Solar Loan Rates Are Going Up Soon

Solar loan rates are set to rocket as The Federal Reserve raised interest rates this month. Anyone seeking a solar loan should act NOW to take advantage of the currently low APR solar loans!

Get a Low APR Solar Loan Before It’s Too Late!

For just a limited time, you can take advantage of low APR solar loans starting at just 1.49%! As the Federal Reserve is raising rates, these APRs won’t be around for long! If you’re interested in investing and installing solar panels in Florida, now is the time to do it. Give Florida Power Services a call today to get started and take advantage of these low APR solar loans before it’s too late! Related: Go Solar Now to Avoid Supply Chain Issues Later in 2022!

Federal Reserve Raises Interest Rates

Earlier this June, The Federal Reserve raised interest rates by 0.75%. That’s the largest interest rate increase in a single meeting since 1994! What’s worse is that the central bank has warned that interest rate hikes will arrive later in 2022. Why? Because the Fed is relying heavily on higher borrowing costs to tackle rapidly rising inflation. The decision lifts short-term borrowing costs to between 1.50-1.75%. Economic projection also predicts further interest rate increases by the end of the year – around 3.4%. And that hints at a further 1.75% in total rate increases. The Fed is planning a much steeper path of rate hikes than forecast back in March 2022.

Solar Loans Explained

Want to install solar panels in Florida but don’t have the cash to pay upfront? Say hello to solar loans. Solar loans are taken out to purchase and install solar panels, making them accessible to all. These loans are regarded as a subcategory of home improvement loans and come with various payment structures, terms and rates. Solar loans, however, are unique because they result in immediate utility bill savings! And those savings can go towards your monthly loan repayment!

• You own the solar panels from day one of installation.
• You can receive federal tax credits of 26% if the installation starts in 2022.
• Immediate savings over your electricity bills.
• No money out of pocket.
• Install solar panels, without the need for a large cash sum!

How Can I Get a Solar Loan in Florida?

Here at Florida Power Services, “The Solar Power Company”, we make solar power financing in Florida simple. We’re partnered with a reputable local Solar financing company with three different finance plans to help make your solar dream a reality. With decades of experience, we can help you finance your installation and guarantee utility bill saving – no matter what solar setup or financing plan you chose. That means you can own a solar system with no money out of pocket! Fixed monthly payments and competitive interest rates. Remember to act now before the solar loan rates go up!

Fixed-Rate Florida Solar Loans

You can obtain fixed rate solar loans through our financing options! The monthly payment is less than the utility bill! With low interest rates, your payments will be less than the utility bill, giving you free solar power rewards for decades to come! Fixed loans allow you to know what you’re paying at all time, with no sudden surprises! Our hassle-free fixed-rate solar loans are some of the best on offer in Florida. Note that these solar loans are only available for a limited time, so act fast!

Can You Combine Solar Loans and Solar Tax Credits?

Yes! Solar loans do not affect whether you can qualify for Federal tax credits. So, if you install your solar panels in 2022, you can still enjoy 26% of savings on your installation costs! Why? Because the Solar Tax Credit allows you to claim back 26% on your installation costs during your next tax filing.

• These credits will reduce by 4% in 2023! And get lower and lower each year.
• If your installation is valued at $30,000, you could save $7,800 in 2022!
• Your solar panel installation must start in 2022 to qualify.

What Types of Solar Loans Are There?

Secured Loans and Unsecured Loans are the two main types of loans. Secured loans are asset backed, so tend to have lower rates. There can be home equity loans, HELOCs and Residential PACE loans. PACE loans are for lower credit score individuals, but will usually come with a higher rate than a home equity loan or HELOC. Unsecured loans work without an asset for collateral. They demand a good credit score and tend to have higher rates than unsecured loans. For more solar financing assistance contact Florida Power Services “The Solar Power Company” today.

How Long Are Solar Loan Lengths?

Solar loans can vary widely, from maturity periods ranging between 3 and 30 years. On average, a solar loan will last for 10-20 years. The higher the loan length, the lower the loan rate.

Solar Panels Boost Property Value!

Did you know that a solar loan can help boost your property value? Experts report that for every $1 reduced in annual utility bills, a property’s value increases by $20! So, if you get a Florida solar loan that helps you install a solar panel system with $400 a year in savings, your property could soon be worth $8,000 more! That’s without factoring in the climate crisis’ impact on property values for homes with pre-installed solar systems and solar panels. By having an eco-ready home, potential buyers will be drawn to your property as they don’t need to do the hard work of installing the panels! We’ve seen many homes in Florida already picked over others with an increased valuation due to their solar panels. If you have a solar battery installed, it’s even better news for property value!

CONTACT OUR FLORIDA SOLAR INSTALLATION TEAM TODAY

If you’re interested in obtaining a solar loan in Florida before the borrowing rates increase, then contact us today! Our financing team will be happy to talk to you, so you can start your solar dream with a no-money out of pocket loan! Florida Power Services “The Solar Power Company” is the Sunshine’s states leading solar power installer and would love to help you save thousands of dollars in 2022, through solar tax credits, high-quality designs and financing.