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Solar Watt customer since 2011. "We stuck it to the man!" Stuck it to SDG&E, that is. No more paying monopoly electric rates, that go up more every year.

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Solar Watt was a pleasure to deal with from the first meeting all the way through the installation. I first met with Dave Watt (yes his name really is Watt). Dave gave me all the details and options and the difference between the different type systems that people install....

Solar Financing San Diego . Orange County . Riverside CA

Solar Financing Options

Solar not only saves on energy, but can also save you money on utility bills, save the environment, and help you avoid the constant utility monopoly rate hikes.  There are several financing options available for home and property owners that help offset the cost of solar installation, most of which are $0 down. Here are a few ways to make the most of your investment.

PACE (Property Assessed Clean Energy) Financing

Through PACE programs, property owners can get easy approval of a loan for their solar system and pay it back through their normal property tax bills over the course of 5 to 20 years. This means you can install solar now with no upfront costs while adding to the value of your property long-term.

The first step in obtaining PACE financing is to have a professional solar installation company evaluate the property and give an estimate of the cost. The property owner then completes a simple application for approval of that amount. Once approved, the installation is completed and program administrator pays the installer for the solar system after the property owner says it is completed to their satisfaction. The money is then paid back as part of your property tax bill over the course of 5 to 20 years (at a competitive interest rate). Should you choose to sell your property, the solar energy system and tax liability  is often easily transferred to the new owner.

HERO Financing

HERO is one of the companies that provides PACE financing on a localized level. Because HERO financing is based on equity, your credit score does not impact whether you qualify and lets you enjoy the savings of solar with no upfront costs. The interest on HERO payments may also be tax deductible. Solar Watt Solutions is proud to be among the approved list of HERO Registered Contractors.

HELOC (Home Equity Line of Credit)

Another means of financing your solar installation is to use a Home Equity Line of Credit (HELOC). HELOC allows you to self-finance using your lender choice at a low interest rate and interest payments may also be tax deductible. HELOC loans let you pay back the loan at whatever pace you want.

The Benefits of Ownership Over Leasing

We do not recommend solar leasing for a number of reasons including:

  • Most leases are 20 years or more in length. You could pay off a loan on your own solar power system in that same amount of time with the added benefits of no upfront costs, adding value to your property, and having the option to pay off the loan balance at any time with no penalty. Leases often only give you one or two chances over the 20+ years to pay off the balance. The payoff amount to lease can often be more than you would have paid to just purchase the system in the first place.
  • It could make it harder to sell your home. If a home has a solar power system lease attached to it, it could discourage several buyers from buying your home or, worse, require you to pay for the outstanding payments all at once when you sell your home.
  • The leasing company takes advantage of the rebates, incentives, and federal tax credits relating to the purchase of the solar panels while you miss out. You could be using that financing to add value to your property and accumulate more wealth than with leasing.

 
Take advantage of the many financing options available to help you save with solar now. Give us a call, 855-600-9288 to learn more!