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Battery Backup vs. Generator: Which Backup Power Source Is Best for You?

Battery Backup vs. Generator: Which Backup Power Source Is Best for You?

When you live somewhere with extreme weather or regular power outages, it's a good idea to have a backup power source for your home. There are various types of backup power systems on the market, but each serves the same primary purpose: keeping your lights and appliances on when the power goes out.

It might be a good year to look into backup power: Much of North America is at an elevated risk of blackout this summer thanks to an ongoing drought and expected higher than average temperatures, the North American Electric Reliability Corporation said Wednesday. Parts of the United States, from Michigan down to the Gulf Coast, are at a high risk making blackouts even more likely. 

The SaveOnEnergy marketplace helps you search, compare, sign up and save on the right energy fit for your home — all for free. If you're interested in solar, answer a few questions to get an exact price quote from our solar advisors.

In the past, fuel-powered standby generators (also known as whole house generators) have dominated the backup power supply market, but reports of risk of carbon monoxide poisoning have led many to search for alternatives. Battery backups have emerged as a more eco-friendly and potentially safer option to conventional generators. 

Despite performing the same function, battery backups and generators are different devices. Each one has a particular set of advantages and disadvantages, which we'll cover in the following comparison guide. Keep reading to find out about the main differences between battery backups and generators and decide which option is right for you.

Cynthia R Matonhodze/Bloomberg/Getty Images

Battery backups

Home battery backup systems, such as the Tesla Powerwall or the LG Chem RESU, store energy, which you can use to power your house during an outage. Battery backups run on electricity, either from your home solar system or the electrical grid. As a result, they're much better for the environment than fuel-powered generators. They're also better for your wallet.

Separately, if you have a time-of-use utility plan, you can use a battery backup system to save money on your energy bills. Instead of paying high electricity rates during peak usage hours, you can use energy from your battery backup to power your home. In off-peak hours, you can use your electricity as normal -- but at a cheaper rate.

LifestyleVisuals/Getty Images

Generators

On the other hand, standby generators connect to your home's electrical panel and kick on automatically when the power goes out. Generators run on fuel to keep your electricity on during an outage -- typically natural gas, liquid propane or diesel. Other generators have a "dual fuel" feature, meaning that they can run on either natural gas or liquid propane.

Certain natural gas and propane generators can connect to your home's gas line or propane tank, so there's no need to refill them manually. Diesel generators, however, will need to be topped up in order to keep running.

Battery backup vs. generator: How do they compare?

Pricing

In terms of cost, battery backups are the pricier option upfront. But generators need fuel to run, which means that you'll spend more over time to maintain a steady fuel supply. 

With battery backups, you'll need to pay for the backup battery system upfront, as well as installation costs (each of which are in the thousands). Exact pricing will vary based on which battery model you choose and how many of them you need to power your home. However, it's common for an average-sized home battery backup system to run between $10,000 and $20,000.

For generators, the upfront costs are slightly lower. On average, the price of purchasing and installing a standby generator can range from $7,000 to $15,000. However, remember that generators require fuel to run, which will increase your operating expenses. The specific costs will depend on a few factors, including the size of your generator, which type of fuel it uses and the amount of fuel used to run it.

Installation

Battery backups earn a slight edge in this category since they can be mounted to the wall or floor, whereas generator installations require a bit of additional work. Regardless, you'll need to hire a professional for either type of installation, both of which will require a full day of work and may cost several thousand dollars.

Aside from setting up the device itself, installing a generator also requires pouring a concrete slab, connecting the generator to a dedicated fuel source and installing a transfer switch.

Maintenance

Battery backups are the clear winner in this category. They're quiet, run independently, don't produce any emissions and don't require any ongoing maintenance.

On the other hand, generators can be quite noisy and disruptive when they're in use. They also emit exhaust or fumes, depending on which type of fuel they use to run -- which may irritate you or your neighbors.

Keeping your home powered

As far as how long they can keep your home powered, standby generators easily outperform battery backups. As long as you have enough fuel, generators can run continuously for up to three weeks at a time (if necessary).

That's simply not the case with battery backups. Let's use the Tesla Powerwall as an example. It has 13.5 kilowatt-hours of storage capacity, which can provide power for a few hours on its own. You can get extra power out of them if they're part of a solar panel system or if you use multiple batteries in a single system.

Expected lifespan and warranty

In most cases, battery backups come with longer warranties than standby generators. However, these warranties are measured in different ways.

Over time, battery backup systems lose the ability to hold a charge, much like phones and laptops. For that reason, battery backups include an end-of-warranty capacity rating, which measures how effective a battery will hold a charge by the end of its warranty period. In Tesla's case, the company guarantees that the Powerwall battery should retain 70% of its capacity by the end of its 10-year warranty.

Some backup battery manufacturers also offer a "throughput" warranty. This is the number of cycles, hours or energy output (known as "throughput") that a company guarantees on its battery.

With standby generators, it's easier to estimate lifespan. Good-quality generators can run for 3,000 hours, as long as they're well maintained. Therefore, if you run your generator for 150 hours per year, then it should last about 20 years.

Which one is right for you?

