Generator Financing: The Best Loan Options for Generators

Making your Home Generator more affordable.
So you can dream about what’s possible.

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.

Generator Types

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!