The Best Financing Options to Show Your Solar Panel Leads
The residential solar market is suffering immensely, because homeowners are under significant financial strain. Pandemic job losses have taken a toll, and now, the damage of wildfires and hurricanes is plunging even more residents into instability.
This means that people who would normally seize the opportunity to go solar are holding back. They assume that it just can’t work for their budget when they’re dealing with financial pressure. However, many homeowners aren’t aware that there are a variety of very favorable financing options available.
Contractors will be able to help far more people go solar panel leads if they can inform them of the best loans in the industry. Here are some of the lending opportunities that offer the most friendly terms for customers.
Mosaic: PowerSwitch ZERO
Just recently launched is Mosaic’s PowerSwitch ZERO loan. It is currently the only solar loan that allows buyers to skip payments for the first 12 months. Borrowers can choose between 10, 15, and 20 year loan terms, and prepayments aren’t penalized.
The loan can be applied to systems with battery storage, and even installations for second homes or rentals. Contractors also benefit from the use of Mosaic’s Portal 2X sales tool, which facilitates a streamlined, contactless sale process.
Mosaic created the PowerSwitch ZERO loan to alleviate the pressure brought on by the pandemic. The intent is to help contractors make more sales when they need them, and give customers a chance to get on more stable financial footing while still enjoying the benefits of solar.
SunTrust Bank: LightStream
Among Nerdwallet’s ratings for the best solar loans, LightStream holds a full 5-star score. APR ranges from 4.99–16.49%, depending on the loan amount and the credit score of the borrower. The minimum score required is 660, and customers need several years of credit history to qualify.
Repayment terms run 2 to 7 years, and borrowers can get a discount if they sign up for auto-pay. With available loan amounts reaching as high as $100,000, a LightStream loan can easily cover even the most extensive solar system installations.
Lending Club
Nerdwallet also gives a full 5-star rating to Lending Club’s general home improvement loans, which can be used for installing solar systems. Loans are available up to $40,000. These loans are often preferable to home equity loans because they don’t involve an appraisal, or nearly as much paperwork.
No hard credit check is necessary, and the minimum credit score is only 600. Three years of credit history are all that’s needed, and it’s possible to make joint applications. This makes it easy for residents experiencing financial difficulties to still get access to solar.
Connect with Customers Eager to Go Solar
If you need help finding customers who are ready to make a solar purchase, we can deliver them straight to your inbox. Grid Freedom is trusted as one of the best sources for contractors to find reliable leads without any marketing effort on their part.
Create Your Pipeline of Solid Solar Buyers at www.Gridfreedom.com