Across most categories, battery backup systems come out on top. In short, they're better for the environment, easier to install and cheaper to run long-term. Plus, they have longer warranties than standby generators.

With that said, traditional generators can be a good option in some cases. Unlike battery backups, you only need a single generator to restore power in an outage, which brings down the upfront costs. Plus, standby generators can last longer than battery backup systems in a single session. As a result, they'll be a safer bet if the power is out for days at a time.

Explore more home energy topics

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Millions can't pay their car loans. Here's what to do if you're one of them

Millions can't pay their car loans. Here's what to do if you're one of them

If you've skipped a car payment or two recently -- or you worry you might have to miss an upcoming one -- you're not alone. Due to the coronavirus recession and record levels of unemployment, over 7% of all car loans in the US are currently in some sort of deferment program, according to recent data released by credit reporting agency TransUnion.

Typically, missing a car payment can damage your credit score or even lead to the bank repossessing your vehicle. However, in the wake of the recent economic turmoil brought on by the coronavirus pandemic, most lenders have streamlined their financial hardship programs and are willing to be a bit forgiving if you just ask for help.

But just like the help available with rent payments and unemployment benefits, you do have to ask. The worst thing you can do is ignore the problem and assume it'll work itself out on its own. (Scroll to the end for what else you should absolutely not do.)

Here's a look at the most current information and resources we could locate to help you deal with your car payment. We'll continue to update this story as new details emerge.

First, see what assistance your lender has to offer

You'll want to know what kinds of programs your bank, credit union or other auto loan provider may have available to you. Also, if there are any state laws that might offer some protections against repossession, you'll want to find out about those, too. 

Here are the most comprehensive resources we've been able to turn up to help with both. (If you don't see your lender on any of those lists, try contacting the company directly through its website or app.)

As businesses like this soda and candy shop in Asheville, North Carolina, start to reopen, you can bet repossession companies will be back to work, too.

Sarah Tew/CNET

Most repos occur after two or three months of no payments

If you've fallen behind (or you think you're going to fall behind) on your car payment for 90 days or longer, you may very well be at risk of having your car repossessed. Your lender may be more lenient if you've never missed a payment before, but the more often you've been late in the past, the sooner they might attempt repossession. 

One way around this, however, is a deferment or forbearance program.

What are auto loan deferment programs and how do they work?

Under normal circumstances, most lenders will report a late payment to the credit bureaus once it's at least 30 days overdue, and they'll typically come to take your vehicle away after you've missed three or more payments in a row. 

A deferment or forbearance allows you to skip between one and three payments with no late fees or penalties. After the deferment period ends, either your monthly payment will either go up slightly or your loan will be extended by about the same amount of time as the deferment.  

On the downside, interest will continue to accrue during the months you skip your payment, so you'll end up paying more for your vehicle in the long run. But on the plus side, your missed payments will not show up as negative marks on your credit report, so your credit score shouldn't take a hit.

How to talk to your bank about your options 

Most lenders' programs have been streamlined to be pretty simple to apply for. Fill out a form, possibly attach some documentation (termination letter, layoff notice, etc.), send it off to your lender and wait for an approval confirmation. If your bank doesn't have it set up that easy and you have no idea where to begin, the legal services website DoNotPay has a chatbot that can help you draft a letter to your lender.

That said, you can probably handle this on your own. Just be honest and forthcoming about your situation and realistic about how much time you'll need to get back on your feet. Generally speaking, banks would rather work with you and retain you as a customer than leave you stranded without a vehicle.

Ford is currently offering to pay six months' worth of new vehicle payments when you purchase a new car from the company.

Wayne Cunningham/CNET

What normally happens when you miss a car payment?

In most states, a lender, like your bank, can start the repossession process the day after you miss even just one payment, but most companies give their customers a grace period. Often the lender won't even charge a late fee until the payment is at least 10 days late, and most won't report it to the three major credit bureaus until it's over 30 days late. 

If you go past 30 days delinquent -- and especially if you miss the next two payments in your loan cycle as well -- that's where you start treading into repossession, or repo, territory. 

How repossession works 

In most cases, your lender will contract with a third-party agency that specializes in repossessions. That company will use whatever information it can get -- your home and work addresses, for example -- to track down the vehicle and tow it to a secured, usually gated lot. It does not need your car keys to take your car. 

The repo company will then charge your bank for towing the vehicle, as well as a daily storage fee, usually around $25 to $75 per day. Unless you happened to have left your keys in the car, the repo company will also contract a locksmith to make a new set of keys -- then charge your bank for that service, too. When all is said and done, you'll owe anywhere from a few hundred to over a thousand dollars in charges, which you'll still be liable for whether you get your car out of repo or not. 

If you quit paying your car payment, eventually a vehicle recovery service will come tow your car.

Andrew Hoyle/CNET

Are car repossession companies even open right now?

The auto repossession industry never quite figured out whether repo companies, many of which laid off dozens of employees early on in the pandemic, were even allowed to operate in areas under strict shelter-in-place orders. The Association of Credit and Collection Professionals, a lobbying group for debt collectors, has argued that debt collection is an essential service, but lawmakers have yet to chime in.

However, as most US cities are far along in the process of reopening and orders shuttering nonessential businesses have mostly been lifted, you can probably bet that repo companies will be up and running as soon as they can be.

