When the temperatures rise, the purchase of a solar system becomes particularly attractive. Today's credit market offers numerous options for financing a private photovoltaic system. But before you put a solar system on the roof, you should carefully check whether the investment will pay off in the future.
When does the solar system pay off?
A photovoltaic system generates the electricity in an environmentally friendly way, which can ultimately reduce emissions. There is also a potential return from the solar system, thanks to a feed-in tariff for solar power, which in the long term brings the operator more money than the purchase costs. However, this only works if a solar system is financed through a discounted special solar loan.
According to a sample calculation created by pressedienst, a photovoltaic system with an output of 5 kilowatts costs around 6,500 USD. Approximately a third of the electricity that the system produces can supply a household with 4 people. The rest of the electricity is fed back into the grid.
The amount that can be saved after 20 years of operation will then significantly exceed the expenses. The approximate calculation is about 8,000 USD in profit.
Financing a solar system with credit
Solar loans are a relatively new form of loan to build a new photovoltaic system. Since the solar systems are designed to reduce emissions, the purchase of them is primarily supported by the state. With a funding program 275 that:
- can guarantee a cheap loan and a repayment subsidy for the operator;
- The financing is provided by the state-owned bank and can cover up to 100 percent of the costs.
The operator must then submit an application for credit through his house bank and also provide an equity component (around a quarter). The bank assesses your creditworthiness and the risks that can arise from lending. To secure itself, the bank will also promote certain collateral.
But a certain level of security is exactly guaranteed by the state subsidy for solar power, namely as the feed-in tariff, which is regulated in the EEG (Renewable Energy Sources Act) and which you can assign to the bank as security.
The loan offer from a state bank does not always mean the best conditions and the lowest interest rates. In addition, the state funding for the promotion of solar systems is unfortunately not sufficient for all applicants, so that they then have to look for another financing option. As a rule, free special repayment is not possible with such government loans.