Finance Your Solar
Get Free Solar Power and Payments Less Than Your Current Electric Bill - Guaranteed!
Which Solar Finance Program Works Best for You
No Other Company Offers Better Financing - Period
Lowest Cost Solar Loans
$0 Down and No Prepayment Penalty on any of our loans
Receive $1,000s back with the Federal Solar Tax Credit - our average client receives over $6,000 back on their taxes!
Choose the Program that Best Fits Your Needs, with options that include:
Interest rates as low as 2.99% APR
12, 15, and 20 year Terms
No Loan-Fee Loans on some loans
No Payments for up to 18 months loans
No credit check and no monthly payment loans (payments made twice per year on your property tax bill, called a PACE loan)
Exclusive 'Solar Freedom' Lease
Lowest Monthly Payments
Payments that Never Increase
$1.00 Buy Out at the End of the Term
You choose the term, from 12 to 20 years
Perfect for Homeowners that don't pay US Taxes (retired, foreign nationals, students, etc)
Either Way, Your Payments Are Less Than Your Electric Bill - Guaranteed!
What are Your Best Options for Going Solar?
First, let us make clear that the best way to Go Solar is to purchase it outright. Cash is always king, and with a guaranteed Return on Investment usually above 20%, there is no better investment. The next best way is to contact your own bank where you can possibly get better financing. Nearly every bank now has solar loans, and the interest rates can be really good. For instance, the Tulare County Federal Credit Union has a solar loan with no loan fees and 3.99% APR, one of the best solar loans in America (but you have to live, work, learn, or worship in Tulare County). Check with your bank to see what they can offer.
Imagine not spending a penny out of your pocket with $0 down, saving $1,000s per year on your electric bill, and getting an average of $6,000 back on your taxes. There's nothing to lose, and it's what we do every day. In fact, our average customer receives a tax credit of $6,240, having spent no money out of pocket. With all of our solar loans, there are no pre-payment penalties and YOU keep the tax credit, which is 26% for 2020 and drops to 22% for 2021. You'll trade an electric bill for a loan payment that will be 20-40% less, BUT one day you'll pay off the loan and never pay for electricity again. No money out of pocket, and $1,000s back from the IRS....Going Solar just makes great financial sense.
We continually search for the best third-party financing options to offer our customers. With our position as a leader in the solar industry since 2007, we offer the best solar loans in the market. We have partnered with some of the most innovative solar lenders in the US to create loan programs that no one else can offer.
How Solar Loans Work
We all know that the banks are going to make their
money one way or another. They either charge high
interest rates, or have loan fees, without exception. If
you hear anything different, then that company is just
adding the fees to their price and not telling you about
it. At Planet Solar, we know our customers are informed
and intelligent, so we believe in being totally transparent
and giving our customers all the information, with the
best programs in the US, and letting YOU choose what is best for you.
There are multiple 'levers' or factors that allow you to tailor a loan that is best for you: Interest rate, length of term, the amount of down payment you want or don't want to make, your credit score, deferred payments, and frequency of payment. You can choose one or more of those options, but not all of them. For instance, if your priority is saving the most money right now or don't want your credit checked, then our PACE* loan with no payments for 12-18 months is best, but the interest rate is about 6.5%. If you want a short term or the lowest interest rate, then our 12yr / 2.99% APR loan is your best bet. And for low monthly payments our 20yr / 4.99% APR loan is one of the lowest monthly payment loans in solar today. Our loan products change frequently, so call one of our friendly solar consultants today to determine which product is best for you.
*PACE (Property Assessed Clean Energy) Loan. This is a new twist on lending, and might be just what you are looking for. You don't actually borrow the money, your house does. The loan doesn't even show up on a credit report. There is only a soft credit check on the homeowner to make sure they've paid the property taxes and aren't late on mortgage payments. You must have at least 15% equity in the home, and the loan is capped at 15% of home value. There are no monthly payments - instead, the payments are attached to your property tax bill which you pay twice per year. There are some loan fees and the interest rates aren't the best, but not bad, and you can write off the interest, so the effective APR can be as low a 3%. When you sell your home, theoretically the loan stays with the home. However the new home buyer's bank won't want to make a loan to the new buyer with a PACE loan in place, so plan on paying the loan off using the proceeds from the sale of your home, just like you would with a 2nd mortgage. If you have some credit challenges, don't want a loan on your credit report, or just like the idea of not having monthly payments for electricity, this is a great option.
Our Solar Freedom Lease is unique in the industry, because it's a 'Lease to Own' program that provides some of the lowest payments in solar today. With our lease, your payments will NEVER go up, and at the end of the term you can buy your system for $1.00. Also, you can choose the term of your lease - 12, 15, or 20 years. The leasing company will officially own your system for the first six years, after which ownership reverts to you for no cost. No one else in the industry offers a lease to own program, or any lease that even comes close to our Solar Freedom Lease. This program is especially good if you don't pay ANY taxes (not in your paycheck or in April). Our bank will pay us 16% in exchange for you signing over the 26% tax credit available with your solar installation, and we pass that 16% savings on to you. But if you pay taxes, this program probably isn't for you.
NEVER Use a Power Purchase Agreement (PPA)!
A Solar loan gives you similar monthly payments that never increase, PLUS put $1,000s in your pocket with the federal solar incentives - and YOU own the system!
About Leases and PPAs (Power Purchase Agreements)
You'll see these from the major players of solar: Tesla Energy, Sunrun (the guys at Costco), Vivint (owned by Sunrun), and Sunnova. They offer the PPA/Lease for one reason only - to make huge profits from you. A lease or PPA (we'll just call them all 'lease') are pretty much the same thing to the homeowner: the finance company takes YOUR tax credit, they have monthly payments that increase every year, and if you try and pre-pay it off you will be charged a huge premium. At the end of the 20 or 25 year term, you will be stuck with a huge buy-out cost, or worse you'll have to renew the lease. Most solar installers have one or two financing products, but they will be pushing their PPA or lease because they get very high commissions for it.
As a general rule, NEVER use a PPA or lease for your solar, except our hybrid 'Lease to Own' program. A solar loan will have payments that are a few dollars more or less than our competitor's solar lease/PPA, but YOU keep your tax credit, which for our average customer is over $6,000 in YOUR pocket! With a solar loan, your payments will never increase, and once you pay off the loan, the system is yours without any additional payment or hassle. We provide a full warranty on your system, and the solar panels are guaranteed by the manufacturer for 25 years, so you will have decades of worry free service. Also, check the Google or Yelp reviews for the companies that mainly offer PPAs or leases - you'll find many of their customers are less than thrilled with their service.
"One of the best companies by far that I've had the pleasure to work with. Marilyn has been very helpful and very friendly. I highly recommend Planet Solar for all your electrical savings!!!
Great experience. Clean, prompt, honest. Did exactly what they said.
SKEPTIC. I was very skeptical of solar until I met with Marilyn, she was very professional and honest. The only salesperson that told me I couldn't have 100% coverage because of all the redwoods surrounding my house. I appreciated her honesty and that's why I chose her company. We've had no electric bill since the switch was turned on.