In New Jersey, solar power is seen as a great way to reduce your carbon footprint, minimize energy costs, and become more independent. It’s no surprise then that so many homeowners are considering going solar.
If you’re thinking about installing solar panels on your roof, you’ll want to look into the different financing options available. Luckily, you can get approved for solar financing in New Jersey, allowing you to spread the cost of the equipment over time and making it more affordable.
The Great Recession Didn’t Put A Stop To New Jersey’s Energy Revolution
The most recent economic recession didn’t stop the state of New Jersey from continuing its trend of energy conservation and alternative energy adoption. While the unemployment rate increased and many people struggling to keep their homes, there were still many homeowners who were able to take advantage of the federal government’s Home Energy Savings Program (H.E.S.P).
Through the H.E.S.P., taxpayers can actually make a profit on home energy investment, as long as the homeowner is within their guidelines. In order to be eligible for the program, you’ll need to meet certain income requirements, which vary based on how much money you’re trying to borrow. If you’re looking to buy a new home in the state, now is a great time to consider taking out a mortgage with an energy-saving feature. These loans are designed to help homeowners reduce their energy bills and become more self-sufficient, all while providing the financial stability needed to continue investing in renewable energy resources.
Which Financing Option Is Right For You?
If you’re looking to buy a new home in New Jersey and are considering going solar, you’ll need to choose the right financing tool. There are several options to choose from, including loans with low down payments and no private mortgage insurance (PMI).
Loans with low down payments and no PMI are great for first-time home buyers or for those who don’t want to put too much money down at one time. That way, they can spread the cost of the solar equipment over time and save more money in the long run. For example, one of the best solar loans with low down payments and no PMI is the Sun Loan from SolarCity. It offers a competitive interest rate and a low payment that allows you to budget better. Additionally, the SolarCity loan program can also help with the cost of installation. If you’re doing this yourself, you’ll need to consider buying enough equipment to cover your costs. Fortunately, SolarCity has you covered on that front too. They provide a free equipment delivery and installation for those within their service area. Plus, they even offer in-house training for homeowners who want to learn how to properly operate and maintain their system.
The Pros And Cons Of Each Financing Tool
Before you decide which financial tool is best for you, you’ll need to consider the pros and cons of each one. This is especially important if you’re unfamiliar with this type of loan and don’t know how they work. You’ll also want to be aware of the terms and conditions of each loan so you don’t get fooled by any scam artists, who may try to lure you in with attractive offers but have various requirements and rules that you’ll need to live with, which could potentially ruin your financing plan.
On the other hand, you may decide that a conventional mortgage is the best option for you. These loans require you to put down a significant amount of money (at least 20% of the purchase price of the home you’re buying), and the monthly payments are generally higher than other types of mortgages. However, you’ll be able to get a good interest rate if you’re in good standing with your bank and have a steady job. If you’re looking for a cheap and easy way to purchase a home, a mortgage may be the right choice for you. Additionally, you might want to consider a reverse mortgage, as this type of loan allows you to trade financial security for living space. With a reverse mortgage, you’ll need to make only the minimum payment, which is generally lower than what you’d make on a standard mortgage. However, your home will be at risk of being repossessed if you fail to make the payments on time. It’s also worth noting that the interest rate for reverse mortgages can be higher than conventional mortgages and it’s more complicated to qualify for.
Where Can I Go For Help?
If you want to get solar equipment for your home and aren’t sure where to turn, then you may want to consider the pros and cons of each company and choose the one that seems like the best fit for you. For instance, Amigo Energy and SolarCity are both good companies with a solid reputation and are known to provide excellent customer service, but if you’re looking for a specific loan product then you may want to consider other companies. The same goes for the purchase of solar equipment too. If you want to buy from a particular manufacturer or have a specific type of solar panel in mind then you may want to consider going with that company rather than choosing the cheapest one simply because it’s popular or because it’s what everyone else is doing. This way, you ensure that you’re getting the best product for your needs.
If you’ve decided that going solar is the right choice for you and want to learn more about this home improvement, then be sure to check out these websites, which will provide you with all the information you need:
- Amigo Energy
- New Jersey Solar Energy Industries Association (NJSEA)