Is financing solar panels worth it? However, for many homeowners, financing solar panels is absolutely worth it. With a solar loan, you get all the same perks of system ownership that you would if you paid in cash but with a minimal down payment — or none at all. Think about it as renting-to-own.
What credit score is needed for a solar loan? If you have a credit score over 600, you have a great chance of being approved for a Solar Loan with payments so low that many end up saving money every month compared to their current power bill. Few banks offer solar loans but there is an option to take out an energy efficiency mortgage to finance your solar panels.
How can I finance my solar system? Homeowners can finance solar PV installations through a home loan or other unsecured lending options. Consumers should prioritise paying off these loans quickly to have the benefits of saving on electricity costs.
Is it better to finance or pay cash for solar panels? Buying solar panels with cash
Arguably the most straightforward way to buy solar panels is with cash, and the benefits are clear. With a cash payment you avoid paying interest and loan fees and don’t need a qualifying credit score. As a result, you’ll save more money over the life of your solar panels.