Given the rising cost of electricity, self-consumption has become a real necessity. This is where the solar panel loan comes into play.
A Solar Panel Loan for Significant Savings
We live in an era where it is unthinkable to exist without electricity. How would we run multimedia devices, appliances, lighting, and more? It’s notable, however, that energy bills tend to rise, which inevitably impacts household budgets. This increase is mainly due to growing consumption as new electrical devices appear on the market. Therefore, installing photovoltaic panels is an attractive option.
Why Invest in Photovoltaic Panels?
Currently, 80% of the energy used in Belgium is fossil-based (non-renewable). They are generally produced in foreign countries, contributing to their regular cost increase. Besides incurring heavy expenses, fossil fuels have harmful effects on the planet.
Therefore, it is important to switch to renewable energy. Solar panels allow you to produce the electricity you need yourself. In other words, you no longer depend on electricity suppliers, which eliminates or at least significantly reduces bills. Since solar panels operate with green energy, you can freely consume electricity without worrying about environmental impacts. These benefits are guaranteed in the long term.
However, acquiring these devices is quite expensive. This is why many consumers decide to borrow money to fully or partially finance their projects. You too can submit your solar panel loan application.
How Does a Solar Panel Loan Work?
The credit offered to finance the purchase and installation of photovoltaic panels is akin to a green loan. As a reminder, the green loan or energy credit is available to Belgian residents who wish to carry out work to optimize the energy performance of their homes. The credited amount must indeed be used for the purpose mentioned at the time of application. Be sure to provide a quote as supporting documentation, as the granting of the loan is subject to the acceptance of your file.
In Belgium, the amount granted ranges from €2,500 to €30,000. It is repayable over a period of up to 120 months. As this is an installment loan, you pay a fixed monthly amount with a fixed interest rate over the entire borrowing period. The monthly amount to be repaid is determined in advance, allowing you the freedom to decline or accept the offer in question. This stability ensures a comfortable management of your finances.
Find a Loan that Meets Your Expectations
There are many financial organizations offering credit to finance solar panel installation projects. Each of these institutions applies its own conditions. Therefore, take the time to assess your needs before taking out a loan.
Start by comparing offers related to photovoltaic panels. You must consider your household consumption to determine the best option.
Simultaneously, evaluate your debt capacity. This is the amount you can allocate to repaying the solar panel loan. It corresponds to about 30% of your income but varies depending on the financial institution you are dealing with. To simplify, consider using a credit simulator. You will see how much you can borrow based on the loan duration.
Comparing loan offers for solar panel installation is an important step. Pay particular attention to the rates which can lower or increase your monthly payments. Note also that some institutions are quite flexible with solar panel credits. These financial organizations, for example, allow a portion of the credit to be allocated to the panels and the remainder to be used for other energy-saving projects. These credit offers are attractive if you plan to redo your insulation or invest in electrical appliances that consume less energy than those you are currently using.
Also, inquire about the processing time of your application, the various reasons that can motivate the refusal of your request, and the terms of any early repayment. It is important to understand all the details of the offers received before committing.
