Loans for solar panels are excellent solutions for those who think at the same time about their pockets and the environment. Solar panels, in fact, allow you to have a great saving on electricity since you can do without paying your bills. In addition, a source of green and renewable energy is being used, therefore Mother Nature will also thank you.
The “negative” side of the coin lies in the cost of solar panels, which can even reach 3,000 dollars and more. It follows that not everyone can or will want to make such an expense in cash. The consequence is that with the increase in requests for the installation of new solar panels, the demand for loans for solar panels is also on the rise.
How to calculate the cost of a solar panel?
As said before, the average price of a solar panel is around 3,000 dollars. It could be a little less or a little more depending on two main factors:
- implant size
- technology that is used for its construction
The first point concerns the size of the system in terms of power. We say, in general, that the average cost of a kWp decreases with increasing plant size. The larger the size of the system and, proportionally, the lower the installation cost will be.
From the point of view of the technology that is used in the construction of the system, the choice varies between amorphous silicon modules or modules made with hybrid technology. These modules are often chosen by virtue of their more uniform coloring. Much also depends on space, considering that modules made with monocrystalline silicon have higher efficiencies. Finally, much depends on the climate of the place where this panel is located, since if you are in a hot area, for example in southern Italy, as in Sicily, the modules made of amorphous silicon perform better.
Here, therefore, that depending on the technology that is used, the timing of the return on the investment also changes, that is, the moment in which the expenditure made at the beginning will be fully reimbursed by saving on the bill and by selling excess electricity.
To find out more about the cost of a solar panel, you can go to Good Finance, where you can check the cost of the 3Kw photovoltaic system.
Funding for solar photovoltaic panels
The financing for solar panels can be requested directly from the financial company or from the company that will take care of the installation of the system, which will also take care of all the practices and interact with an affiliated financial company.
Characteristics of loans for solar panels
The amount granted usually ranges from 1,000 to 60,000 dollars, depending on the financial company and the plant you want to install. The interventions that can be financed are linked to the purchase of a solar system, for example for water heating, photovoltaic panels that generate electricity and, in general, all “green” systems.
Installments and refunds
The installments of the loans for solar panels are to be repaid at a fixed rate and amount, which allows you to manage your budget in a quiet way and without surprises. The repayment duration varies according to the financial company that grants the loan and usually reaches up to 84 months or 120 months. The method of payment of the installment is direct debit from the current account (RID).
How much of the cost does a loan for solar panels cover?
The loaned amount can easily go as far as to cover 100% of the total expenditure, which means that no advance must be given.
Necessary and requested guarantees
The first guarantee necessary to have access to loans for solar panels is that of having a continuous and demonstrable income, from self-employment or from subordinate work (better if employed indefinitely).
Without this guarantee, you will not be able in any way to have access to credit, which is also true for all other forms of financing. Depending on the amount requested, an additional mortgage guarantee on a property may also be requested.
Solar panels loan installment calculation
The installment calculation of loans for solar panels can be done very easily by entering the amount you need, indicating the type of work that takes place and the ideal repayment period. It is an excellent way to be able to know, even before the request for funding, the monthly commitment that you will have in terms of costs.