in the country.
Things You Should Know Before You Go Solar
We’ve compiled some of the questions we have received over the years. We think people should ask a solar contractor some tough questions when they are considering installing solar. We want you to have the information you need so that you can make the decision that is best for you. Customers who are educated about solar make our industry stronger.
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