The cost of solar systems has come down dramatically over the last several years. This means it is now within the realistic realm of possibility for the average person to equip their home with a solar system to supplement or eliminate your reliance on municipal electricity. Unfortunately, these systems can still cost tens of thousands of dollars, so paying for a system outright is still out of the question for most. Here are a few ways to finance your no money down solar system in NJ or your area.
Personal Loan
If you do not have enough equity to finance your solar system based on that, then you may want to consider a personal loan. If you have an established relationship with a bank, then this should be fairly easy to get, but expect to pay a little more for interest then you would on a secured loan such as a home equity loan.
Solar Lease
Some solar system companies will allow you to lease the equipment for a set amount of time and then choose to buy it if you want when your lease is up. You will still be paying interest on it, but you are not stuck with the purchase and depreciation at the end of your lease. Thanks to this if you choose not to continue using your solar panels then the manufacturer will take them back and resell them.
If you are interested in upgrading your home with solar panels, then there are many ways to make this happen. While most people cannot afford to pay for their solar panels outright, most can afford to get them with a loan. In most of these cases, you will end up paying a little more than you could if you were doing all of the work yourself since most of these options require you to hire professionals to install your system.
