Even though prices are falling, solar panels systems can still require that you leave with some cash. The mortgage industry is eager to meet with you.
Financing Residential Solar Power
You should know three letters: E…E…M. This stands for an energy-efficient mortgage. You can also avoid paying out-of-pocket costs when you improve your home using a solar panel. You can contact any bank to know more about the solar loan plan.
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The government gave lenders a push to encourage the use of solar energy to make mortgages that are more efficient. In other words, the government instructed lenders to get it done and do it quickly. What is an energy-efficient mortgage?
A loan that is energy efficient allows you to include the cost of solar improvements in your mortgage loan. Your home's total value can be up to 15%. The lender will calculate the home's energy savings and add them to your loan amount. This will allow you to borrow more than usual.
The solar financing is added to the loan, regardless of how much equity you have. You can get a solar system with minimal out-of-pocket expense, and you will be able to recover some of the cost via an increase in your mortgage interest deduction.
It is simple to get an energy efficiency mortgage. Request your lender about the program to learn more and how you can profit from a solar upgrade to your home.