Solar Financing Solutions from SouthEastern Solar
Solar loans are a great financing option if you want to buy your system. With many solar energy loans, you can finance the entire cost of your system. These loans may be secured (using your property as collateral) or unsecured.
Things to consider about a solar loan: Your monthly savings on your electric bills should be greater than the loan’s monthly payment, allowing you to start saving money fast. Save 40 to 70 percent on electricity costs over the lifetime of your system, as compared to doing nothing, by choosing a loan as your solar panel financing option. Solar loans have the same basic structure, terms and conditions as other home improvement loans. Some states even offer subsidized solar energy loans with below-market interest rates. By buying your system outright, you are eligible for financial incentives like the federal investment tax credit (ITC). Interest on secured solar loans may also be tax deductible, which means additional savings on your income taxes.
Sources of Loans: As the demand for Solar systems has increased, so have the avenues for financing. Some choices available are: Mortgage Companies; Banks, Manufacturer loans, Federal/State grants and loans such as PACE.
What it is: PACE is a mechanism by which homeowners can finance solar and energy efficiency projects via their property taxes. Local or state governments, working with traditional financiers, fund the upfront cost of the solar installation or energy improvement. Homeowners pay back their local authority via an increased property tax bill, usually over a period of 20 years.
Why you need to know about it: PACE has been around since 2001, but for the first 10 years of its life it had a limited impact on the industry. PACE programs received a big boost in August 2015, when a new directive was issued to implement legislative changes making it easier to buy and sell properties that have solar installations financed by a PACE loan.
PACE offers low financing rates, tolerant credit requirements, but most importantly, local governments are incentivized to promote the product since they keep a portion of the PACE payment.
From small roofs in urban settings to ground mounts in the country and everything in between, SouthEastern Solar can make it happen for you.
Take the first step by calling SouthEastern Solar at 205-545-8685 for a free solar site evaluation today. Monday through Friday: 9:00AM-5:00PM. Saturday by Appointment.
Counties serviced by SouthEastern Solar for Residential or Off-Grid installations are: Bibb, Blount, Jefferson, Shelby, St. Clair, Tuscaloosa and Walker.
Commercial and Industrial clients are supported in the states of: Alabama, Florida (Panhandle), Georgia, Mississippi and Tennessee.