Are you familiar with the advantages of getting a PV loan in Hawaii?

Going solar is one of the best investments you can make, especially if you own your property. Installing a solar panel system for your home will not only save you a lot of money in the long run, but it will also help preserve our already fragile environment.

However, many homeowners often wonder what happens if they can’t afford to go solar right away.

What happens if you don’t have the funds to pay for your system? Should you opt for a PV loan in Hawaii or is it better to wait until you save enough to buy your own system?

Without any further ado, here are the main benefits of getting a solar loan in Hawaii to finance your solar system.

1. The sooner you apply for a PV loan in Hawaii, the sooner you’ll own your solar system

Probably the biggest advantage that comes with applying for a PV loan is the fact that you’ll own your solar system as soon as you hire an installer for the project!

An alternative to going green right away is leasing your solar system. However, leasing comes with many disadvantages so, if you can quality for a PV loan in Hawaii, you should definitely take advantage of it and go solar right away.

2. Paying back a solar loan may be ‘cheaper’ than paying for your electric bill

The biggest advantage of going solar is the fact that you’ll no longer have to worry about an expensive electric bill month after month. But what about paying back a loan? Won’t paying for installments be the same as paying a bill?

Not necessarily! If you have a good credit score and can qualify for a loan with a low interest rate, your monthly payment could actually be much lower than your electric bill is right now! Plus, you should finish paying back your loan in a few short years and after that, continue to rip the benefits of going solar.

3. Taking out a PV loan still gives you the right to access rebates and incentives

If you invest in a solar system of your own, applying for a loan won’t affect your right to access federal and state tax rebates.

Since you’ll be the owner of your solar panels, you can lower the total cost of your investment by as much as 65%, if you combine all the incentives.

You can read more about federal and state tax incentives here and of course, don’t hesitate to get in touch with us if you have any questions.

4. If you don’t have the cash to pay for a PV system, there are many loan providers you can work with

If you’d like to go solar as soon as possible but don’t have enough cash saved up to pay for your system upfront, you’ll be glad to know there are a lot of solar loan providers you can work with. If the first loan provider isn’t the right one, you can keep looking until you find someone who can help finance your solar project.

Banks, credit unions, independent financing companies and even solar installers may provide loans to cover the cost of your PV installation. That in mind, if you’re ready to go solar, contact Pacific Energy today and let’s see how soon we can plan your project!