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Financing

While financing a solar system is generally always an options, the best method to purchase a system is to pay in full in cash. This ensures the fastest payback on the system, no wasted capital on interest payments, and little or no electric utility bill.

The second best option is to refinance your home using a Residential Energy Efficiency Improvement loan. This option will not only allow you to produce your own power and potentially save hundreds of thousands of dollars, but you can also consolidate your higher interest debt into one low rate monthly payment. This loan will ensure the best rate, and lowest monthly payment available through conventional residential financing.

The third best option is to finance only the solar through fixed rate conventional financing. You can expect a rate between 5-9%. The maximum term available is 5 years, but the loan can be amortized over 10 or 15 years to help bring down the monthly payment. Strategy with this finance option is to put as much cash down as you can afford. The best option is cash down using a 5 year amortization schedule.

Remember to take into consideration that when you make finance payments on a solar system, you are spending money that you would have already spent on a utility bill. Once the loan is paid off, you are cash positive for the rest of the life of the solar system. In most cases the savings are over $100,000.

Leasing: Although the current lease options are not recommended, they have shown to benefit the customer financially in perfect circumstances. If the customer stays in the residence for the entire term of the lease, and power rates increase, some financial benefit can be realized. Benefits from leasing solar are minimal, even under ideal conditions. How lease companies make this program work is by keeping your rebates and tax credits. The obvious financial benefactor with lease programs is the lease company, not the homeowner. We are currently exploring new quality lease options for those that would like to go this route.