Solar Financing Options - Loans

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Financing solar panels with loans

Key points:

Solar loans are a financing option for buying solar panels.
Residential solar loans are best for homeowners who want to own their solar panels without paying a lot upfront.
Types of solar loans are secured, unsecured, and green mortgages.

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Yes. If the terms of your loan include storage, you can also finance the solar battery. If you intend to do this, make sure the solar battery is included in your initial solar system quote. Also, adding battery storage to your loan terms will increase the overall cost of the loan by around $10,000, which could increase payback time.
Yes. Applying for a solar loan involves checking your credit, which can affect your credit score. Making on-time payments for your solar loan can increase your credit score over time.
A secured solar loan is tax deductible. An unsecured loan is not tax deductible.