It's not hard to love solar energy. Solar panels provide us with constant energy and reduce overall household electricity costs.
- Leases of solar energy
- Find a co-signer
- Take advantage of a federal loan
Let's look at other options to see what the best next step is.
Get solar panels with solar rentals
There are several solar companies that offer solar power leases. A solar lease differs from a loan in that you don't have to pay the money back by a certain date, and there are no monthly payments to make. Instead, leasing means you pay for the solar panels over time – usually about 20 or more years.
This way you can buy solar panels for your home without paying money up front. A solar company installs solar panels on your roof, and all the electricity generated is sent directly back to you.
However, this means that all solar loans go directly to the leasing company and not to you – so be sure to check which plan is best for you.
Which solar leasing companies have an offer for customers with poor credit ratings?
There are several solar leasing companies that offer special services for customers with poor credit ratings. These services should help and make it possible for anyone to get solar leasing.
Sunrun Solar Leasing
Sunrun is one of the leading providers of solar panels in North America and has been leasing residential solar power in the United States since 2007.
Depending on your needs, there are a variety of options available, from no down payment plans that include the cost of maintaining or upgrading your solar system, to solar leases with low monthly payments.
Sunrun also offers solar leasing for homes in rural areas where most other solar companies do not offer panels.
Leasing NRG solar panels
NRG's solar panel leasing is similar to Sunrun's solar leasing – it requires no down payment, and homeowners can choose the solar system that best suits their home.
The monthly payment is based on how much energy you use each month, so your bill is lower than if you continued to use traditional electricity.
NRG also offers solar panel lease options for homes in rural areas, a rarity among solar companies.
Toshiba America Business Solutions Solar Leasing
Toshiba solar leasing is another great option for solar panel customers with poor credit ratings.
The company offers solar panels to homes across America, and they have a no-money-down plan that includes maintenance. This is perfect for homeowners looking for the best way to get solar power without breaking the bank.
Toshiba solar leasing also includes solar panel upgrades, and you can choose how much solar power your home produces, making it a great option for homeowners who want to lower their monthly payments by leasing solar panels.
How to get solar panels with a solar energy co-signer?
If you're still having trouble getting solar panels despite credit checks, don't give up yet!
You can apply to install a solar system by using someone like your parents or spouse as a co-signer. If they have an excellent credit rating and no bankruptcies or foreclosures in the past, you can get solar panels with their help.
The third party provider is responsible if you do not pay the monthly fees and will take over the payment on behalf of both parties. This ensures that solar panels and conventional electricity are not shut off, which can help you stay on track with your solar panel lease agreement.
Using a co-signer allows solar companies to lease solar panels to households with poor credit, as this reduces the risk of default, which is perfect if you're worried about your financial situation.
How to get solar panels with a federal loan
If leasing solar panels is not an option, you can use a solar loan to get solar panels for your home.
The federal government gives loans to people who want to go green, and these solar loans are no different than other types of loans when it comes to interest or monthly payments.
You can choose between long-term or short-term solar loans, and most solar companies offer these types of financing options.
But remember, if you take out a federal government solar loan to install solar panels in your home or business, it will be paid off over time through your electric bill instead of monthly payments.
That means you don't have to worry about early termination fees or solar panel leases ending early, but you'll have a higher monthly solar bill than if you installed the solar panels with a solar lease.
This is another good reason to go green and use solar for your home, as the federal government offers a variety of loans that can help homeowners afford solar panels even with bad credit.
Final thoughts
Solar panels for people with bad credit are still possible, and there are several leasing options from different companies.
If you're looking to go solar but can't afford the monthly solar rent or loan payments, you may want to consider getting solar panels with your parents or spouse as a co-signer.
This will help homeowners get solar with no money down, and is great if they don't have a good credit score because their co-signer is the third party responsible if they default on payment agreements.
Using a federal loan instead of a lease also reduces the risk that you won't be able to repay your debt on time. So there are many different ways that environmentally conscious homeowners can go solar!
Solar panels last a very long time, so they are a great investment for the future, solar energy is inexhaustible and solar panels help save the environment.