Solar Financing Option

Here are a few ways to pay for solar. Our customers have obtained solar loans through BB&T, Admirals Bank, Home Loan Investment Bank, and SunPower Corporation. In fact, BB&T has been in Middle Tennessee for over 10 years giving solar loans out locally.

Home Equity Loan – A fixed loan that gives you a one-time lump sum to finance large purchases.
-Fixed interest rate and flexible terms
-Set period of time to pay it back
-Interest may be tax deductible

Home Equity Line of Credit – A flexible line of credit, which gives you access to the money you need when you need it.
-Competitive variable rate
-No origination fee
-Interest may be tax deductible

Secured or Unsecured Loan
What Are Secured Loans? Lower interest rates in the range between 2.5% and 6.5% percent
What Are Unsecured Loans? Typically carry a higher interest rate in the range of 5.5% to 10.5% but can be easier to arrange than loans secured against property.

These are just estimates but this will give you an idea of how the different loans would work. The payment on the home equity line of credit could actually be lower if you made interest-only payments.

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