Solar Financing

Are you ready to harness the power of the sun and store it to be energy independent? Financing your solar and battery project is a crucial step towards taking control of your energy future and reducing your carbon footprint. But which financing option is right for you: a Home Equity Line of Credit (HELOC) or an unsecured loan? Let's explore the pros and cons of both to help you make an informed decision.

Home Equity Line of Credit (HELOC)

Pros:

1. Lower Interest Rates: HELOCs typically offer lower interest rates compared to unsecured loans because they are secured by your home's equity.

2. Tax Benefits: The interest paid on a HELOC is tax-deductible, potentially saving you money come tax season.

3. Higher Borrowing Limits: HELOCs often allow you to borrow more money than unsecured loans, making it easier to finance larger solar and battery projects.

4. Flexible Repayment Terms: You have the flexibility to pay back your HELCO over a more extended period up to 30 years, reducing monthly payments. 

Cons:

1. Risk to Your Home: Since a HELOC is secured by your home, failure to repay could lead to foreclosure, putting your home at risk.

We are proud to announce our partnership with Figure, a leading financial institution specializing in Home Equity Line of Credit (HELOC) solutions. With Figure as our trusted partner, we can offer you competitive and reliable HELOC options to help you finance your solar and battery project seamlessly

• Apply with our 100% online application in minutes. Receive funding in as few as 5 days.
  
  
• Borrow up to $400,000 using your home equity
  
  
• No need to wait for an in-person appraisal
  
  
• Get the funds you need now, and move forward with life

*By clicking “Find my rate”, I am authorizing Figure to share with GoGreenSolar my contact information (including name, email, and phone number), as well as information regarding the status of my application for financing. No details regarding your financial profile (income data, credit score, etc.) will be shared by Figure. If you wish to move forward with an application but do not authorize Figure to share your information, please go directly to Figure.com

Unsecured Loans

Pros:

1. No Collateral Required: You don't need to use your home as collateral, eliminating the risk of losing your property in case of non-payment.

2. Simplified Application: Unsecured loans often have a straightforward application process with fewer documentation requirements.

3. Faster Approval: You can get approved for an unsecured loan same day, allowing you to start your solar and battery project sooner.

Cons:

1. Higher Interest Rates: Unsecured loans typically come with higher interest rates than HELOCs because they are not secured by collateral.

2. Limited Borrowing Amounts: The borrowing limits for unsecured loans up to $100,000. This could limit the size and scope of your solar and battery project if you are installing a very large system. 

3. Shorter Repayment Terms: Unsecured loans may have shorter repayment terms, resulting in higher monthly payments.

We've partnered with LightStream, a respected financial institution specializing in unsecured loans. Through our collaboration with LightStream, we are delighted to offer you convenient and flexible unsecured loan options to support your solar and battery project with ease.

• Whole-project funding, with no fees, no home equity requirements.

• The unsecured LightStream loan has no fees or prepayment penalties.

• No home appraisals required. 

• Fund your loan as soon as the day you apply

• Loans from $5,000 to $100,000

Which Option Is Right for You?

Choosing between a HELOC and an unsecured loan depends on your financial situation, risk tolerance, and the size of your solar and battery project. If you have significant home equity, are comfortable with the risk, and want lower interest rates, a HELOC may be the way to go. However, if you prefer a quicker, simpler process with no risk to your home, an unsecured loan might be your best choice.