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FL Solar Panel Financing

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How To Pay For Solar Panels In Florida

If you are like most homeowners and don’t have the cash to pay upfront, financing solar panels is a great option. The good news is that there are several ways to make it happen, and most are easy to start.

home with solar panels and solar panel financing
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Does Solar Make Sense For Your Home?

Calculate Solar Costs And Payback Period

Various factors like the solar tax credit, any local rebates, loan repayment terms, and system size can impact the cost to switch to solar power.

Request a free solar quote and let our team of experts calculate your return on investment so you can crunch the numbers.

Make an informed decision and choose the best solar panel financing option for your budget.

Find Out Your Costs To Switch

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Raze Solar options for solar panel financing in Florida
Solar Panel Financing Option #1

Solar Panel Financing Through Raze Solar

We make it easy for Florida homeowners to make the switch by offering several in-house solar panel financing options. This means you won’t have to go to a bank, credit union, or another third party. Schedule a free solar quote to get started.

Solar Panel Financing Option #2

Home Equity Loan

Florida homeowners can also finance solar panels using a home equity line of credit. These loans are provided by both banks and credit unions, are fairly easy to get, and have reasonable interest rates. 

One drawback of using a HELOC for solar panel financing is that you must have enough equity built up in your home to get the loan.

In most cases, you can only borrow up to about 80% of your home’s value, minus what you owe on the mortgage. For example, if your home is worth $300,000 and you owe $200,000, you can borrow up to $40,000.

using home equity loan to finance solar panels
home energy loan to pay for solar panels
Solar Panel Financing Option #3

HomeStyle® Energy Loan

Fannie Mae has made it easy for homeowners to get a loan for home energy upgrades, especially when financing solar panels. This loan is available for those who are looking to buy or refinance their existing mortgage and lets homeowners wrap up all costs into one low monthly mortgage payment.

One drawback to this solar panel financing option is that you can only borrow 15% of your home’s appraised value. This may limit the number of solar panels you can install on your home or leave you with a large amount to cover with cash or another type of loan.

Solar Panel Financing Option #4

Credit Card

Purchasing solar panels with a credit card is easy if you have the available credit limit. The only downside to this option is the interest rates. Most of the time, they are much higher than a traditional home loan, which may not make financial sense for everyone.

credit card payment as solar panel financing

Why Switch To Solar?

Savings You Can Feel Good About

With solar panels, you can help mitigate the effects of climate change. What’s even better is that you can save money while doing it. The environmental impact of just one average size Florida home can make a big difference. 

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