Financing Options for Your Generator Installation

Standby generators are a fantastic option for homeowners, especially those living in areas that experience severe weather in summer and winter. However, the cost can keep some from committing to this type of upgrade.

Portable generators cost an average of $2,000 to $5,000 to install properly, while whole-home generators with transfer switches usually cost $9,000 to $15,000. It’s rare to have that much cash lying around or saved up in your bank account, but the good news is that, like most home improvement projects, generator installations can be financed.

Budget Electric works with Synchrony Financing to provide two primary options: revolving credit cards and installment loans. These options are flexible and don’t require using your home as collateral, like in traditional home equity loans.

Revolving Credit Cards

Synchrony’s HOME credit card offers a high credit limit to cover the cost of most portable and permanent generator installations, and it’s also useful for financing other home renovations. You can open a HOME Card for your generator installation, pay it off, and move on to your next renovation.

Qualifying for a HOME Card isn’t difficult, though it does have financial and credit requirements. Visit this website to see if you prequalify (soft check with no impact on your credit score).

Benefits

• Stays open after you pay off your generator and is accepted by many home renovation retailers.
• Get promotional financing terms for 6 months on purchases between $299 and $1,998, or 12 months on purchases of $1,999 and up.
• Fraud protection, with $0 liability.
• No annual fee and minimum interest charge of just $2.

Recommended For

• Homeowners planning other renovations and improvement projects.
• Anyone familiar with tracking credit card spending and who prefers a constant view of what they owe and can borrow.
• Consumers already shopping at Synchrony HOME partners.

Installment Loans

For business owners who can’t access a HOME credit card, and for homeowners looking for more traditional financing, the Synchrony Secured Installment loan is a great alternative. There’s one fixed interest rate and monthly payment for the life of the loan, and then you’re done. This can help build your credit without the temptation to keep adding to the debt.

Unlike general personal loans, the Synchrony loan program focuses on outdoor power equipment like generators. That means you’re more likely to be approved for the total cost of installation and equipment, with terms based on your credit and existing finances.

Benefits

• Interest rate and payments based on your income level and creditworthiness.
• A limited-term installment loan you can pay off in full without worrying about adding more debt to it.
• Requires less tracking and checking than credit card balances.
• Flexible collateral options to secure the loan.

Recommended For

• Buyers who want a fixed monthly payment and a set payoff term.
• People who prefer not to keep lines of credit open.
• Homeowners who don’t plan any major home improvements in the next few years.

It’s Not Too Late—Schedule Your Generator Installation

Is your home prepared for the next power outage? Budget Electric helps homeowners and business owners in the metro Detroit area keep the lights on year-round with professional generator installation and maintenance.

We know winter storms can leave you without power for days (and sometimes weeks!). Let us help you stay prepared. Contact us today with any financing questions and to get a free estimate.