Your rights vs. the bank's rights 

In pretty much every instance your bank does not need a court order to attempt to repossess your car. You can view a list of every state's specific automobile repossession laws here, but generally speaking, your lending institution (or a company it hires) has the right to come onto your property and take the car so long as no one commits a "breach of the peace."

That means its representatives can't break into a locked garage, through a locked gate or otherwise use physical force against you or your property to take possession of your vehicle. They can, however, follow you to work, for example, or the grocery store, and wait until you leave your car unattended. 

How to get your car out of repo -- and what happens if you don't 

What if it's too late and your car has already been repoed? Many states have laws on the books about how long and under what conditions lenders must allow you the opportunity to get your vehicle back, but the terms aren't exactly favorable, especially if you're in the kind of financial situation that led to repo in the first place.

Generally, the law only compels lenders to release your car if you pay off the loan plus any towing and storage charges that have accrued. In practice, however, most lenders are willing to give your car back if you can at least catch up with your late payments (and, of course, even up with the repo company as well). 

One option if you're struggling to pay your car payment is to try and sell your car for cash to pay off the loan, but that won't work if you owe more than the car is worth.

Sarah Tew/CNET

If you leave your vehicle in repo, either because you can't afford to get it out or you just decide it's not worth it, you're still not completely off the hook. The bank will likely auction off your car to the highest bidder, then apply the revenue from that sale to your remaining balance, including repossession charges. If that doesn't cover your entire debt, the bank can come after you for the remainder, including handing your account over to a collection agency and reporting the delinquency to the credit bureaus. 

You have a few wild-card options as well 

If you're at risk of having your car or truck repossessed, there are other options available besides deferment, but none quite as simple or easy. You could do what's called a "voluntary repossession," where you contact your lender and indicate your desire to turn your vehicle over to it. Your credit will take a hit and you'll be liable for any outstanding debt the bank fails to recoup at auction, but the overall impact to both your credit score and pocketbook will be less than if you wait for the bank to forcibly repo your car.

You can refinance your car for a lengthier loan term with a lower monthly payment, but that will only work if you've already paid off a substantial amount of the principal. If you've only had your car loan for a year or two, you might actually still owe more than it's worth. Also, your credit has to be good enough for a bank to underwrite a new loan for you, which may or may not be the case anymore. 

You could also try to sell your car on the open market, or trade it in for something less expensive, but again, with the economy now in a full-blown recession, neither of these options seems very compelling.

What you absolutely should not do 

Whatever you do, don't try to hide your car from your bank or the repo company. For one, you're probably not going to beat them at their own game, and the longer it takes to find it (and the more difficult you make it), the more they're going to charge you for their services in the end. 

Stop! Don't just sit back and wait until the bank repos your car. Be proactive and ask and your lender may be able to help.

Shara Tibken/CNET

And don't just stop paying your loan and hope for the best. Whether or not lawmakers decide the repo industry performs an "essential" function, or if the repo man has to wait for a treatment or vaccine like the rest of us before getting back to work, eventually your delinquency will catch up with you. With banks demonstrating some compassion right now for those who've suffered financial hardship, you might as well take advantage of one of their relief programs while you can. 

Chances are if you're worried about making your car payment, you have other bills keeping you up at night, too. Here's what you need to know about rent relief during the pandemic, as well as what assistance is available if you have a mortgage. For taxes, credit cards and everything else, here's what other financial help is available.

The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.

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Apple iPhone 14 vs. iPhone 13: New Phones May Get a Refreshed Design

Apple iPhone 14 vs. iPhone 13: New Phones May Get a Refreshed Design

This story is part of Focal Point iPhone 2022, CNET's collection of news, tips and advice around Apple's most popular product.

Apple's new iPhone 14 line is expected to be among the announcements at the company's "Far Out" event on Sept. 7, and it's natural to want to compare this year's rumored model against last year's iPhone 13. While rumors further point to the iPhone 14 getting a Sept. 16 release date, nothing is official just yet. 

In the meantime we have questions: How much better will the cameras get? Will the iPhone 14 get more expensive? And what's the deal with the notch anyway -- is this the year of the no-notch iPhone? We've sorted through the rumors to find some answers or at least form a better idea of what may feature on Apple's 2022 flagship phone. To be clear, none of these specs or features have been confirmed by Apple.

Read more: Apple iPhone 14: Release Date, Price and Every Other Noteworthy Rumor

iPhone 14 design: Bye-bye, notch; hello, cutouts

This one has persisted for years, but one of the biggest rumors is about the notch at the top of the screen. After introducing the notch on the iPhone X back in 2017, Apple could finally ditch it this year -- though apparently only on the Pro models. The company is expected to trade it out for a smaller hole-punch camera in the Pro models, according to noted Apple analyst Ming-Chi Kuo Kuo. A hole-punch design refers to a display with only a small circular cutout for the front camera, as seen on a number of Samsung launches including the Galaxy S22 Ultra and Galaxy Z Flip 4. 

