The pros of a secured solar loan

The pros of a secured solar loan

Shall we compare solar loans to a sunny summer’s day? Let us count the ways!

Taking a loan for solar means you still get all the benefits of ownership while paying over time. That means the electricity savings offset some of the loan payments, and any other incentives offered by your state do as well. The best part is you can take the federal 30% solar tax credit based on the full cost of the system, but after making only a few payments. That’s a few thousand in your pocket after just 1 year.

On top of those wonderful facts, the interest paid on a secured solar loan is often tax deductible. We’re not tax experts and give no tax advice, but loans like the FHA PowerSaver and PACE loans we discussed above are covered under the federal mortgage interest deduction, as are any liens against the equity in your home.