Choose Your Solar Panel Finance Solution

So many people realise that opting to install solar will dramatically improve their long term electrical costs, however not as many are aware of the short term financial flexibility as well.  Talk to your local Point Cook electrician about how you can make this installation fee work for your benefit to maximise your profit.

If you have a good credit history, then you may find that you are in a great position to make the most of an unsecured personal loan which can cover your solar panel installation. An unsecured loan means that you are borrowing money based solely upon your reputation as a trustworthy borrower. There is no home or other asset used as collateral in case the loan is not paid off. In the case of solar panels, the limit on an unsecured loan is around $15,000 which is perfect form small to medium homes looking to make the leap to solar.

You can get a complete loan that requires little or even no deposit if you so desire. You can pay off the loan at your own pace over 60 months, or five years. This is quite a long time, and is therefore very helpful to people who want to take advantage of solar immediately but cannot afford to put away a great deal of money every week. There are few other loans that you can get where the product is actually earning and saving you money while you pay it off.

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Of course, while a longer loan period is much easier to handle for some, if you can afford to pay it off sooner than a longer loan period just means you will end up paying more interest. The best deal is to negotiate a flexible loan which has a longer pay off period, but with no fees for completing the full payment early. Unfortunately, this early opt out fee is a hidden trap that snares so many borrowers. People assume that if they come into some money and can pay off the final 20% at once, then that is the end of their payments. In some cases however you will be forced to pay the remaining interest for the full term of the original loan.

Speaking of interest, it is also wise to specifically enquire to your lender about whether interest is based upon the initial amount, or is adjusted as you make repayments. It can be a really good deal to get the latter package, because this means that after a couple of years you will be paying half the interest. Also looks for something that is flexible with how often you submit a payment. A weekly payment might work for those in a salaried position, whereas people who receive varying hours each week might prefer the lump sum monthly payment so that it evens out.

There can be several fees involved in making the switch to solar. The cost of the panels themselves is obviously going to be the big expense, but the cost of installation can also add up, and there may be additional fees and tariffs here and there. The great thing about a specific solar loan is that they can not only anticipate the exact costs of all of these, but also understand that they are a necessary part of the loan and offer you full coverage.

The Savvy Electrician Force In Point Cook from Electricians On Call has partnered with the highly popular Finance My Solar team to offer a comprehensive and flexible solar service, so just visit website to learn more about their competitive loans.

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