However, display analyst Ross Young predicts the iPhone 14 Pro and Pro Max will receive two cutouts: a hole and pill-shaped cutout to accommodate the front-facing camera and Face ID. Right now, the notch is home to the components that make Face ID work, meaning Apple may need to shrink all that tech in order make a notchless iPhone a reality. Whether the next iPhone receives one cut-out or two, the rumors we're following point to members of the iPhone 14 lineup going notchless for the first time in five years.

iPhone 14 selfie camera: Revamped front-facing camera

Apple made major changes to its rear cameras over the years, but the cameras on the front have been overlooked. That may no longer be the case this year. If the notch goes away iPhone 14's front shooter may alter visually with the addition of cutouts, but there's also chatter about the camera system itself receiving a noteworthy upgrade functionally. 

In an April tweet, Kuo said the entire iPhone 14 lineup will receive a larger aperture (f/1.9), which should help the device take better pictures at night, and an upgrade to autofocus. All this potentially represents the iPhone's biggest front-facing camera upgrade since 2019. 

The iPhone 14 display: Pro models might have an always-on display

One of the biggest iOS 16 features previewed by Apple was its overhauled lock screen. Set to launch in the fall as part of iOS 16, the lock screen will show more information at a glance, including weather, activity progress, battery levels and your calendar. It's a feature that pairs well with an always-on display -- and it makes sense that Apple would launch it via the upcoming iPhone 14. 

A June report by 9to5Mac discovered references to backlight management tools as well as hidden flags for engineers that could allow them to test an always-on display on an iPhone 13 Pro. The always-on display is already found on numerous Android phones as well as the Apple Watch. Instead of lighting up your entire display like your lock screen does, an always-on display only activates a portion of the screen to save power. 

iPhone 14 price: Pro models might more expensive by $100

Apple didn't make any price changes between the iPhone 12 and iPhone 13 lineup, but Wedbush analyst Dan Ives expects a price hike for iPhone 14 pro models to the tune of $100. Currently, the iPhone 13 Pro starts at $999 and the iPhone 13 Pro Max starts at $1,099. 

That's backed up by Kuo, who recently said he expects the average selling price of the iPhone 14 lineup to increase. The macro-economic environment also points to a price hike. Inflation remains persistently high, while Apple continues to grapple with supply chain issues in China -- both of which have been pushing up the price of conducting business.

iPhone 14 size: Same, same but different bezel size for Pro models

Apple's last two iPhone lineups have featured the same 6.1-inch size for the base model, going up to 6.7 inches for the Pro Max. According to a Nikkei Asian Review report, Apple will stick with these sizes for the iPhone 14 series, but eliminate the 5.4-inch Mini. This rumor is corroborated by a March report from 9to5Mac. Reports showed sluggish sales of the iPhone 12 Mini, so it'll be no surprise if Apple ends up retiring the small phone in 2022. 

Although the size of the next iPhone is expected to stay the same, the display bezels for the Pro Max are rumored to be 20% smaller compared to previous iPhone generations, according to CAD renders shared by Twitter leaker ShrimpApplePro. This means the screen would be slightly larger. However, it's important to note that this rumor should be taken with a grain of salt since ShrimpApplePro doesn't have an extensive track record to support their speculations.

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'Paper Girls' Review: Newsies vs. Terminator, but Don't Mention 'Stranger Things'

'Paper Girls' Review: Newsies vs. Terminator, but Don't Mention 'Stranger Things'

There's a new streaming series about four walkie-talkie-toting 1980s teens, pedaling their bikes into action against fantastical goings-on.

Yes, I know. Sounds a lot like Stranger Things. But let's try to forget about Netflix's smash hit for a minute and give Amazon's entertaining new sci-fi show Paper Girls a chance.

Paper Girls is based on the award-winning comic by writer Brian K. Vaughan and artist Cliff Chiang, which began in 2015 and ran for 30 issues. All eight episodes of the first season began streaming on Prime Video in July.

The show begins in the wee small hours as Halloween 1988 draws to a close. Four 12-year-old paper delivery girls take to the darkened suburban streets to begin their round. Tough-talking Mac, shy new kid Erin, rich kid KJ and budding prodigy Tiffany have to contend with racists, bullies and drunks, but these everyday assholes pale into insignificance when the girls are caught up in a war between time travelers.

The first episode is thrillingly chaotic, with the sodium-yellow streetlights giving way to a roiling pink sky as the kids find themselves caught up in craziness and confusion. Their paper round spirals into escalating weirdness and action, with some genuine shocks building to a solid cliffhanger. It's all there: four engaging leads, an intriguing premise and some deliciously odd twists and turns.

The main strength of the show is the young cast as they're catapulted forward 30 years and are thrown around in time, facing themselves and their loved ones in years to come. Riley Lai Nelet and Fina Strazza are relatable as the unassuming underdog and sensitive scion of a wealthy family, while Camryn Jones shines later in the show as the team's sparky thinker. The standout throughout is Sofia Rosinsky, channeling Edward Furlong's rebellious juvenile delinquent from Terminator 2 with a combination of bravado and vulnerability.

The Terminator is probably the other big influence on the series, as a ruthless hunter infiltrates the suburbs to track down our time-displaced young heroines. As with all time travel stories, paradoxes and timelines soon get tangled, with the young newsies encountering their future selves (including comedian Ali Wong).

