The approval process for a home equity loan, which can be used to finance solar panels, typically takes several weeks. This is because the process involves a property evaluation to assess the value of your home, which is used as collateral for the loan. In contrast, some unsecured solar loans can be approved in a matter of minutes. Therefore, if you’re looking for a quicker approval process, other financing options like personal loans might be more suitable, but they generally offer higher interest rates and lack tax benefits associated with home equity loans.
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