- Admiral Bank – This is a great option for people with credit scores of 650 or more with debt to income ratio that does not exceed 45% . Admiral takes the middle of the 3 credit bureaus to determine your score. They offer what they call their Solar Step Down Loan. This is great if you don’t have any equity in the property as no appraisal is required, the rate is fixed with no prepayment penalties. And payments are Tax Deductible!
The loan amount of $25,000 is secured and there is a one time re-amortization allowed in the first 24 months of the loan to allow you to Step Down the payment.
In addition to that, if your credit score is 700 or more the Solar Plus Loan can be added to the Step Down Loan for an additional $15,000 for which no payments are due for 18 months which means you can use you tax credit to pay for this loan if you so desire.
Please call if you wish to use this program and I will help you contact our representative at Admiral Bank.
- HERO Program – This is a program where you must have 10% equity in your home and no late tax payments in the last three years. Also no bankruptcies in the past 7 years nor no more than one late mortgage payment in the past year. Also there cannot be any liens against the property. The payment for the solar system is paid to the County with your taxes. (If you have an escrow account on your mortgage, it will raise your monthly mortgage payment.) The advantage to this is that since the solar payments cannot be separated from your tax payments, the whole payment is tax deductible on your taxes and with your energy savings your system ends up paying for itself over 20 years.
Currently HERO covers Cities of Fresno, Clovis. Kingsburg, Reedley, Sanger and the unincorporated areas of Fresno County . HERO covers the unincorporated areas of Madera County. We are a HERO Registered Contractor.
- Western Heritage Financial – This program is for those who have lots of equity and wish to refinance to include a solar system in their mortgage. This firm works very hard to make your refinance as easy as possible. They are very honest and helpful. We used them to refinance our own home and they were very good and fast to reply to email inquiries about what was happening.
- Credit Unions – Many credit unions are getting into providing energy efficiency loans. You might want to check yours. Their rates often range from 6.5% up to 12% depending on your credit.
We are always looking for more ways to help you finance your system and will update this page as they are available. We do not do leases or PPA’s, they take your Federal tax credits and you need an attorney to check them out.Request your Free Quote today!
Upcoming Events That Will Effect Solar & Reasons to Install Solar Now!
IRS Tax Credit
The IRS 30% tax credit has been extended and will not expire in 2016.
Residential Time of Use
The electric utilities in California have already applied to the Public Utilities Commission for this rate change which will affect everyone and been granted this change which will start in 2019, although there may be a opt out option.
End of Net Metering
All the electric utilities have applied for this. The CPUC is standing with the public and not stopping net metering at this time. They are going to increase some of the pricing including a $150 install fee. But the first of February is when it will be signed and we will know exactly what they will do. That will be called NEM 2. The MW that remain in NEM 1 are expiring quickly and NEM 1 may expire by the end of April. So getting solar now will save you money in the long run because the new charges in NEM 2 will be monthly.
You get paid!
That is right. If someone purchases a solar system from us on your recommendation, then you get 3% of the system price. So a $20,000 system would net you $600. Great deal for just bragging about your system. But you must have provided their name and phone number with their permission or they must call us and say you recommended them. WHY? Because word of mouth is the best advertising and helps us keep our prices down.
For more information, please contact us.