This is the key thing about Paper Girls: it's a coming-of-age story, using the sci-fi conceit of time travel to allow characters to see how they turned out and demand answers from the people they come to be. The older versions of the girls have as much to learn from their younger selves as the youngsters do from any adult, and it's a compelling way to explore these questions of what it means to grow up and take control of your life.

Or at least, the show comes pretty close. Later in the series one of the young cast meets their older self in an encounter that's bribing with conflict and revelation. But Wong is under-served in her appearance as an adult who just turns out to be a bit mediocre. A slightly disappointing life isn't really the stuff of drama, especially in a show when the other storyline is a frickin' guerrilla war between sci-fi commandos and laser-gun-toting fanatics jumping through time.

Paper Girls has enough twists and compelling characters to keep you involved, but the show does lose momentum after the eventful first episode. All too often the girls arrive in a new location and then just… go to bed. People need to sleep, sure, but scenes like this feel like intermissions when the momentum flags, even sapping the tension out of the pursuing hunter's approach. Paper Girls could do with more urgency and energy as the heroes fight both their enemies and their desire to get back to their home time (or not).

A lack of momentum isn't a problem that troubles Stranger Things, and Paper Girls will suffer by comparison with Netflix's hit show. But it's worth noting that Paper Girls is a different animal. Stranger Things is set in the 1980s because it's all about the '80s: the hair, the music, the clothes, Dungeons & Dragons -- the pop culture references are the point, as this retro nostalgia is a loving tribute to (and updating of) the movies and culture of that era. Paper Girls, however, starts in the 1980s so the kids can hop forward through their lives. There are some excellent vintage needledrops (if only it would do for New Order, Danzing or Echo and the Bunnymen what Stranger Things season 4 did for Kate Bush), but this isn't a show about the '80s specifically: it's a story about growing up told across the timeline of a life.

Paper Girls could do with a jolt of the energy that makes Stranger Things fizz. But set aside any comparisons and there's a lot to like about this twisty show, especially its winning young cast.

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Home equity line of credit heloc rates for september 2022 holiday home equity line of credit heloc rates for september 2022 movie home equity line of credit how does a home equity line of credit work home equity line of credit home equity loan home equity loan rates wells fargo home equity loan home equity loan requirements

Home Equity Line of Credit: HELOC Rates for September 2022

Home Equity Line of Credit: HELOC Rates for September 2022

A home equity line of credit, or HELOC, is a loan that allows you to borrow against the equity you've built up in your home and functions like a credit card. It provides an open line of credit that you can access for a certain amount of time (usually 10 years). During that time, you're only required to pay back the interest on money you've withdrawn, which means you can borrow a large amount of money for an extended period of time while only making minimum monthly payments.

HELOCs can be a good option because they have lower rates than most credit cards, personal loans, home equity loans and mortgage refinances. But HELOCs are also risky because they're secured loans, which require collateral to obtain financing: Your home serves as the collateral, so if you're unable to pay back the money you've withdrawn, you could lose your house. In addition, HELOCs have variable interest rates that mean your rate can go up or down with the market, so you won't always have a predictable monthly payment.

We'll walk you through how a HELOC works, how to decide if it's the right option for you and how it stacks up against other loan types.

Current HELOC rate trends

Right now, the average interest rate for a HELOC is 6.5%, according to Bankrate, which is owned by the same parent company as CNET. Anything below the average rate is typically considered a good rate for HELOCs. 

Interest rates for HELOCs are variable and largely determined by the benchmark interest rate, which is set by the Federal Reserve. So far this year, the Fed has raised the benchmark interest rate four times and has signaled it will continue raising rates throughout 2022. Interest rates for HELOCs tend to be lower than mortgage rates and other home equity loan rates, which is one of the benefits. They also usually have introductory periods during which they offer an even lower rate for a certain amount of time. 

What is a HELOC?

A HELOC is a home loan that allows you to tap into your home's equity over an extended period of time. You can find out how much equity you have in your home by subtracting your remaining mortgage balance from the house's current market value. So if your house is worth $500,000 and you have $300,000 left to pay off on your mortgage, you would have $200,000 in equity. Typically you can borrow up to 85% of your equity — in this case, that's $170,000.

A HELOC functions as a revolving line of credit that you can continually access. The time period when you can draw money from your line of credit is called the draw period, and it's usually 10 years for HELOCs. This could be a good option if you need access to money, but aren't sure how much you'll need (or when you'll need it). HELOCs also tend to have lower interest rates than other types of home loans or personal loans.

If you need cash for home improvements or to pay higher education costs like tuition, a HELOC can be beneficial because you can repeatedly withdraw money over the course of your loan term. Plus, you only have to pay interest on the money that you withdraw. So, if you're approved for a HELOC of $100,000 and only withdraw $25,000, you'll only pay interest on the $25,000. 

How do HELOCs work?

Since HELOCs work like a line of credit, during the draw period you can take out money as many times as you need via check or a debit card, as long as it's below your total HELOC loan amount. You must also make minimal monthly payments, typically just for the interest that accrues during the draw period. As you repay your HELOC, this money is added back to your revolving balance (so you can continue to withdraw funds).

