Is Financing Available for Solar?
Purchasing a solar system can cost anywhere between $15,000 and $30,000 depending the size and the extras you choose. But there are solar panel financing options available to make solar energy more affordable for homeowners. Although you pay interest over the money borrowed you still save as the combination of cost and interest still out weighs the cost of you current energy bills. Financing companies are available to help you pay for your solar system.
Contact us and we will recommend a company for you.
Loans and Mortgages – You can also take out a solar loan or an energy efficiency mortgage from the federal government to finance your solar system. Fannie Mae and the U.S. Environmental Protection Agency offer home loans for solar systems through their Energy Star program. With loans or mortgages, you’ll still have to pay the complete upfront cost of the home solar system.
Pace Loans and the Pace program PACE stands for Property-Assessed Clean Energy. PACE loans are authorized by local and state governments which borrow money to fund PACE programs by issuing a bond, and then the money is provided by different private financing companies.
They qualify as tax liens, so they have first priority over any other loan on the property, including the mortgage.
There are also significant federal and local tax credits available for your new solar system. The federal tax credit, which lasts through 2021, will cover up to 30% of your investment in a solar system for your home. Additional loans, grants, and rebates are available from state and local organizations, many of which can be found on the DSIRE website.
UnderstandSolar has written about some financial incentives, rebates, and tax credits for the Pennsylvania homeowner in their article Solar Panels in PA, as well as other useful information about solar options in Pennsylvania.
Contact us and we can help you find those you qualify for.