best financing options

[Dave1478]

That applies to pretty much everything though when cash is a choice. Am I missing something especially bad about financing solar?

If the offset is such that the money I would be sending to the power company is instead going towards the finance company, with a payoff that reduces that outlay completely not far down the road, then it still seems like a win.

I'm guessing that the resistance is a combination of Financing Bad (which I'm generally in agreement with), financing companies being sleazy/deceptive, and people overestimating the savings and ending up out-of-pocket more than they thought, but is there something else I should be aware of here?

Sunking is wrong and arrogant in this matter. I wouldn't keep paying someone 160 bucks when I could pay someone else 100 and get the same thing, Same as I wouldn't rent a house until I had every dollar to purchase my own in cash... Get a unsecured loan with lower than 4% APR and save thousands....If you have the ability to pay cash like some people do, awesome. But don't believe their BS about never financing solar.

[SunEagle]

That applies to pretty much everything though when cash is a choice. Am I missing something especially bad about financing solar?

If the offset is such that the money I would be sending to the power company is instead going towards the finance company, with a payoff that reduces that outlay completely not far down the road, then it still seems like a win.

I'm guessing that the resistance is a combination of Financing Bad (which I'm generally in agreement with), financing companies being sleazy/deceptive, and people overestimating the savings and ending up out-of-pocket more than they thought, but is there something else I should be aware of here?

The problem is that financing a solar pv system just extends the ROI out even farther.

[Jafoy]

Never ever finnance any solar system. Cash Only.

That applies to pretty much everything though when cash is a choice. Am I missing something especially bad about financing solar?

If the offset is such that the money I would be sending to the power company is instead going towards the finance company, with a payoff that reduces that outlay completely not far down the road, then it still seems like a win.

I'm guessing that the resistance is a combination of Financing Bad (which I'm generally in agreement with), financing companies being sleazy/deceptive, and people overestimating the savings and ending up out-of-pocket more than they thought, but is there something else I should be aware of here?

[Sunking]

Never ever finnance any solar system. Cash Only.

[J.P.M.]

https://www.solarpaneltalk.com/forum/solar/how-much-do-solar-panels-cost/22273-ca-pace-loans-for-solar-not-worth-it-imo

https://www.solarpaneltalk.com/forum...loan-questions

My comments are at the bottom of first link and second link is post I created analyzing hero loans.
There are many many reasons not to go hero, but big ones are : it doesn't give as much tax deduction as they imply it will, very few people will buy your house if it has a hero tax assessment on it until you clear it, the interest rates are not competitive with other solar loans, and the biggest: their closing fees are very very high. Essentially those sales people and the bank are making great money off you.

Big +1 on those. Look before you leap and then look some more - as in elsewhere for financing. HERO can be a trap for the ignorant.

[cebury]

Sonta, create a new post in the off grid battery forum. Not at the end of this existing post.

[sonta]

Hello,
please I need urgent help i have a new system that i cant seem to set up currectly, 12v/200ah battery, two 175w panels/10 a each (340w/20am) 20a charge controller and 1kva inverter. I am getting a over voltage error please what can i do to get the system running.

Thank You

[cebury]

I would avoid Hero at all costs for financing solarpv

https://www.solarpaneltalk.com/forum/solar/how-much-do-solar-panels-cost/22273-ca-pace-loans-for-solar-not-worth-it-imo

https://www.solarpaneltalk.com/forum...loan-questions

My comments are at the bottom of first link and second link is post I created analyzing hero loans.
There are many many reasons not to go hero, but big ones are : it doesn't give as much tax deduction as they imply it will, very few people will buy your house if it has a hero tax assessment on it until you clear it, the interest rates are not competitive with other solar loans, and the biggest: their closing fees are very very high. Essentially those sales people and the bank are making great money off you.

[ButchDeal]

The fees are all roled into the70% loan. Note it they still have fees.

[Dave1478]

Look into Greensky financing. They offer a 70/30 split loan financing. 30% with no interest, no payment for 12 months. If you pay it back before 12 months it's free money but if you don't get make you pay all the interest accrued in that 12 months. The 70% loan is a 12 year 3.99 apr, it's best financing I could find and did use it.

[cioppino]

Can you elaborate cebury?

[cebury]

I would avoid Hero at all costs for financing solarpv

[treeseguin]

Be wary of the banks when taking out a loan. Keep in mind they use your promissory note to fund the loan check. There is a liability generated on their book keeping entries from your prom note (asset). Whatever you sign for the bank also must pay you. This isn't well known among the public but very well known to bankers.

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[ktran1]

open equity line of credit if your house has equity, you can shop for the rate (4.5%)

[Steve C]

Watch out for YGRENE finance program. The fees are high in my opinion. I posted my YGRENE example in another link on this forUm. I would include them here but don't know how to copy and paste.