Once the draw period comes to an end you enter the repayment period, which usually lasts between 10 to 20 years. At this point, you cannot take more money out of your HELOC. Once you're in the repayment period, your monthly payments will go up because you must start paying back the principal (the amount you withdrew) in addition to the accrued interest.

Pros of a HELOC

• Lower interest rates: HELOCs typically have lower interest rates than other home equity loans, personal loans or credit cards. 
• Long draw and repayment periods: Most HELOCs let you withdraw money for as long as 10 years, and then offer an even longer repayment period (usually up to 20 years).
  
• You can take the money in installments: You don't have to use all of the money available at once, and you only have to pay interest on the funds you withdraw.
  

Cons of a HELOC

• You have to use your own home as collateral: If you default on a HELOC or can't make your payments, you could lose your home. When you put a house up as collateral and cannot repay your loan, the bank or lender can foreclose on your home, which means they can take ownership of your house in order to make up for the money they lost. 
• They have variable interest rates: Your initial interest rate may be low, but HELOC rates are variable and not fixed. This means they can fluctuate depending on what's happening with the economy and the benchmark interest rate. This means your monthly payments are not predictable and can fluctuate over the course of the loan. While there are fixed-rate HELOCs, they are less common and are considered a hybrid between a HELOC and a home equity loan.
  
• There may be minimum withdrawal amounts: Some HELOCs have minimal initial withdrawal amounts, which could lead you to taking out more money than planned (and having to pay back more than planned).
  

HELOCs vs. home equity loans

HELOCs and home equity loans both allow you to borrow against the equity you've built up in a home. With both, you take out a second home loan in addition to your mortgage. Your home is also used as collateral to secure either type of loan. A home equity loan, however, offers a lump sum of cash that you pay back in fixed monthly installments. A HELOC, on the other hand, approves you for a set loan amount and then allows you to withdraw only what you need, when you need it.

A HELOC has a variable interest rate, whereas home equity loans are fixed-rate loans. This means, you'll have a more predictable monthly payment with a home equity loan. HELOCs are much more flexible, but your monthly payments can be more unpredictable since your interest rate can fluctuate. With a HELOC, you need to make sure you can afford your monthly interest payments if your rate shoots up.

A HELOC is better if

• You need access to credit for an extended period of time (usually 10 years)
• You need more time to repay the loan amount
  
• You want the flexibility to withdraw your money in installments and not all at once
  

A home equity loan is better if

• You want a fixed interest rate
• You want a predictable monthly repayment schedule
  
• You want one lump sum of cash and know exactly how much money you need

HELOCs vs. cash-out refinances

A cash-out refinance is a different type of loan than a HELOC: You are quite literally cashing out the equity you've built up in your home over the years. It replaces your current mortgage with a new mortgage equal to your home's value, and allows you to cash out the amount you've built in equity. If your home is valued at $300,000 and you still owe $100,000 on a mortgage, the difference of $200,000 is your home equity. Lenders often let you cash out 80% of your equity ($140,000 in this case).

With a HELOC, you're also cashing out your equity, but you are taking out an additional loan alongside your current mortgage. So, you will have to make your monthly mortgage payments in addition to repaying your HELOC each month. With a cash-out refinance, you are only responsible for your mortgage payment every month. However, your mortgage payment will be more expensive because you added more money onto your mortgage when you cashed out your equity.

A cash-out refinance offers you this equity in a lump sum, whereas a HELOC lets you draw on your equity in installments and offers a yearslong line of credit.

A HELOC is better if

• You need access to credit for an extended period of time (usually 10 years)
• You need a longer loan repayment period
  
• You want to the flexibility to withdraw your money in installments
  

A cash-out refinance is better if

• You want to refinance your mortgage to a lower interest rate or shorter term
• You want one one lump sum of cash and know the amount
  
• You want one fixed monthly mortgage payment
  

FAQs

What is a good HELOC rate?

Anything below the average rate is typically considered a good rate for HELOCs. Currently, the average interest rate for a HELOC is 6.5%, according to Bankrate. 

How do I qualify for a HELOC?

To qualify for a HELOC, you must have good credit, at least 15% to 20% equity in your home and a debt-to-income ratio that does not exceed 43%. (Your debt-to-income ratio is your total monthly debts divided by your gross monthly income.) So, if you make $4,000 a month before taxes and pay $1,500 in debts each month, your DTI would equal 37.5%. The lower your DTI, the better your approval chances.

If you have good or excellent credit, you could lock in a lower HELOC rate closer to 3% to 5%. If you have below average credit expect to pay rates closer to 9% to 10%. Lenders usually want to see at least a 620 credit score or higher. You can be denied for a HELOC if you don't have a high enough credit score or income. You can also be denied if you don't have enough equity built up in your home. Most lenders require at least 15% to 20%. 

What can I use a HELOC for?

You can use your line of credit for almost anything, but HELOCs are typically best for people who need access to available credit over a long period of time or who will be making recurring withdrawals. For example, HELOCs are good for home improvement projects that could potentially take years or higher education expenses like tuition.

How do I apply for a HELOC?

