FL Solar Panel Financing

In our experience, we’ve seen homeowners qualify for solar panel financing with credit scores of 550 and over. Unfortunately, we have no control over what parameters a bank or financial institution uses to approve a loan, and everyone’s financial situation is a bit different. If you are interested in financing a home energy system but are unsure if you would qualify for a loan, we suggest talking to a financial expert who can help.

One of the biggest benefits of financing solar panels is you don’t have to deplete your savings to pay for them.

Most solar financing options have additional benefits like single-digit interest rates, 25+ year terms, and low monthly payments.

This allows homeowners to add solar panels to their homes and not pay anything out of pocket and essentially swap their electric bill for their solar payment.

The federal government does not provide free solar panels to Florida homeowners. The only saving opportunity currently offered is the solar tax credit.

There may be grants or programs available in Florida for homeowners to get solar panels. However, they are not run by the city, state, or federal government. Instead, they are run by non-profits or other organizations.

No, homeowners will not have to pay additional property tax if solar panels increase the value of their homes. Florida provides a 100 percent property tax exemption for residential renewable energy upgrades.

If you decide not to use Raze Solar panel financing options and get a home or personal loan, you will not receive the tax credit until the following year. This could mean you have to take out a loan for the full contract price and then make a large lump sum payment when you receive the tax credit.

Solar leases are not that common in Florida, and for good reason! Instead of a homeowner buying panels outright, they lease the system through a bank or financial provider. The homeowner cannot claim the tax credit, but the bank can. After the system is paid off, the solar panels can be transferred into the homeowner's name. The homeowner makes the monthly payments, but the bank owns the system until it’s paid in full. 

If electricity rates go up, the lender has the option to increase the monthly payments. This allows the bank to “break even” on their investment but prevents the homeowner from actually saving any money long-term. A solar lease may be a good option for someone who can’t claim the solar tax credit, but for everyone else, it doesn’t make financial sense.