How Do Solar Loans Work in Florida?

In Florida, one of the most popular ways to finance a solar photovoltaic (PV) installation is with a low-interest loan:

  • The money borrowed is used to cover the full cost of the installation – parts and labor included. And provided you work with a lender that specializes in solar financing, you’ll receive a much lower interest rate than you would with traditional loans or credit card debt.
  • The savings your solar panels generate are used to pay down the loan balance every month. And once the solar loan is fully repaid, the PV system and all the electricity it generates are 100% yours.

But why go into debt at all – especially since other financing options (like leases) allow you to go solar for free?

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The Benefits of Solar Loans

Solar PV technology has never been more affordable than it is today. But not everyone has the money to pay for a new system.

Using a loan, however, can help bridge the gap.

It costs $0 upfront to get started. And although you’re technically taking on debt, you’re not paying any money out-of-pocket. That’s because solar loans are carefully structured so that the savings you receive from your PV panels exceeds your monthly loan repayments.

If your solar installation shaves $100 off your utility bill, then your loan obligation will be $99 – or less. Those savings are guaranteed. And there’s little chance of defaulting since your PV panels are warrantied for 25 years when you choose Capital Construction & Development.

In other words, using solar loans to finance your system is a risk-free investment that delivers predictable returns and savings. As long as the sun rises every morning, your solar PV system is guaranteed to pay for itself in just a matter of years.

All of this is in sharp contrast to solar leasing – a financing approach that never truly pays for itself. With a solar lease:

  • You benefit from cheaper and cleaner electricity. But because you’re renting your PV panels, it’s not possible to break even. Solar leasing is simply an ongoing cost.
  • Worse still, leasing doesn’t allow you to claim any incentives – like the Solar Investment Tax Credit or net energy metering. These generous subsidies go to the system lessor instead.

Is a Solar Loan Right for You?

If you have the available funds, cash is arguably the best way to pay for a new solar PV system. And to understand why, we’ve written a companion article on Solar Cash Financing.

But solar loans are an excellent option if you’re on a limited budget. This approach delivers all the benefits of true PV system ownership – without breaking the bank.

In fact, getting started costs you nothing. And you’ll never have to dig into your personal savings to pay down the loan balance. That’s because your solar panels do all the heavy lifting.

One of the most popular ways to finance a solar photovoltaic (PV) installation is with a low-interest loan. You receive the benefits of system ownership while paying $0 upfront.

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