You have to be approved for a HELOC by a bank or lender just like with your mortgage. You will need to provide financial documents like pay stubs and information about your home's value, like your loan-to-value ratio. Lenders will also run a credit check before approving you. 

In some cases, you may need to have your home appraised to confirm its current market value. It's important to interview multiple lenders to compare rates and fees in order to find one who will give you the best rates. Some experts recommend starting with the bank or lender that already holds your mortgage, but shopping around can help you compare offers. 

More mortgage tools and resources

You can use CNET's mortgage calculator to help you determine how much house you can afford. The CNET mortgage calculator factors in variables like the size of your down payment, home price and interest rate to help you figure out how large of mortgage you may be able to afford. Using the CNET mortgage calculator can help you understand how much of a difference even a slight increase in rates can make in how much interest you'll pay over the lifetime of your loan.

Compare mortgage rates:

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Samsung galaxy watch 5 pro samsung galaxy watch 5 price galaxy watch 5 pro release date compare samsung galaxy watch 5 and 5 pro samsung watch 5 pro specs compare samsung galaxy watch 5 and 5 pro samsung galaxy watch 5 vs galaxy watch 5 pro samsung galaxy watch 5 lte samsung galaxy a03s samsung galaxy s9 samsung galaxy s10

Samsung Galaxy Watch 5 and 5 Pro Deals: Trade-In Discounts, Gift Cards and More

Samsung Galaxy Watch 5 and 5 Pro Deals: Trade-In Discounts, Gift Cards and More

The Samsung Galaxy Watch 5 and Galaxy Watch 5 Pro are now available to order and there are some neat Galaxy Watch 5 deals to coincide with the devices' joint launch. 

There isn't much of a design change from the Galaxy Watch 4 but the new smartwatches do have a longer-lasting battery and a skin temperature measurement sensor as a new health feature. The bigger Watch 5 Pro in particular is geared toward outdoor sports enthusiasts and features a durable titanium design, 80-hour battery life and exclusive tools like turn-by-turn navigation.

The two new Samsung smartwatches are now available to order.

Lisa Eadicicco/CNET

What colors do the Galaxy Watch 5 and Galaxy Watch 5 Pro come in?

The Galaxy Watch 5 is offered in four colors: silver, gray, gold and blue. Gold is exclusive to the smaller 40mm size and blue is only available on the larger 44mm variant. On the Pro side, you can choose between two titanium finishes: black and gray. There are plenty of interchangeable bands for both versions of the Galaxy Watch 5 if you want to customize the look further. 

How much do the Galaxy Watch 5 and Galaxy Watch 5 Pro cost?

The Bluetooth and Wi-Fi-only Galaxy Watch 5 starts at $280, while the Galaxy Watch 5 Pro starts at $450. If you want the LTE versions, that'll cost you $50 more. Here's how US retail pricing breaks down in full:

• Samsung Galaxy Watch 5 (40mm): $280
• Samsung Galaxy Watch 5 (44mm): $310
• Samsung Galaxy Watch 5 with LTE (40mm): $330
• Samsung Galaxy Watch 5 with LTE (44mm): $360
• Samsung Galaxy Watch 5 Pro (44mm): $450
• Samsung Galaxy Watch 5 Pro with LTE (44mm): $500

Be sure to check out all the Galaxy Watch 5 and Galaxy Watch 5 Pro deals below for some ways to save on their retail prices.

Best Galaxy Watch 5 deals

Samsung is offering as much as $165 off Galaxy Watch 5 when you trade in your old Galaxy smartwatch and as much as $180 if you trade in an Apple Watch. Additional bundle savings are available for those nabbing a Galaxy Watch 5 alongside one of Samsung's newly announced foldable phones or Galaxy Buds 2 Pro earbuds.

Buy a Galaxy Watch 5 at AT&T and you can get another one free with up to $430 in bill credits over 36 months. To be eligible, you'll need to purchase two eligible Samsung Galaxy Watches on a qualifying installment agreement, add at least one new line, and activate both watches on your wireless plan. AT&T is also offering up to $170 off when you trade in your old smartwatch.

Best Galaxy Watch 5 Pro deals

Samsung is offering as much as $240 off Galaxy Watch 5 Pro when you trade in your old Galaxy smartwatch. If you are also ordering one of Samsung's newly announced foldable phones or the Galaxy Buds 2 Pro earbuds, you'll receive some further bundle savings.

Galaxy Watch 5 Pro orders placed at Amazon will get Samsung's Wireless Duo Charger thrown in for free. Simply add both products to your cart to activate the savings.

The Pro model gets the same deal as its standard Galaxy Watch 5 counterpart with up to $180 off when you trade in an eligible smartwatch. You can also save up to $150 when bundled with an eligible Android smartphone purchase.

Buy two Galaxy Watch 5 Pro models at AT&T and save up to $430 via bill credits over 36 months. That's not quite enough free credit to get you a second Galaxy Watch 5 Pro for free since the LTE model costs $500, but it's close. You'll need to purchase both eligible Samsung Galaxy Watches on a qualifying installment agreement, add at least one new line, and activate both watches on your wireless plan. You can trade in your old smartwatch for up to $200 off, too. 

