best financing options

[J.P.M.]

On HERO loans - watch the fees. Some around here run close to 10-12%. HELOC's may be a better alternative if possible, but that's just opinion. Cash is still the best option.

[cioppino]

It varies but it's between 5% and 8%. The interest is a 100% write off and if the money was used towards a repair the interest and principal can be deducted. Call them or find hero online. They have amazing knowledgeable customer service.

[mrh1282]

Hero and companies like Hero are a decent option and approval is simple. You must contact your escrow company to add Hero or the likes payments to your monthly mortgage payment so you dont screw yourself come property tax time though as payments are done once a year via your property taxes. Ive done many jobs with Hero funding and its a very simple process compared to a HELOC or refi.

I heard of the hero program and that's the first thing I thought of is what if I mess up a spend the money I need for the end of the year lol. I did t know you can add it to you impound account. What kind of interested do they have? Is it bad.

[cioppino]

Hero and companies like Hero are a decent option and approval is simple. You must contact your escrow company to add Hero or the likes payments to your monthly mortgage payment so you dont screw yourself come property tax time though as payments are done once a year via your property taxes. Ive done many jobs with Hero funding and its a very simple process compared to a HELOC or refi.

[J.P.M.]

If I needed to finance something like a PV system, After I learned something about how it works and something about proper system sizing, I'd spend some time learning about the time value of money, a bit about process economics, something about comparison of alternatives - as in, where else could I invest the same as the loan amount/payment for a perhaps better long term ROI, a lot about how I pay for power along with a REALISTIC appraisal from several knowledgeable sources (and not from some peddler) of how rates may change in the future before I got serious about looking to a loan. It is a distinct possibility solar may not be as cost effective as you may have been led to believe or have been sold on.

My standard - and what's sometimes considered a condescending spiel: I only suggest to know - really know - what the long term costs/benefits/alternatives are before committing a lot of resources and some future financial freedom to something you are ignorant about until those things are better understood. A few hours of meaningful self education can pay big dividends.

As usual, take what you want of the above. Scrap the rest.

[foo1bar]

Hey guys, so I finally found the solar company that i'm going to go with but now I dont how i'm going to finance it.

My thoughts on the options is:
1> Cash
2> HELOC from credit union
3> cash-out refi of house
4> other credit union loan

And somewhere after "loan from guy named Guido" is what the installer provides for financing
(Ok I exaggerate a little - but I'd definitely look at other options before using the installer's financing.)

[mrh1282]

Hey guys, so I finally found the solar company that i'm going to go with but now I dont how i'm going to finance it. I currently have a solar loan with my credit union that is at 6.5 interest but i know there's other options out there and want to see what you guys recommend. The company is offering financing but they have a 12% mark up and I noticed that alot of solar companies add extra 1,000 if you finance with their bank. But what if I went to their bank on my own and go approved with them without the solar companies help would that work? let me know what you guys think. thanks again you guys have been a big help in the process.