After the hardships of 2020, more homeowners need extra help affording solar installations. Ensure that you don’t lose customers to a lack of upfront cash by reviewing some of the best solar financing options available today.
Property Assessed Clean Energy (PACE) loans are available through locally-run government programs. California, Florida, and Missouri currently have multiple programs in place.
PACE loans can be used to finance solar systems, as well as other energy efficiency improvements to homes. Residents can use them to upgrade appliances, A/C equipment, and other features that directly impact home energy efficiency.
In response to the economic troubles of the pandemic, Mosaic’s PowerSwitch ZERO loan was developed for struggling homeowners. This loan allows borrowers to skip payments for the first year – a unique offering in today’s lending market. Payment periods range from 10, 15, to 20 years, and prepayments are accepted without any penalty.
Mosaic helps solar contractors easily assist their customers with the lending process via their Portal 2X sales tool. The program can be used for completely contactless sales.
LightStream is known as one of the most highly-rated solar loans on the market. Terms vary based on borrower qualifications, with an APR of 4.99-16.49% and minimum credit score requirement of 660.
Customers can get payment plans spanning 2-7 years, and are eligible for a price decrease with auto-pay. Up to $100,000 can be borrowed.
Another widely reputable financing option is Lending Club’s general home improvement loans. Borrowers can take up to $40,000 and apply them to their new solar systems without an appraisal or a hard credit check. The credit score minimum is 600, and joint applications are possible.
These terms make Lending Club’s loans particularly appealing for homeowners who are experiencing financial strain caused by the pandemic.
While it’s not a loan option, it’s important to make sure that your customers are aware of the Solar ITC and its current terms. This can save them a significant portion of the installation expense.
The Solar ITC was just extended to provide a 26% tax credit for all systems that kick off installation before January 1st, 2023. Note that the credit is only available to customers who purchase their system, not lease.
Offering homeowners great financing options is just one way to earn more sales. But by and far, improving your solar panel lead generation will make the biggest impact.
You can build a pipeline of high-quality, sale-ready leads by partnering with a reputable solar marketing company like Grid Freedom. Our process leverages the most thorough customer screening practices, guaranteeing you a higher rate of successful conversions than standard cold contacts. Get Your Next Sale at www.Gridfreedom.com