More from Samsung Unpacked

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Pixel 6 pro vs galaxy s21 ultra which camera is more realistic pixel 6 pro vs galaxy s21 ultra which camera doorbell pixel 6 pro vs galaxy s21 ultra which camera does kate google pixel 6 pro vs galaxy s21 ultra pixel 6 pro vs galaxy s21 pixel 6 pro vs galaxy 22 ultra google pixel 6 pro vs galaxy s22 plus pixel 6 pro screen protector

Pixel 6 Pro vs. Galaxy S21 Ultra: Which camera is better?

Pixel 6 Pro vs. Galaxy S21 Ultra: Which camera is better?

Samsung's Galaxy S21 Ultra and Google's Pixel 6 Pro were both among our top-rated phones of 2021. With their impressive performance, their glorious displays and feature-rich experiences, both phones deserve the titles of "flagship" Android handsets and are still well worth considering even as 2022's new phones begin to appear. 

And they both have amazing cameras, with the S21 Ultra particularly impressive with its astonishing 10x zoom lens, while the Pixel 6 Pro manages to give the iPhone 13 Pro a run for its money. 

But which camera is better? Is it still all about that zoom on the S21 Ultra? I took both phones out for a spin to see what's what. 

Pixel 6 Pro.

Andrew Hoyle/CNET

Galaxy S21 Ultra.

Andrew Hoyle/CNET

In this first outdoor shot using the main cameras on both phones, there's little to choose between them. The S21 Ultra's shot is perhaps a touch warmer overall, but the exposure, contrast and detail are basically identical. 

Pixel 6 Pro.

Andrew Hoyle/CNET

Galaxy S21 Ultra.

Andrew Hoyle/CNET

And it's the same story here: both phones have captured sharp, well-exposed images, but the S21 Ultra's image has warmer tones, which gives a nice sunset feel to the image. 

Pixel 6 Pro, 4x telephoto zoom.

Andrew Hoyle/CNET

Galaxy S21 Ultra, 10x telephoto zoom.

Andrew Hoyle/CNET

Switching to the maximum optical zooms of both phones from the same shooting position, it's clear the difference that the huge zoom on the S21 Ultra makes. At 10x, it's able to get much closer on the buildings, allowing for a different composition. 

Pixel 6 Pro, 4x zoom.

Andrew Hoyle/CNET

Galaxy S21 Ultra, 10x zoom.

Andrew Hoyle/CNET

And it's not just for travel pictures; that zoom can be great for getting close up on the local wildlife, too. The Pixel 6 Pro's 4x zoom can take some great shots, but it just doesn't have the reach of the S21 Ultra's 10x zoom. 

Pixel 6 Pro.

Andrew Hoyle/CNET

Galaxy S21 Ultra.

Andrew Hoyle/CNET

A solid balance of exposure from both phones in this sunny outdoor scene. The S21 Ultra's shot has a touch more contrast, which isn't always a positive thing, but it's helped make the stark shadows on the ground more defined here.

Pixel 6 Pro.

Andrew Hoyle/CNET

Galaxy S21 Ultra.

Andrew Hoyle/CNET

That additional contrast on the S21 Ultra is more pronounced here, with much deeper blues seen in the sky and its reflection in the water. For a quick snap that might be preferable, but I'd rather have a more natural-looking image straight out of the camera in order to apply more contrast -- or other effects -- later on if I choose. It's why I shoot in raw format on my DSLR and it's why I prefer the Pixel 6 Pro's shot here.

Pixel 6 Pro, super-wide lens.

Andrew Hoyle/CNET

Galaxy S21 Ultra, super-wide lens.

Andrew Hoyle/CNET

The situation is identical when I switched to the super-wide lenses on both phones; that contrast boost from the S21 Ultra is particularly noticeable, and I'm not keen on how punchy and oversaturated the shot looks here. 

Pixel 6 Pro.

Andrew Hoyle/CNET

Galaxy S21 Ultra.

Andrew Hoyle/CNET

In the fading evening light, that color balance has played in the S21 Ultra's favor, with vibrant green grass visible in its shot, against the Pixel 6 Pro's more muddy, greeny-brown tones. The S21 Ultra's shot is sharper, too, with more noticeable clarity on the blades of grass. 

Pixel 6 Pro, night mode.

Andrew Hoyle/CNET

Galaxy S21 Ultra, night mode.

Andrew Hoyle/CNET

Taken using night mode, both phones have done a solid job of capturing this night-time scene, with great overall brightness and contrast. I prefer the Pixel 6 Pro's shot however as its color balance is less purply and the fine details are clearer overall. 

In general, it's evident that both phones can take some superb images from their cameras. Overall. I prefer the look from the Pixel 6 Pro thanks to its more natural approach to color and contrast in a scene. Samsung's phones have always had a tendency toward high contrast and saturation in images and the S21 Ultra is no exception. 

However, there's no escaping that the S21 Ultra remains unrivaled when it comes to zoom skills. The 10x optical lens allows you to take shots that you simply cannot get on the Pixel 6 Pro, or from almost any of its main rivals. If zoom skills are paramount in your photography then the S21 Ultra is the phone to go for. If you're more bothered about overall image accuracy and tend to prefer wider-angle images then you'll feel right at home with the Pixel 6 Pro. 

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