How do you pay for your Solar Panel Installation?
Want to install solar panels in Regina but worried about financing? It’s actually quite simple! Like any large, home investment, there are a lot of options. Whatever works best for you and your lifestyle, whether it be cash, loan, or adding the cost to your property tax(subject to availability).
Many Canadian banks nationally and provincially offer personalized support for solar power plans:
- RBC offers an Energy Saver Loan for easy and stress free saving.
- Scotiabank has a similar system in place called the Scotia EcoEnergy Financing Program.
- TD Bank offers many options for solar-curious homeowners. Financing is available for installations and contractor upon the purchase of CSA approved panels.
Let’s explore more of your options in Saskatchewan!
Mortgage– You can build the cost of the system right into your home’s mortgage. However, this option is best applied with a new home purchase or when you renew your existing mortgage at its end term.
Home Equity Loan (second mortgage)– If you already own (or are in the process of paying off) your house, you can get a home equity loan. This option allows you to borrow up to 80% of the value of your home minus the unpaid part of your mortgage. For this option, you will need to arrange a new home appraisal.
Home Equity Line of Credit (HELOC)– Another option for a current homeowner, where you borrow up to 65%-80% of the value of your home at a rate of competitive interest.
Property Assessed Clean Energy (PACE)– This is an innovative financing option where property owners go into solar with 0$ down and repay their financing through property tax(Currently only available in Alberta but plans are in the works to bring it to Saskatchewan).
Cash– Yes, you heard me right. Cash. This is actually the preferred option amongst Canadian homeowners. This option allows you to maximize your return on investment while avoiding any financing costs.
Bank Loans– This is a non specific loan from a bank, as opposed to a specific Energy Loan.
Installer Financing Options– You may also consider special programs offered by an installer. Some solar providers have third-party financing options built in to their system proposals.
So many options right? There truly is a solar panel installation financing option for everyone!