Solar loan rates in Tampa are set to go up from October 2022 due to an increase in Federal Reserve interest rates.
However, Florida Solar Power will honor current pricing for any projects that have been pre-qualified by October 2, at 8:59 p.m. PT.
Act now to lock in your APR @ 1.49% before it’s gone forever. Call us today to get started.
Why Are Interest Rates Increasing?
This news comes after reports that The Federal Reserve is set to raise interest rates by another 0.75 percentage points this month – something they already did earlier this year, in the biggest interest rate hike (in a single meeting) since 1994. The Fed is looking to raise interest rates to reduce inflation. Their goal is to remove the burden placed on consumers and businesses. NerdWallet reports that the Fed is working on setting a balance between stability in the economy and a healthy job market.How Does This Affect Solar Customers?
Federal Reserve Chairman Jerome Powell said fighting inflation would “cause some pain”. And that is especially true in the solar industry. Banks make a profit by borrowing money at low-interest rates and lending it to customers at higher rates. Any change to the federal fund rate has a knock-on effect on customers, including interest rates on mortgages, bonds and solar loans. If interest rates are higher, then it becomes more expensive to borrow money. While that can decrease inflation, it also is bad news for customers looking to invest in things such as solar panels.What Is Expected?
NerdWallet reports that markets are expecting a definite 0.75% increase for the Federal funds rate. Stock market valuations confirm this. And it won’t stop there. By December, rates could be between 3.75% and 4.5%!How Do Solar Loans in Tampa Work?
If you want to install solar panels in Florida, but don’t have the cash to pay upfront, then you’ll need to turn to a solar loan. Solar loans can be used to purchase solar panel systems. They are considered a subcategory of home improvement loans. There are various payment structures, rates and terms. Florida Solar Power Services offers financing support for solar panel installations and welcomes you to give us a call today. Solar loans are unique because they result in immediate utility bill savings! From day one of use, you’ll be saving money which can go towards your monthly Tampa solar loan repayment.- Own your solar panels on day one of installation.
- Benefit from immediate savings on your utility bill.
- No money out of pocket.
- NO need for a large cash sum.
- Qualify for 30% savings via the federal tax credits offered in 2022-23.
How To Get a Solar Loan in Tampa?
Florida Power Services, “The Solar Power Company” makes solar power loans in Tampa, Florida simple. Partnering with trusted local Solar financing companies, we offer three different finance plans. Any project pre-qualified by October 2, 8:59 p.m. PT, will be honored with current pricing. Act now to lock in your APR @ 1.49% before it’s gone forever!- Fixed-rate solar loans.
- Three different financing plans.
- Partners with reputable local financing companies.
- Hassle-free.
- No sudden surprises.
- Limited time only.
Types of Solar Loans in Tampa
Solar loans have maturity periods from anywhere between 3 and 30 years. Most commonly, a solar loan in Tampa will be present for 10-20 years. The higher the loan length, the lower the loan rate.Secured Loans
- Secured loans often have lower rates, as they are asset-backed.
- They include:
- Home equity loans
- HELOCs
- Residential PACE loans
- PACE loans are suitable for those with lower credit scores, but have higher rates than equity loans or HELOCs.
Unsecured Loans
- Work without assets for collateral.
- Require a good credit score.
- Tend to have higher rates than secured loans.
Use Federal Tax Credits to Reduce Your Solar Installation Costs
Federal Solar Tax Credits can reduce your solar installation costs by 30% in 2022! A recent announcement confirmed that solar installations started in 2022 and 2023 can qualify for 30% of your income tax bill. That could result in thousands of dollars of savings! For example, if you have a $30,000 solar installation in Tampa, you’d get $9,000 in savings! To qualify for solar tax credits, you must:- Have your solar panel system installed in 2022 for 30% reductions.
- The owner must be used by someone paying U.S. income taxes.
- The solar panels system must be at your primary or secondary residence.
- You must own the solar PV system, not lease it.
- The solar power system must be new, or be in service for the first time.
- All electrical and fire code requirements must be met.
Act Now to Avoid Supply Chain Issues
We urge and warn all potential solar customers in Tampa to act fast to avoid the looming solar supply chain issues. While we plan well in advance to ensure every existing installation is completed on time, future projects could face delays or price hikes. We will not let our customers down. Supply chain issues have been caused by:- Polysilicion component shortages
- U.S. enforced bans on Chinese forced labor suppliers.
- COVID-19 disruptions and shutdowns of manufacturing facilities in Asia.
- Buyer demand increases.
- Rising utility and energy prices.
- Global shipping delays and constraints.
- Shortages of raw materials such as glass.
- Global solar related labor shortages.
