If one thing is looking certain right now, it’s that the future of energy is solar. Despite the massive uptake of renewable energy across the US, only 2.5% of American homes have currently gone solar. If you are one of the countless Americans looking to make the transition to a cleaner, greener, more sustainable, and self-sufficient form of energy, then solar panels are the best way to do so.
However, the transition to green energy for your home can come at a cost. Solar panel installation is expensive, even if the long-term cost savings tend to outweigh this expense. That’s where Loanpal comes in.
Loanpal is one of the largest solar loan providers in America, having currently financed 21% of all new solar home panels in the country. If you are considering Loanpal to help make the essential transition to green energy, here is everything you need to know about how it works.
What Does Loanpal Do?
Let’s first answer the question “what is Loanpal?”. In short, they are a lending service that provides both mortgages and solar loans with sustainability in mind. They use a sleek, tech-savvy platform to match you with home loans and solar funding at the best possible price while ensuring that green energy is as accessible as possible for you and your family.
That’s not all. Loanpal will also help navigate you through the Federal Investment Tax Credit. This is a 26% tax credit that can be used directly to fund solar energy, with the bill taken directly out of your tax return. While all of this might seem complicated, Loanpal is structured so that you can access federal tax credits as part of your solar loan in a simple online process.
How Do Loanpal Solar Loans Work?
If you’re wondering how to use Loanpal to install solar panels in your home, it is worth noting that Loanpal prides itself on its simplicity and ease of use. First, you make a simple online application at Loanpal that takes less than 10 minutes. This will be used to assess your eligibility and match you with a solar panel provider.
Once you have chosen the right solar package at the best rates, Loanpal will provide the financing for it, without you having to pay any money down. You will then be granted a loan period that typically starts at 18 months, during which you pay off the cost of the solar panels to Loanpal.
In addition, the 26% federal tax credit can also be used to pay down your loan with Loanpal. This means that you can benefit from solar power in your home with simple monthly payments, all while taking advantage of the Federal Government’s generous tax credit system. If you cannot afford the considerable upfront costs of solar, which can often be thousands of dollars, this is arguably the best option. Once you know how to use Loanpal, green, sustainable living is within reach.
Future-Proof Your Life Today
Using a service like Loanpal is one simple way to future-proof your life and make the most of emerging technologies. For more essential tech hacks that will prepare you for anything, we have got you covered. In our Science & Technology section, you will find expertly-curated guides on all of the latest tech trends that you can take advantage of today.