3 Ways Solar Panel Financing is Adapting to the Pandemic

November 16, 2020
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Installing solar panels is a big investment for most homeowners, regardless of economic factors. The COVID-19 pandemic has led to the necessity of many industries to adapt and some business owners, especially in the hospitality field, have felt a significant impact. The coronavirus outbreak has caused homeowners to contemplate whether 2020 is the right time to install solar. Thankfully, there are some promising solar industry figures and ways companies can still help their customers make the smart switch to renewable energy. 

How Are Solar Companies Doing During the Pandemic?

Unlike some other industries that have seen some serious downturn, the solar industry as a whole is holding up fairly well during the continuous COVID-19 pandemic. According to solar industry reports from organizations like the California Solar & Storage Association (CALSSA), interest in going solar actually increased in 2020, especially this summer. 

The reasons behind the increased interest in solar this year aren’t hard to figure out. Due to shelter-in-place rules and quarantine, families are home much more often than they normally would be – usually all day, every day. Obviously, this leads to an increase in electric bill costs, which leads homeowners to search for ways to save money and make their energy consumption more renewable and cleaner. Another reason for an increased interest in solar is likely because of financial programs and promotions offered by solar companies. Below are three examples of how companies can continue to help homeowners go solar amidst the pandemic.

Low Monthly Starting Payments 

Earlier this year, solar was made more affordable for homeowners impacted by the coronavirus pandemic by being offered lower monthly payments. Some of these attractive contracts included low monthly payments, such as six months of solar for $6. Financing options like these offer an attractive incentive to go solar in an otherwise tough economic time.

Free Solar for a Year

One of the best promotions we saw this year is no payments on solar loans for a year, as long as participating homeowners took advantage of the program during the time it was promoted. Once the twelve-month without needing to make solar payments ends, homeowners would then be responsible for however many years their loan term lasts – usually between 5-15 years. We could see this exciting promotion become more permanent, meaning that homeowners will have access to it in 2021 and beyond.

Remarkably Low Financing Terms

One of the more recent promotions solar companies are offering is remarkably low annual percentage rates (APR). We’ve seen some APR rates go as low as 0.99%. Typically, APRs for solar is around 5%, so promotions like these offer even more savings for homeowners. These great low financing terms shows us how the solar industry wants to phase out the older models of leasing in favor of ownership of panels – whether that is through financing or purchases that are upfront.  

Trust the Solar At All-In-One Experts

We have a passion for green energy like solar panels, and so we want to do everything we can to make switching to solar attractive to as many people as we can. We offer honest, high-quality, and transparent service at competitive rates. Give us a call today, speak to a real person, and see if making the solar switch is right for you.