There have been 10 interest rate hikes over the past 15 months, and forecasters are saying the Fed will raise interest rates several more times this year. So what does this mean to homeowners who are looking for the right time to do larger home improvement projects or make big purchases?
On the one hand, doing nothing seems safe. When groceries are twice what they were last year and with monthly bills constantly rising, instinct tells us to sit tight.
But on the other hand, what is the cost of inaction? When it comes to solar, the cost is actually quite high. Because everyone needs electricity — so if you do nothing, you’re going to pay the utility company for it every month, and rates are forecasted to keep climbing as much as 10% annually.
In fact, with just a 3% hike annually, an average homeowner who uses a typical amount of energy each month will end up paying about $87,000 for electricity over the next 30 years. That’s versus a $21,000 (average 10kW) solar energy system. Big difference.
Now, of course, there’s the rub. Who has 21k just lying around, especially these days?
That’s why we’re excited about our flexible, $0-down financing through Credit Human. By taking advantage of these great loan options, you can enjoy clean, green solar energy, often for less than your current utility bill.
For example, Credit Human’s 6.99% 20-year loan:
How it works:
- No cost 3x re-amortization. To lower your monthly payment amount, customers may elect to re-amortize their UCC Secured loan (at no cost) after applying a minimum principal payment of 10%. Available up to 3 times over the life of the loan.
- No closing costs or dealer fees. One-time loan fee of $295 (added into the loan amount & financed over the life of the loan)
- Loan amount: Minimum: $12,500 / Maximum: $100,000
- One loan, you decide what you do with your tax credit. Not a combo loan, so the whole project amount is on a single, long-term loan
- No pre-payment penalties
Why Credit Human?
Chartered in 1935, Credit Human is a not-for-profit, 100% member-owned, member-directed, and member-governed federal credit union serving members across the United States. Their Sustainable Home Division provides financing for homeowners to help improve their home’s carbon footprint and sustainability. They believe that being good stewards of financial resources and good stewards of our environmental resources go hand-in-hand.
We chose to work with Credit Human because their values reflect our own. They believe in the power of community, and in helping folks live their dreams. We especially love to work with them because they are committed to serving their members, not their shareholders as a typical bank does. This means savings for you rather than profit for the bank’s shareholders.
Reach out to explore your options!
We’re here to talk you through the possibilities. Get in touch to learn more about financing your solar with our $0-down, flexible financing from Credit Human. Reach out today for a a free custom quote, and get all your questions answered by our knowledgeable, no-pressure sales team. Call us at 703-249-6594, or click below!
