The big question (The Economics of Solar Power) for any homeowner considering installing solar power is a simple one: How quickly will the system pay for itself?
There are many financial options and incentives available today to reduce the price of energy produced by solar, making it more affordable than ever. We work with leading solar finance partners to meet any financial situation required to make your solar system economically viable. Many Customers can be cash flow positive from Day One without a large capital outlay. Call our professionals to help you understand the full spectrum of finance options, tax credits, deductions, purchase, solar production incentives and special utility rates that may be available to you. We are experts and on-top of the latest financial options:
For many individuals, purchasing a solar powered system outright can yield the highest return on investment. This allows you to take advantage of the generous rebates and tax benefits available for installing solar. Depending on your location, these may include an upfront or performance based cash rebate, a 30% Federal tax credit, and an accelerated depreciation schedule.
In our Same As Cash (SAC) financial option you will have a bridge loan through our strategic business partners. You can own your solar system today and defer payment for up to one year, enough to realize all your incentives.
The same way you would lease a vehicle or a building, you can lease the solar energy equipment (the leasing company owns the equipment, earns tax credit and all incentives). With fixed monthly payments you know exactly how much to budget for your new solar facility. At the end of the lease term (typically 10 years), you’ll own your solar system. Because solar PV modules come with a 20-25 year manufacturer’s warranty and a 40+ year anticipated operating life, these systems will deliver energy savings for years to come.
Choosing the SunPower SolarNow Combo Loan to pay for your new photovoltaic solar system is a great choice. The Combo Loan is two separate loans—a 12-Month Same-As-Cash (SAC) Flex Loan to cover you until receipt of anticipated tax incentives and rebates*, and a longer term 6.99% APR 12-Year Loan with equal monthly payments for the remaining project cost. (*Talk to your tax advisor about your particular tax situation. All loans must be repaid regardless of whether tax incentives or rebates apply in your case.) Learn More
Digital Federal Credit Union (DCU), New England’s credit union has signed an agreement to provide up to $100M in financing for residential solar loan projects. The deal between SunPower and the DCU will allow a homeowner who joins DCU to receive a loan of up to $50K for a high-efficiency solar SunPower system. DCU will serve as the lead credit union in a 36 credit union consortium bankrolling the program, meaning they’ll deal directly with homeowners. The loans are available for terms up to 20 years, and may allow residents to qualify for the 30 percent federal tax credit currently available for installing solar power systems.