Financing
What is financing?
It is the taking of a bank loan (from Green Credit programs, solar or ecological loans) to finance your photovoltaic solar energy project. In this way, you will be able to pay the monthly credit installments with what you save on the monthly electricity bill and still obtain considerable savings.
Some banks even offer special conditions or lower interest rates for loans related to the purchase of solar panels and batteries.
In addition, financing terms are generally 10-year terms, and since the panels have a useful life of up to 30 years, free energy is guaranteed for 20 years or more.
For businesses, interest on loans can also be tax deductible, which means additional savings on your income tax.
- It may carry a lower interest rate.
- It can be quick if you have a strong relationship with a bank active in this type of financing
- Typically finances 70-80% of the cost of the system
- It can help build your credit history, which will benefit you when applying for future credit; but at the same time it can reduce your borrowing capacity for future loans
In Costa Rica there are financing opportunities for solar panel projects, using Development Banking funds for small and medium-sized companies, where the equipment constitutes the financing guarantee for a 10-year term and with the best available rate of 4% in colones. and 3% in dollars.
Large companies in the region also have financing or leasing options through Investment Funds