How to Get Solar Panels with Bad Credit: 3 Great Options
It’s not hard to love solar power. Solar panels provide us with ongoing power and reduce our overall household electricity cost.
But solar power is an expensive investment, and those with bad credit or poor financial history might be wondering how they can get solar panels for their home. There are a few options available for those who want solar power but don’t have the cash on hand:
- Lease solar power
- Find a co-signer
- Use a loan from the federal government
Let’s explore the options further to see what the best next step to take is.
Get Solar Panels Using Solar Leases
There are a few solar companies that offer solar leases. A solar lease is different from a loan in the sense that it doesn’t require you to pay back any money by a set date, and there’s no monthly payment involved. Instead, leasing means you’re paying for solar panels over time – usually about 20 years or more.
This allows you to get solar panels for your home without having the money upfront. The solar company will install solar panels on top of your roof, and all electricity that they produce is sent back directly to you.
However, this means that any solar power credits go straight to the leasing company instead of you – so make sure to check what kind of plan would work best for you.
What Solar Leasing Companies Have Offer for Customers with Bad Credit?
There are several solar leasing companies that have specific services for customers with bad credit. These services are designed to help and enable everyone to get a solar lease.
Sunrun Solar Leasing
Sunrun is one of the top solar panel providers in North America, and they’ve been providing solar leases to homes all over the United States since 2007.
They have a few different options available depending on your needs: from no down payment plans that include maintenance costs or solar system upgrades to solar leases with a low monthly payment.
Sunrun also offers solar leasing for homes in rural areas, where most other solar companies don’t provide panels.
NRG solar panel leasing
NRG solar panel leasing is similar to Sunrun’s solar leases – it doesn’t require any money down, and homeowners can choose the solar system that best suits their home.
The monthly payment depends on how much energy you use each month, so your bill will be lower than if you continued using traditional electricity.
NRG also has solar panel leasing options for homes in rural areas as well which is rare among solar companies.
Toshiba America Business Solutions Solar Leases
Toshiba solar leases are another great option for solar panel customers with bad credit.
The company offers solar panels to homes across America, and they have a no money down plan that includes maintenance costs. This is perfect for homeowners looking for the best way to get solar power without spending any money.
Toshiba solar leases also include solar system upgrades, and you can choose how much solar power your home produces which makes them a great option for homeowners who want to reduce their monthly payment with solar panel leasing.
How to Get Solar Panels by Using a Co-Signer for Solar Power?
If you’re still having trouble getting solar panels even with a credit check, don’t give up just yet!
You can ask to get solar power installed by using someone, like your parents or spouse, as your co-signer. If they have great credit and no past bankruptcies or foreclosures, you’ll be able to get solar panels with their help.
A third party will be responsible if you fail to pay off the monthly fees so they’ll take over making payments on behalf of both parties. This ensures that solar panels and traditional electricity won’t be shut off, which can help you stay on track with the solar panel lease agreement.
Using a co-signer lets solar companies provide solar panel leasing for homes with bad credit because it lowers their risk of you defaulting on payments which is perfect if you’re worried about your financial situation.
How to Get Solar Panels Using a Loan from The Federal Government
If solar panel leasing isn’t an option, you can use a solar loan to get solar panels for your home.
The federal government provides loans for people looking to go green and these solar energy loans are no different from other types of loans when it comes to interest rates or monthly payments.
You can choose long-term or short-term solar loans, and most solar companies offer these types of financing options.
But keep in mind if you take a solar loan with the federal government to get solar panels installed on your home or business, it’ll be paid off over time through your electricity bill instead of monthly payments.
This means that there’s no need to worry about early termination fees or solar panel leases ending early but you’ll have a higher monthly solar energy bill than if you had solar panels installed with a solar lease.
This is another great reason to go green and use solar power for your home because the federal government offers various types of loans that can help homeowners affordably get solar panels even with bad credit scores.
Final Thoughts
Solar panels for people with bad credit is still possible and there are several lease options available from different companies.
If you’re looking for solar power but can’t afford the monthly payments with solar leases or solar loans, then you may want to consider getting solar panels with your parents or spouse as co-signers.
This will help homeowners get solar power without any money down and it’s great if they don’t have good credit because their third party co-signer is liable if they default on payment agreements.
Using a federal government loan instead of a lease agreement also lowers the risk of not being able to pay off what you owe in time so there are many different ways that homeowners who love green energy can be solar powered!
Solar panels will last a very long time so is a great investment for the future, solar energy is inexhaustible and solar panels help to save the environment.
