Making your Home Generator more affordable.
With a generator loan from PowerPay, you can finance any size home generator including the materials, installation, and labor. Receive instant approval on up to a $100,000 home improvement loan, including generators, with no hidden contractor fees, credit cards or prepayment penalties. With a PowerPay loan you can finance any house or mobile generator with any manufacturer. Turn an expensive project into low monthly payments, with fixed rates you can pay off whenever you want. It’s easy to apply for generator financing online through PowerPay and your approval comes in seconds!
- Rates starting at 8.99%
- Up to 15-year terms
- Borrow up to $100K
- No prepayment penalties or hidden costs
- No Credit Card
What You Need to Know About Generators & Financing
Generators are a necessary piece of equipment for many businesses and homeowners. They can provide power in the event of an outage, or be used to run important equipment during times of peak demand. There are several generator options available, so it’s important to do your research and find the best option for you.
There are several generator options available to you for purchase. The most common types of generators are portable, standby and whole home backup.
Portable generators are the least expensive option and can be used for a variety of purposes, such as powering small appliances or tools. However, they typically don’t provide enough power to meet the needs of a large business or home. Also within the portable generator family are inverter generators, which are lightweight and quiet, making them perfect for camping or tailgating.
Standby generators are more expensive than portable generators but offer more power and can be installed permanently outside your home or business. They automatically turn on when there is an outage, so you never have to worry about losing power.
Generator Costs & Home Considerations
Determining the cost of your generator can be tricky, as there are a few things to consider. The first is whether you want to go with a portable or standby generator.
- A portable unit will range from $500–$2000 depending on its size and power output, where
- Standby generators (ones that connect directly into your home’s electrical system) can range from $2500–$12000, but also require professional installation which can add between $800-$2000 onto your bill, so expect to pay an average of around $4000 for this type of unit.
Once you’ve determined what kind of generator you need and how much it will cost you’re ready to purchase one or start looking at different financing options available.
Generator Financing Options Available
There are a few different ways to cover the costs of your generator purchase including using a credit card, taking out a personal loan from a bank or credit union, using a home equity line of credit, or acquiring generator financing through a Dealer or Electrician with the help of a loan provider like PowerPay.
Each method has its own benefits and drawbacks, so it’s important to do your research before deciding which one is right for you.
The Benefits of Generator Financing
Generator financing allows you to take advantage of the benefits of having a generator like backup power for your home or business, reduced energy costs and more.
PowerPay generator financing benefits include:
- Spreading the cost of your generator over several months or years
- Low monthly payment options, with low APRs
- Long term repayment plans, spanning several years
- Soft-credit pulls which avoid an impact on your credit score
Applying for Generator Financing with PowerPay
PowerPay is available to help acquire generator loans through participating contractors, dealers and electricians. If you do not have a participating contractor, dealer or electrician, we can coordinate you to one in our network, or your current contractor can enroll with us to get up and running in less than 48-hours.
Once you and your participating contractor are ready, applying for generator financing is a quick and easy process, with approval coming in as little as 60 seconds.
You’ll be asked to provide some basic information about yourself and your generator purchase and if you qualify, you’ll receive an email with one or multiple loan options and limits that may even go beyond the cost of your generator project alone to help you afford annual maintenance and monitoring.
Once approved, you can have your new generator installed in no time with the full lump sum of costs provided directly to your generator Dealer or Electrician!
Interior Remodeling Loans
Interior renovation and remodeling for new rooms and additions for anything inside your home.
From repairs to the entire home rewiring inside and outside.
Exterior Siding Loans
Install any siding project including vinyl, fiber cement, Hardie board, composite, wood, metal, brick, and stone siding.
Foundation Waterproofing Loans
Interior and Exterior waterproofing and foundation repairs – french drains, sump pumps and more.
Gutter replacement and gutter cover systems.
Attic Insulation Loans
Attic Insulation or wall insulation for any energy efficiency project.
Interior Remodeling & Addition Loans
Renovate or remodel rooms in your home or build an addition.
Exterior and Interior lighting including security and smart homes.
Paint & Wall Covering Loans
Interior and Exterior painting and wall coverings.
Sunroom & Patio Enclosure Loans
Sunrooms, Patio Enclosures, She Sheds, ADU’s and more.
Water Treatment Loans
Water filtration and water treatments.
What is a generator?
A generator is a machine used to create electrical power. It works by converting mechanical energy into electrical energy. This is done by rotating a coil of wire inside a magnetic field. The electricity produced can be used to power things like lights or appliances.
Is a generator a good investment?
Yes, a home generator can be a good investment. Backup generators can be a real lifesaver, especially during a power outage. They can also be helpful in cases of natural disasters, emergencies or to help power large appliances during peak demands.
What are the different types of generators?
There are three types of generators: standby or whole home generators, portable generators, and inverter generators.
Standby or whole home generators are permanently installed and automatically turn on when the power goes out. Portable generators can be moved around and are used to provide power for specific devices or appliances. Inverter generators are more lightweight and quieter than other types of generators and produce cleaner energy, making them ideal for use in sensitive electronic equipment.
What is the average cost to have a whole home generator installed?
The average cost of a standby or whole home generator ranges depending on the size of the unit and the features it has. Typically, you can expect to spend anywhere from $1,000 to $10,000 or more for a quality generator.
Some factors that will affect the cost include:
- The wattage of the generator (the higher the wattage, the more it will cost)
- The brand and type of generator (some are more expensive than others)
- The features included with the generator (such as automatic start/stop, voltage regulation, wheel kits)
- Whether you have an electrician, or dealer do the installation or do it yourself
Can I finance a generator?
Yes, you can finance a generator. Home generators are a major purchase, and financing can make the purchase more affordable. There are a number of factors to consider when financing a generator, such as the cost of the generator, your credit score, and the terms of the loan.
It’s important to shop around for the best deal on a generator. There are a number of loan providers that offer financing options, so be sure to compare interest rates and terms before you make a purchase.
How long can you finance a generator?
A generator can be financed for a wide range of periods, but the best loan terms go up to 20 years. This means that you spread out your payments over a period of time, which can make it more manageable for you.
Keep in mind that the length of the loan will affect the monthly payment. So if you need a shorter term, then you’ll likely have to pay more each month. But if you’re comfortable with a longer term, then you can get a lower monthly payment.