Does it make financial sense for a homeowner to borrow in order to pay for solar panels?

I would do the deal, but I’d pay cash for it.


KEY POINTS
  • I would do a deal, but I'd pay cash for it.
  • I believe that the solar technologies today are vastly superior to a decade ago.
  • I endorse solar, and I have endorsed solar companies for installs in a lot of markets.

Dave Ramsey takes a call from a listener who is conflicted about whether he should borrow in order to pay for the installation of solar panels on his property.

Here is more on Dave’s response:

“I believe that the solar technologies that are out there now are vastly superior to what they were even just a decade ago, but certainly, when it all started coming out when you and I first started seeing it 20 and 30 years ago, it was crap but the technology is amazing now and it’s worth it.”

“I endorse solar, and I have endorsed solar companies for installs in a lot of markets, but I would not recommend on a financial basis that you do an eight-year break-even period or a 10-year break-even period that’s too long. Here’s what I would do if I were in your shoes, okay?”

“I would do the deal. I’d pay cash for it because I have 260 thousand dollar income!”

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