You can get a home equity loan or home equity line of credit (HELOC) from your preferred bank. These are home improvement loans that allow you to borrow against your home’s equity. If approved, a home equity loan gives you a lump sum that you repay in equal installments over a set period of time, while a home equity line of credit gives you revolving credit that you can borrow against (up to your limit) and reuse as you pay it back (like a credit card).
Home equity loans typically offer lowest rates and tax-deductible* interest payments*. Banks and credit unions offer home equity lines of credit and check with your financial institution on their terms and conditions.
StraightUp Solar treats home equity loans like cash without any extra charges on our end, as we do not have to provide the financing product. You may encounter additional fees and loan processing payments from your bank though, so factor that into your decision-making process.
* Always contact a trusted tax professional to verify eligibility in your specific case.