Save Over Time
Homeowners looking to finance the solar panel cost over a longer time may be eligible for loans designed specifically for home solar installations. Summit teams up with the top solar loan providers to offer loan products with terms of up to 20 years. Loan options include zero money down and no upfront costs, allowing immediate saving on electricity bills.
Solar loans are often best for customers who wish to minimize short-term expenditures while maximizing long-term savings from solar. Loans allow you to lock in low monthly payments and claim benefits from tax credits and other government incentives. A study from the National Renewable Energy Laboratory estimates that loan-financed solar can save up to 30% more over the life of a solar panel than going solar via a power purchase agreement (PPA). Our loan providers offer workmanship warranties and real-time performance monitoring, so you can check your system and home energy usage.
Pros: Spread solar costs over long term, greater savings than PPA
Cons: Higher financing costs than “cash,” higher credit requirements than PPA