In times of discussion about climate rescue and global warming, renewable energy sources are becoming increasingly important. With your own solar system on the roof, you can not only cover your own electricity requirements, but additionally produced electricity can also be fed into the grid for a fee.
But the purchase of a solar system is associated with high costs. It’s a good thing that this investment is also financed through a loan. In this article you will find out which options are available and what you should pay attention to.
How much does a solar system cost?
The purchase of your own solar system is associated with considerable financial expenditure. Depending on the dimensions of the system, you have to expect several thousand USD. A 5-kilowatt system, which is sufficient for a 4-person household, costs around 6,000 – 7,000 USD, for example. While in the past it was very attractive to feed the electricity produced into the power grid, today it is more worthwhile to use the electricity itself in order to reduce the monthly electricity costs.
Since solar electricity cannot be produced continuously, an additional energy storage should be installed. This costs an additional approx. 5,000 – 7,000 USD. However, this investment is worthwhile. Depending on the electricity provider, after a useful life of around 20 years, total savings, minus the investment costs, of around 10,000 USD can represent a 4-person household.
What are the options for financing a solar system?
If you do not have enough savings of your own to buy a solar system, you can finance it in different ways. Due to the ongoing climate debate and the associated promotion of renewable energies, you can also take advantage of various funding options. Depending on the federal state, there are different funding programs to subsidize the purchase of a photovoltaic system. Your local solar system consultant can provide you with the best information.
The Capital Lender also offers corresponding funding options for the purchase of a solar system. On average, applicants received around 2,100 grants for their solar system in 2017. If one compares this amount with the acquisition costs of a solar system, it becomes clear that despite the subsidy, a considerable own contribution has to be made.
You can finance this share with a loan. Thanks to our loan comparison, you will find the right financing partner for your project. In this way, you can use the advantages of self-produced renewable energies even without equity. This not only protects the wallet, but also calms the conscience of having done something for the environment.
The application and processing of a loan via Kreditexperte.de is very easy and can be done directly online.
You should consider these points when borrowing a solar system
Before you decide to purchase a solar system, you should have a qualified specialist advise you about the total costs of the system. In particular, the plant should be economical. The following points must be fulfilled:
- The solar system should face south.
- The slope of the roof area should be between 30 and 40 degrees.
In order to finance the costs of the investment with a loan, you should think about the following questions in advance and clarify them for yourself:
- How much money do you need to set up the solar system?
- What is the maximum monthly loan repayment rate?
- How long do you want to pay off the loan?
The loan amount
To determine what loan amount you need, do the following:
- Get an offer from a corresponding specialist for solar systems from your region.
- Subtract possible funding options from your state and the Capital Lender loan for the solar system from the offer price.
- Then you can calculate any savings that you want to use for the purchase of the solar system.
- The remaining amount is the amount that you need to borrow as a loan.
It is advisable to set the loan amount a little higher in order to have a corresponding financial buffer for any additional costs that may arise. In principle, it is also possible to increase the loan afterwards, but this is often associated with additional effort.
The monthly rate
In order to be able to afford a solar system, the monthly repayment rate of the loan must fit into your personal budget. You can determine this as follows:
- Add up all of your regular monthly earnings. This includes, for example, salary, child benefit, maintenance or profits from self-employment.
- Compare the total of your earnings with the total of all monthly expenses. These include the rent or the financing rate of the home, all additional costs, the cost of living, other credit rates, insurance premiums, telephone contracts and the like.
- You subtract a certain financial buffer from the difference between income and expenditure, which should be available for unforeseen expenses, for example when the refrigerator or the washing machine give up.
- The amount that remains at the end determines how high your maximum credit rate can be.
The loan term
Most credit providers offer you the option to adjust the term of the loan to your personal circumstances and ideas to a certain extent. The following applies:
- The shorter the term, the lower the total interest payable. However, the monthly charge increases accordingly.
- The longer the term, the lower the monthly rate. However, the interest costs over the entire term are correspondingly higher.
Many loan providers also offer the option of in their financing offers
Unscheduled. This allows you to partially or fully settle the loan early. Whether this always makes sense depends on whether the bank requests prepayment penalty in this case.
Conclusion on the loan for a solar system
Solar power is one of the energy sources of the future. This type of renewable energy makes particular sense, especially with regard to protecting our planet and the climate. The own solar system also helps to permanently reduce your own energy costs. If you don’t have the necessary small change to buy your own solar system, you can use the loan comparison on Kreditexperte.de to find the right offer with the appropriate conditions from a competent financing partner to make this dream come true.