Financing Your Home Solar System
As SunPower’s most award-winning residential solar installer, SunPower by SunSolar knows how to best help homeowners go solar and save money on their electricity bill. We know that the addition of a home solar system is an important decision that will affect your property value and your finances and we want to ensure the results benefit you.
SunPower by SunSolar experts will explain a variety of home solar financing programs and credits, including the Federal Investment Tax Credit, a 26 percent credit toward federal taxes owed. The ITC, along with all the money you’ll save on your electricity bills, will offset the cost of your solar panels before you know it. Make sure to ask your solar educator which options include the solar ITC.
Regardless of your finances or credit, we will help you choose the best home solar financing package.
Buying Home Solar
Here are the four main ways to buy solar panels:
Using cash or a home equity loan to buy home solar panels saves you the most over the long-term and offers the fastest way to recoup your investment.
The federal tax credit gives you back 26 percent of the cost of the system, and your energy bill savings will help offset it as well. You can then enjoy decades of free electricity. Our high-quality SunPower solar technology and the power production are warrantied for 25 years. Plus, your solar system will have a proven useful life of 40 years.
A zero-down home solar loan is an option if you don’t want to put cash down, but you’ll still be able to qualify for the tax credit, and your investment is still protected by the 25-year Power and Product Warranty.
You can see the immediate benefit of a lower (or zero) monthly electric bill, based on the size of the system that’s installed.
The federal PACE (Property Assessed Clean Energy) program lets you finance the purchase of your solar system via your property taxes.
The PACE program is like a loan, and you still can qualify for the federal Investment Tax Credit. There is no credit score requirement, and the loan is transferable if you sell your house.
Lease Your Solar System
If you opt for a lease, SunPower Capital owns the solar system. You pay a monthly amount to use it, but you still benefit from the electricity bill savings.
There are costs to go with a lease. When you sell your home, you just transfer the solar lease to the new owner.
Tips for Choosing Solar Financing Options
When you select a home solar installer, companies that only offer one or two financing options might not have your best interests in mind.
At SunPower by SunSolar we are not incentivized by any one financing option. We work with you to find the best way to buy solar that helps you save the most money.
There are a couple of other beneficial aspects that may affect your finances. Your new home solar system will not affect your property taxes because in California renewable energy improvements are not tax assessed.
And, solar will increase your property value! Homes with solar sell on average for 4 percent more according to Zillow.
For more information, call us at (661) 379-7000 or fill out our online form for a free solar quote.