Should you apply for a Maui PV loan when you decide to go solar or should look for an alternative?

Investing in solar for your home is known to come at a hefty cost and therefore, solar loans make for a convenient way to invest in a PV system in Maui. But what if you don’t want to apply for a loan because there may be a better way to pay for your panels?

Before you decide not to apply for solar financing, let’s take a look at your alternatives. Once you learn more about your options, it will be much easier to make a final decision.

Solar Loan in Maui

If you don’t have the cash to pay for your system upfront, you should apply for a Maui PV loan

There aren’t many homeowners who have a lot of cash lying around to afford to pay for the installation of a PV system upfront. Furthermore, even if you can dip into your hard earned savings, if this means leaving you unprepared for an emergency, then the wide decision should be to apply for a Maui PV loan.

Don’t worry though. As long as you have a decent credit score and can prove that you’re financially responsible, you should be offered a good deal. This means, even though you would have to pay back the money and interests, you’d still be able to make a great investment and save more, in the long run.

Get a solar loan in Maui if the alternative is leasing a PV system

Many may think that getting into debt to pay for solar panels is not a good idea, but neither is leasing your system.

Solar leasing comes with so many disadvantages, it’s much more convenient to apply for a solar loan.

First of all, leasing the system means you don’t own any of the components. And even though this implies the leasing company is responsible for everything, from installing your panels, to maintenance and / or repairs, you’re still better off making an effort to actually own your system.

In the long run, leasing a solar system may lead to you paying a lot more in monthly installments than you would have paid if you have had applied for a loan. Furthermore, if you decide to sell your home in the next decade, you may encounter some costly problems if your buyer does not want to take over your solar lease agreement or if the leasing company decides not to approve the buyer in the first place.

If no one else can offer you a better deal, taking out a PV loan may be your only convenient option

If you can’t pay for your system with cash and seeing how leasing is not a good option, you should consider applying for a Maui PV loan. The final cost of investing in solar may vary, depending on the quality of the modules, where they were manufactured by whom. Either way, the investment is definitely worth it! A Home Equity Line of Credit (HELOC) will usually get you the best interest rate, but you could also find a good deal from Hawaii State Federal Credit Union, Bank of Hawaii, First Hawaiian Bank and University of Hawaii Federal Credit Union.