Is Zero Down Solar a Scam?
As solar ads flood your social media, you may notice a similar offer amongst every post: Zero down solar. But before we get to what it means, let’s first understand the current state of solar energy.
Solar energy is getting some serious attention. Considered as one of the best options to reduce carbon emissions and build a cleaner, sustainable and greener future, solar energy is the future.
Now, with the technology of solar energy getting advancing, become more efficient, and cheaper to install/maintain, many people are opting for solar energy for their home or business and benefiting from multiple advantages like:
- Increasing the value of your property
- Long-term warranty to protect your panels
- Government-provided tax exemptions
- Lowering your electric bill
- Federal grants, tax incentives, and rebate programs
- Safer than the traditional electric current
So far you might have gotten interested in solar energy but don’t know who to do when it comes to financing the installation. Thankfully, in recent years, the cost of going solar has substantially decreased. Not only that but a lot of solar companies and solar financing institutions have come up with a lot of new payment and financing systems that made the shift to solar panel much easier than what is what before.
So if you want to benefit from all the cited advantages, and decide to opt for solar energy for your home or business, you can qualify for $0-down solar.
What is Zero Down Solar?
The zero down solar is a system in which you get your solar panel installation but you do not have to pay any upfront payment.
You basically finance your solar lease or solar loan with monthly installments only ($0 paid upfront). The zero-down solar financing allows you to take advantage of all the benefits of solar energy without that huge sum of money in the beginning, which is mainly what discourages most people from opting for solar energy.
Why Consider the Zero Down Solar Option
You don’t have to make that huge initial payment
The zero down solar is a very convenient payment system for your solar energy installation. It allows you to spread your solar payment over a long period of time. Even if you don’t have a chunk of money ready to be spent, you can still get solar energy for your home/business.
The savings outweigh the loan payments
Think of it this way: instead of using traditional electricity and paying every month for your electric bill, switch to solar energy with the zero-down solar payment system.
This is basically the same thing as replacing your energy bill payment with the loan payment. When you have solar energy, you pay a lot less for your energy bill, so most of the time the energy bill on solar energy + the loan payments are less than your average energy bill on traditional electricity.
Solar for Zero Down Options
Decided to get your solar for 0 down? First, you should first look into the different options and pick one that fits your financial situation.
The third option to go solar for zero down is a solar loan. It’s a simple concept to grasp, basically, you borrow money from a lender to purchase your solar energy system, and start paying it back in monthly installments with a certain interest rate. The lender could be a financial company or the solar company itself (some solar-installation companies offer loans that allow you to apply for financing directly through them).
Unlike a solar lease or a PPA, when you opt for a solar loan, you are the owner of the solar energy system, and thus allowing you to benefit from all the financial benefits (like the solar investment tax credit). You get to pay no money upfront if you go with a $0 down solar loan, and the price of the monthly installments depends on the price of your system, interest rate, and loan term.
If you’re looking to switch to a cheaper and cleaner source of energy, but don’t have the initial sum of money in order to pay for the solar energy system and its installation. Then consider the $0 down solar. Drastically lower your energy bill, help the environment by reducing your carbon footprint all while getting that sweet return on investment on your solar energy system.