SOLAR PANEL FINANCING
UNDERSTANDING THE MONEY:
From added property value to decreased utility bills, solar is a smart financial investment. Our goal is to help homeowners with an easy transition to solar. Everyone’s situation is different so it is important for us to have a conversation and fully understand how to get you the best results. Book a meeting with a team member to run a home energy analysis and generate your report. If you have any questions or just want to speak with a live representative, call 407-502-2266 today.
WHAT ARE MY PAYMENT OPTIONS?
Here are the basics. There are three ways to purchase solar panels: cash, solar loans and solar leasing, otherwise known as a Power Purchase Agreement (PPA).
- Solar Cash Purchase
- Solar $0 Down Financing
- Solar Lease/PPA
THE TYPES OF SOLAR FINANCING OPTIONS
Solar Purchase and Ownership
Paying cash allows you to save on the net cost of the system and completely erase your utility payments from day 1. The typical payback period for rooftop solar in the United States is four to eight years; this all depends on the rate of inflation, rate increases, and the size of your system.
The Benefits of Buying Solar Cash
The financial benefits of buying a home solar energy system with full cash upfront include:
- Higher long-term savings for homeowners.
- Monthly energy bill savings from the first month, with no monthly payment to offset the savings.
- In some states, your solar purchase is tax deductible or exempt from property or sales tax.
Solar Financing
Solar payment plans are the #1 rated product in the USA for residential solar. Solar loans have amazing terms and don’t require a down payment. If you have above a 650 Credit Score you can qualify to:
- Extend your payment over 25 years
- Get money for 1.49% Interest through our partners. This is amazing because the mortgage rates for housing is currently above 6% interest and inflation was just over 9%. The access to solar money is incredibly cheap and you can even add home upgrades to your package.
- Instantly put 40-60% of your utility payment back in your pocket for $0 down
- Increase in home value
- In some states, your solar purchase is tax deductible or exempt from property or sales tax.
The fact we can obtain something without paying ANYTHING upfront that instantly saves money and gives tax advantages is unheard of. There is a shift in power with our nations utilities and it will pay dividends by paying attention to the opportunity.
The Benefits of a Solar Loan
The benefits of financing your solar panels with a loan include:
- No Upfront Cost
- Significant long-term savings.
- Monthly utility bill savings.
- Loan payment will get paid down and eventually disappear.
Solar Leases
When you lease your solar panels you do not own them. Typically this option is best for candidates that do not qualify for the Solar Tax Credit. Leases are $0 Down and will instantly save you money just as the financing would. The only difference is that you do not get a tax credit or system ownership.
The Benefits of Solar Leasing
- Lower upfront cost than purchasing with cash.
- Maintenance for the solar system will be the responsibility of the leasing company.
As with any solar system purchase, you will still see monthly electricity bill savings; however, a higher monthly payment will offset the savings.
INCENTIVES FOR PURCHASING SOLAR
When considering a solar lease, solar loan or direct purchase of solar, there are many a couple things to consider.
Solar Tax Credits
When you schedule your free consultation with an expert, we will explain to you the different types of tax credits available to you. This includes a potential 30% Federal Solar Tax Credit (ITC) and any incentives offered by your state.
State And Utility Rebates
In some states, the state governments and even local utility companies will help to make your switch to solar even easier — with the use of rebates applied to your investment of solar panels. Utility companies are realizing just how beneficial solar energy is, so to encourage customers to go solar, some utility companies are offering solar rebates as well as net metering programs to help with the cost of switching to solar.
Energy Efficient Mortgage (EEM) Credits
Another option for affordable solar financing is to look into your eligibility for an Energy Efficient Mortgage, also called an EEM. An EEM is a mortgage that credits a home’s energy efficiency into the mortgage. This gives homeowners like you a chance to finance more energy saving measures, qualifies you for larger home loan amounts and gives you an energy efficient home. This home equity line of credit option is available either through the US government, or through an organization such as Fannie Mae. Buyers looking to make energy efficient upgrades like clean energy from solar panels to their current home may also qualify for refinancing options.
WHAT YOU NEED BEFORE YOUR FREE SOLAR CONSULTATION
For our team to build you a solar energy report and project summary we will need:
1. Location of the project – We will complete an analysis of the roof and its sun exposure through our software.
2. Energy Consumption – Our experts will calculate your usage and adjust for any improvements or energy inefficiencies.