The Worst Solar Idea In 2020 without question is 20-year home solar financing!
Return on investment goes out the window with 20-year financing even at 5% because it ends up doubling the cost of home-solar over a 20-year term. Financing long term defeats the whole idea of cheaper energy.
For any homeowner to qualify for a low-interest 20-year term home solar loan has good credit. A homeowner who can qualify for a long term loan has a lot of options for paying off a solar system. Although you can pay-off a 20-year loan early without penalty, it’s a trap. Most people will keep paying monthly and get comfortable doing that and lose money.
Banks don’t do home solar loans and that’s why these specialty solar loan companies exist. They require good to excellent credit because they know customers will not be willing to damage their credit for non-payment. Most borrowers for home solar were paying a large portion if not all of what the solar payment is to the power company previously. So in most cases their not losing money but they’re not making any money from home solar.
Aside from reducing our carbon footprint financing home solar isn’t beneficial because it takes away the financial gains. There are many different options available for a homeowner with good credit if they’ve decided to go solar. This is why financing is the worst solar idea In 2020. It’s your home, your money so it should be your profit, not a lending institution.
Home Solar Is a Moneymaker When Done Right!
Home solar is very profitable when done right. Doing home solar right entails paying the lowest price for a high-quality solar system and the lowest price for the money to buy it.
When the cost of a solar system is half as much as any solar company charges, homeowners make a profit from it. Home solar has a wide range of costs for the exact same home solar system. Here’s a couple of examples below, the first example is the most expensive and second example is the best price.
Solar Company Proposal for a 7K System
The solar company provides an invoice that shows the solar panels, inverter, and installation. The customer has no clue they paid for all these additional costs. These are the real costs being passed on to the buyer by solar companies.
|The Cost of a Solar System and Add-Ons To Every Solar Proposal||Cost of Add-Ons|
|The Cost of Salesperson||$3000|
|Proposal Builders and Permitting Department||$1000|
|Overhead: Rent, Auto Insurance, Vehicles, and Utilities||$1000|
|Cost of Leads and Marketing||$1000|
|Points for Low Interest 20 Year Loan Terms (Frequently Hidden Cost)||$2500|
|Solar Panels, Inverter, Installation||$15,000|
|Solar Company Profit||$5000|
“Your Solar Advocate” Eliminates The Following Costs of Home Solar
|Add-Ons To Every Solar Proposal||Cost of Add-Ons|
|The Cost of Salesperson|
|Proposal Builders and Permitting Department|
|Overhead: Rent, Auto Insurance, Vehicles, and Utilities|
|Cost of Leads and Marketing|
|Points for Low Interest 20 Year Loan Terms (Frequently Hidden Cost)|
|Solar Panels, Inverter, Installation||$15,000|
|Solar Company Profit|
|Total Including Your Solar Advocate Fee||$16,200|
The reason why solar companies are structured this way is that the solar company doesn’t pay the additional costs, the buyer does.
The solar company doesn’t lay out any of the costs until the finance company funds their account. For this reason, they can’t break-away from the above example business model.
Introducing “Your Solar Advocate” Consulting Firm
Vocabulary.coms Definition of an Advocate
As a noun, an advocate is a person who represents another person’s interests, like a lawyer does. In fact, the word comes from the courtroom — it’s from Latin advocare, to “add” a “voice.” To advocate is to add a voice of support to a cause or person. An advocate is anyone who adds that voice by representing another person in court, or by supporting or working toward a particular course of action. Vocabulary.com
Provide “Your Solar Advocate ” With The Average Monthly kWh’s and Get Your Free Cost Estimate
“Your Solar Advocate” does not share your information with anyone under any circumstances without your consent. Personal information is not required throughout the entire process of going solar. “Your Solar Advocate” does not require your social security numbers, driver’s license numbers or Credit Checks!
“Your Solar Advocate” uses your information for Advocacy purposes only, to serve you better. We do not Sell Solar we provide expert knowledge about Solar to assist you in Going Solar for a lower cost! Assistance with purchasing equipment, permitting & Design and Installation.
Because we are your solar advocate, we do not make purchases, we make the arrangements for you to make the purchases. All for one fee regardless of the size of the system.
We act strictly as an expert solar advocate for you. We inform you of the most important things you need to know such as the size of the system, the best location of the system, wholesale prices on different size systems and expert installation.
The list of services goes on, but the bottom line is the bottom line. Including our advocacy fee, you will save a bare minimum of $6000 for any 7K home solar system or larger.
The larger the system the more you save because we do not raise our fee regardless of the size of the system.