Paying For Your SystemWe offer many ways for you to own a solar PV system. Obviously, you could pay for the entire system up front which has its advantages but over 90% of customers are making payments over a term of 5 to 20 years to pay for their system or the electricity the system is producing. With that said, here are some options:
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PACE financing:
This stands for Property Assessed Clean Energy. It is a financing program that gives homeowners a way to upgrade their homes with energy efficient upgrades like solar. What makes this program stand out is that qualification is not based on the homeowners FICO credit score. Traditional financing requires a 700 or higher credit score which immediately eliminates many homeowners seeking a solar system. The program qualifies the home/ property based on home equity of at least 10%. For example; if your home is valued at $200,000 current market value and you owe $180,000 or less, then your home meets the criteria for PACE financing. You make payments for PACE financing through your annual property tax roll/ bill. For most homeowners this equates to an increased monthly payment to your bank handling the escrow account for your impounded tax account. The average payment increase is between $100 to $200 which is directly offset by the decrease in payment to the power company.
This stands for Property Assessed Clean Energy. It is a financing program that gives homeowners a way to upgrade their homes with energy efficient upgrades like solar. What makes this program stand out is that qualification is not based on the homeowners FICO credit score. Traditional financing requires a 700 or higher credit score which immediately eliminates many homeowners seeking a solar system. The program qualifies the home/ property based on home equity of at least 10%. For example; if your home is valued at $200,000 current market value and you owe $180,000 or less, then your home meets the criteria for PACE financing. You make payments for PACE financing through your annual property tax roll/ bill. For most homeowners this equates to an increased monthly payment to your bank handling the escrow account for your impounded tax account. The average payment increase is between $100 to $200 which is directly offset by the decrease in payment to the power company.
Home Solar Loan from Admirals Bank:
These loans are popular because they offer the best interest rates (currently as low as %4.95) for financing of a solar system. They are also specifically for home solar systems so there are no issues with the system being undervalued by an inexperienced appraiser who does not know the solar market. A loan up to $25,000 requires a slightly lower credit score of 650 ( as opposed to 700 for all other credit based solar financing). If you need a larger system, loans up to $40,000 are available but because of the higher amount the credit score criteria is 700.
These loans are popular because they offer the best interest rates (currently as low as %4.95) for financing of a solar system. They are also specifically for home solar systems so there are no issues with the system being undervalued by an inexperienced appraiser who does not know the solar market. A loan up to $25,000 requires a slightly lower credit score of 650 ( as opposed to 700 for all other credit based solar financing). If you need a larger system, loans up to $40,000 are available but because of the higher amount the credit score criteria is 700.
- Home Equity Line Of Credit: Homeowners can also inquire about a HELOC (Home Equity Line Of Credit) or refinancing their home with the plan to use some equity to pay for a solar system with their own bank which also yields low interest rates!
Why Go Solar
- Slow down or even stop the rising cost paid for electricity used by your home -Help contribute to being energy independent by producing your own power which means you’re not purchasing power or resources used for power from foreign and/ or overseas sources.
- You will be contributing to a “green technology”.
- Solar is a renewable energy resource.
- Solar is clean energy that is not emitting pollutants like CO2 or greenhouse gases (unlike burning coal or even natural gas) -Get credit or even a payment from your power company if you produce more power than you use -Help support one of the fastest growing sectors in the American workforce.