Solar panels are becoming increasingly popular and that has its reasons, but it is particularly interesting because you can save on your gas and light costs. A valuable investment that also helps the environment.
Are you thinking about having solar panels installed on your home? This is of course a fairly expensive purchase. If you do not have enough money at the moment but would like to make the investment, you can take out a loan for solar panels.
Invest and still save
When purchasing solar panels a lot is involved, not only think of a home analysis and the installation of the panels, you also want the financing to be in order. When you take out a loan for solar panels, it naturally takes longer before you have recouped the costs. Borrowing money costs money. On the other hand, you will save a lot of money in the future because you no longer need to purchase your energy from an energy supplier. Thanks to a loan for solar panels you can realize this quickly so that you can start saving immediately. In this way you quickly earn back the credit.
Compare mortgage interest and loan interest well
Perhaps during a renovation or in this case, buying solar panels, you are thinking about an increase in your mortgage. This seems like an attractive option because you usually have 30 years to repay your mortgage. However, extra costs are quickly added, such as appraisal advice and possibly notary fees. You do not have these costs when you decide to go for a personal loan. The term of a loan is also a lot shorter, which means that you can get rid of your debt earlier and a personal loan is sometimes even more attractive for tax purposes. Just like the interest that you pay on your mortgage, the interest that you pay for a loan is tax deductible so that you have a lower monthly payment. The condition is that the money is spent on your own home. If you decide to purchase solar panels, it is therefore important to carefully consider and compare the alternatives. In some cases the difference between the mortgage interest rate and the loan interest rate will compensate the mortgage costs, but in other cases it will not.
Personal loan or revolving credit?
You can take out both a personal loan and a revolving credit for your solar panels. Which loan is most suitable for you depends mainly on your personal situation. Every form of borrowing has its advantages and disadvantages. As mentioned earlier, you can qualify for a lower interest rate if you are the owner of a property for sale. The lender sees your home as an extra piece of security. When you have calculated exactly what amount you need and you like certainty, it is best to take out a personal loan. You then borrow a fixed amount with a fixed interest rate and duration. This way you know exactly when you will finish paying off. It is also possible to repay extra (fine-free) with this loan. If you do not yet know exactly how much money you need, or if you want to have some extra money for other adjustments in your home, you should opt for a revolving credit. With a revolving credit both the interest and the duration are variable and you actually always have the option to borrow extra money. You can borrow up to a maximum limit that is set in advance. Even with a revolving credit it is possible to make additional repayments in the interim.
Apply for a loan? These factors play a role
When applying for a loan for solar panels, the lender will look at your income, living situation and possible partner. They want to be sure that you have enough income to pay back the loan. Do you have no income at the moment? Then there are also opportunities to borrow without income. In addition, your age is also taken into account. The maximum age to be allowed to borrow varies between 60 and 74 years. You can also borrow from some lenders from the age of 18, but with others the minimum age is 23 years.
BKR registration does not have to be disadvantageous!
When all this is in order, a BKR test follows. This check is performed by the relevant lender. They are legally obliged to protect you so that you do not borrow too much. Many Dutch people are listed in the system because they have taken out a loan in the past. So don’t think that a BKR registration is immediately harmful. If you have no payment arrears, this is a sign for lenders that you are financially responsible. So if you have a BKR registration, then there is no problem whatsoever and there is a good chance that you will receive your loan. Do you want to be well prepared or see how you are doing? Then of course you can first request your data yourself on the BKR website.
The best providers selected for you
You have to think carefully about every loan you take out. Is it a small amount and do you have the chance to borrow it from parents, family or friends? Then this is certainly worth considering. When it comes to larger amounts, such as a loan for solar panels or a renovation, it is important to read your options and the terms and conditions of the lenders.
With lenders you quickly calculate which interest you will pay to see if it is worth the investment. For example, use a longer term and pay close attention to interest rates. So be critical, read well and make an informed decision so that you don’t regret it. To help you with this step, we have already selected a number of reliable lenders on our website. Take a look at our website, compare the different providers and then make a wise decision!