A big concern or question people ask is, how can I get solar with poor or low credit? Is that even possible?
700 or 650 is the magic number in most loans or financing options, but what if you have a credit score below 650? That’s what we’ll be answering in this blog.
Can I Get Solar Panels With Bad Credit
In most companies, the answer is no.
Usually, you can’t easily get solar. You can find ways with creative financing, and we’ve helped several clients do that in the past. You can also do pace loans, but we wouldn’t recommend that option.
With us, we now have a unique program that allows you to get solar, even if you don’t have great credit, and there are no disadvantages either.
We’ve partner with an installation and finance company, which makes us unique and allows us to help our clients with lower credit scores, especially during COVID, where people miss payments on bills.
You can still get a power purchase agreement where you don’t have to have a loan.
How a power purchase agreement works is you agree to purchase solar power at a much cheaper rate than you’re currently paying and can do this without worrying about your credit getting affected.
No Bankruptcies or Late Mortgage Payments On Your Credit
The only two exceptions that have nothing to do with a credit score are:
- if you’ve had a bankruptcy within the past two years or
- if you’re currently late on your mortgage or have been late on your mortgage in the last couple of months.
Late, meaning your mortgage company has reported it to the credit bureau. We’re not talking about if you’re a week or ten days late.
Minus those two things, if your credit is just lower, it’s not going to harm you at all. You won’t get a worse payment or anything like that on your new lower monthly power bills. It’s fantastic!
And you still get all the same savings.
Stop Overpaying For Electricity
Getting solar used to be challenging with low or bad credit, but as of July 2020, we have a new option.
It’s important to note that everything we’re talking about here comes with the assumption that you’re getting a power purchase agreement. We do a lot more PPA’s than loans or purchases of the system itself.
Most of our clients want to save money on their power bills, not own the solar system, and this is why going with a PPA is the most popular option.
If you’ve ever been turned down because of your credit or debt to income ratio, we have an option for you and can get you solar and save you thousands of dollars. You no longer have to be stuck with high power bills.
There’s also no lien on your home.
Soft Credit Check Won't Harm Or Affect Your Credit Score
The finance company we work with treats it just like any utility company, like SDG&E or PG&E, or any large utility company. They will still run a soft credit check on you.
When you move into a home and transfer the utility to your name, a soft credit check gets done.
That’s what’s happening with the soft credit check our finance company does. They’re checking for bankruptcies or if you’re late on your mortgage.
The credit score is irrelevant, and the soft credit check doesn’t harm your credit.
You Can Get Solar With Poor Or Low Credit
In summary, you can get solar with low/bad credit if you work with a company like ours.
You can still get solar with other companies if you go about it in creative ways, like using a pace loan, but even the pace loan puts a lien on your home, which isn’t the best option to do.
Let us know if we can help you. Ask us about our Any Credit PPA, and we’ll be happy to assist you in getting solar, even if you have a credit score lower than 650.
Thanks so much for reading our blog on How Can I Get Solar With A Poor or Low Credit.
If you’re looking to understand more about Power Purchase Agreements, check out this blog here.