Investing in a home generator can sometimes be a struggle. But luckily, if you’re interested in a home generator, there are a number of residential generator financing options.
From our custom financing options to credit cards, in this blog post we dive deep into all the different financing options available to you.
Calculating Home Generator Cost
Buying a home generator generally requires a deposit of 50%, an average installation of an air-cooled home generator in Westchester and Fairfield Counties can range from $9,500 to $12,500. Thankfully financing can make the experience easier and more attainable.
Financing plans can be made to fit what you can afford, and how much you can put down, if any. Think of it like purchasing a vehicle, you provide a down payment, then based on the length of repayment and your credit, you’re given monthly payments to pay the item back.
We work through a partnership with Synchrony Bank to provide financing programs to fund your generator installation. Whether your interest is full funding or partial these programs are designed to make acquiring the power protection you want for your home and family affordable.
18 Month Repayment Plan
While financing plans can be customized, there are two common plans that Synchrony Bank offers. The first is an 18-month repayment plan, that accrues no interest. So if you’re able to commit to paying off your generator within an 18-month period, you’ll only have to pay the home generator cost, with no added interest.
Calculating your monthly payments on the 18-month generator payment plan is pretty simple. You take the total loan amount, then divide it by the total amount of months you’ll need to repay it (in this case 18), and that sum equals your total monthly payment amount.
120 Month Repayment Generator Financing
The second most common repayment plan offered by Synchrony Bank is the 120-month repayment plan. While this option will make your monthly payments considerably lower, you will have to also pay back interest, making the total amount you spend on the generator more expensive.
We have a repayment calculator available on our website, since calculating the total amount with interest can be a little more complicated. But, for example, if you take out a loan for $11,000 for 120 months, at an interest rate of 9.9 percent, your monthly payment amount would be about $145 per month. On the 18-month plan, your monthly payments would be $611. However, on the 120-month plan, you’ll pay $1,089 more in interest.
Using Credit Cards for Buying a Home Generator
Many people rely on credit cards to help with big purchases. If you have a high credit limit and know you’ll be able to pay-off the generator quickly, a credit card could be a great option for generator financing. Charging a large amount on your card and paying it off quickly and on-time can really boost your credit score, and can provide a number of financial perks, like miles and cash back, depending on the type of credit card you have.
We have earned the trust of our customers as being their go to reliable generator company throughout Fairfield County, Connecticut, and Westchester County, New York. We currently hold a PowerPro Elite Dealer status, which means we’ve met standards set by Generac Power Systems and KOHLER Generators. Earning this designation was not easy, but we are proud of it. Our customers consider us their preferred company for standby generators.
Call us for a free in home consultation on the system and solution that best fits your needs.