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Know of some good solar loans right now? The solar company who will be installing my home solar system has a 20 yr. @ 4.99% loan, (3.99% 15 year, and 2.99% 10 year), but I’m sure there’s better out there?
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20y at 4.99%?
I'd go with a HELOC or HEL before that.
HELOC is probably ~3% (but variable)
And one of my credit unions has a variable HEL rate that's ~2.5%
ThirdFederal has a HEL that is 4.29% for 30 years. (you could always treat it like a 20y loan)
Or you can look at a cash-out refi. (money spent on a solar system probably counts as acquisition debt if you're deducting mortgage interest on your taxes)
And after a certain amount of time, you can refi a cash-out refi as a non-cash-out-refi. (Ask the lender/loan broker how long a cash-out refi has to "season" before being considered non-cash-out)
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The best unsecured solar loan I know of (and I bet there are better ones out there) is through cleanenergycu.org. A credit union run by solar people.
Of course, a secured loan is going to have better terms, but they are much more involved to apply for and encumber your property.BSEE, R11, NABCEP, Chevy BoltEV, >3000kW installedComment
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Is this loan secure though? The price is high enough, so you need to double check all the reliability and security.Comment
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Always take the shortest loan period you can possibly afford. Always insure the loan amount in case you are unable to payback (check T&C) for whatever reason e.g. retrenchment etc.
I know its tempting to take a small payment for a longer time but that is where their money is earned and represents your highest risk. You dont know what will happen in the next 10-20 yrs.
If you can pay off in 5 years albeit suffer a bit more, you will only save not only money but start reaping the true benefits of the solar system after that. Also if you can take a reducing balance interest, you can pay in more whenever you can and your interest is charged on what is left.Comment
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In an ideal world, agreed. However, not everyone has the benefit of large amounts of cash in hand and today's world revolves around debt. Loans are a financial tool. As long as its managed properly, no different from buying a 2nd car. As far as solar being a non-essential, its debatable and a long argument depending on how far ahead you look and which camp you sit in.Comment
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Yes, they are a tool and when used wisely, a very useful one. Problem is, most folks have no idea how to use the tool, its limitations, or that like any tool in the wrong hands, it can do a lot of damage. If that were not so, a lot fewer people wouldn't be drowning it debt or there wouldn't be a need for credit counseling. Nor would there be ads for credit sharks who claim to find magic ways to gets debts forgiven. Credit vultures exist and thrive on people's ignorance.
If you can't pay cash, change/adjust your lifestyle and save the difference until you can. You'll be money ahead in the long run.Comment
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Hi, I’m from Texas and new in this forum. I recently got mine with MOSAIC at 1.49% for 25 yr.Comment
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I’m not a professional myself, but that doesn’t look like a good deal… Have you surely been researching this topic as much as you should? Have you searched for REO of HELOC options? I know that it could be a secure and safe option, but earning and spending money always involves risks. Have you tried consulting a specialist on this topic? I would recommend going with Mortgage Advice Cambridge, they have helped me a lot with all papers and especially with contract execution, when I was buying a flat and a car.
MOD NOTE: Please do not include links like the above in your post.Last edited by SunEagle; 01-17-2023, 10:44 AM.Comment
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Thanks for the feedback and advice. At the time was the lowest could get as others were beyondv2%Comment
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I've been down the solar loan road, and it's wise to shop around. The rates your solar company offers sound reasonable, but it's always good to explore other options.Comment
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Thanks for the good advice and welcome to the forum. By the way, I see that on the day you joined this forum, you also joined a bike ride forum, a Chevy Z-28 forum, a political debate forum, a strength training forum, a forum for expats in Indonesia, a Pakistani defense forum, a forum for cross-platform RAD tools, a science forum, a Casino gaming forum and a forum for Hungarian Vizsla dog owners. I can barely find time for one forum, how do you do it? Any tips?Comment
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