[ad_1]
Hey,
About my state of affairs, I dwell in Southern California and I’m seeking to place a photo voltaic system on my home. The System itself prices $40,000 and I’ve $300K fairness in my home. My common electrical invoice is $500 and will likely be $800-$1000 in the summertime. The photo voltaic system will convey it all the way down to $100 a month MAX. So I will likely be saving cash on my electrical. I may have Tax credit (30% of complete value) for the Photo voltaic. So successfully the system prices $28,000 after photo voltaic tax credit.
The query is, is a HELOC a proper transfer for me to finance. I’ve seemed into financing with Photo voltaic corporations and their rates of interest and really feel are abhorrent.
The HELOC I used to be taking a look at has a 7.99 curiosity and can’t be mounted. I do know I can write of curiosity expenses if I itemize my taxes if the HELOC is used for enhancing my residence. The monetary establishment additionally expenses no charges to open the HELOC, however $85 Annual price.
Another establishments supply a 1 12 months teaser price on the HELOC (4.99) however then soar to prime price + 1%
Hopefully that is sufficient info.
[ad_2]
Source link
