Solar 203K Loan For Your Next Home Purchase

Published: 07th July 2010
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Chances are you have never heard of a Solar 203K Loan. A 203K Loan is and FHA Program that allows buyers to include property improvements and modernization at time of purchase. While the most obvious reason to do a 203k is to fix possible structural or roofing issues, arguably the best reason to utilize this program is to install solar panels on your home at time of purchase and include those costs into your mortgage.

In addition to being able to include the costs into the mortgage, many local utility companies will often cover close to 1/2 of the installation costs and further rebates exist in certain states as well. But possibly even more important to learn is the fact that Solar Improvements are eligible for Federal Tax Credits of up to 30% (please speak with your accountant for details). Combining all of these "give aways" seems to only make it logical to install solar panels on your home at time of purchase.

Savings on monthly utility bills by installing solar panels should in most cases outweigh any additional costs to one's mortgage. Not to mention, the mortgage payment is tax deductible. Not to mention, "going solar" helps our environment, and is just a good thing to do.

I don't think I have ever met anyone who said that they didn't want solar panels. The only "barrier to entry" has been cost - but, if doing a Solar 203k Loan actually reduces overall costs then there is simply no reason not to go this route. Not to mention adding solar to one's home increases the value of the home for future resale.

Going solar is just smart; but then again, driving a Prius is just smart also, but not everyone wants one of those cars for whatever reason. But then again, the dinosaurs went extinct and they stopped making Hummers. So where does that leave us? Living in a world where smart choices lead to happier lives and more money to spend on other things besides the total combined cost of a mortgage and the monthly utility bill (which is reduced by taking advantage of combining the FHA 203k Rehab Loan with solar panels).

Overall, the choice is yours. Continue to buy homes without adding solar panels leading to wasted energy and thousands of wasted dollars. Continue to contribute to adding for the need to build more power plants. Continue to do things which take money from your bank account which you could otherwise save. Or, consider the alternative, consider a Solar 203K Loan when you purchase your next home. I think you just might be amazed when you find out what it really is and what the program could do for you.

I love animals, hiking, and all things solar.

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