Own your Solar System
and Reap the Rewards!
It's affordable . . . . we promise!
Own your solar system and reap the rewards
It's affordable . . . we promise
Own or Lease?
Owning your own solar power generator is probably the best investment a home or business owner can make . . . returning double digit returns on their investment. The key word however is ownership! When you lease a solar system the bank gets all the rebate and tax benefits and you get a slightly reduced utility bill. A leased system will cost about three times as much as an owned system and add nothing to the value of your home since you don't own anything.
A typical solar home is worth about $20,000 more and sells faster than the same home without solar! In fact, a leased system may be a liability making it more difficult to sell your home as perspective buyers balk at assuming the lease. At RBS Solar we never recommend leasing, great deal for the banks but a terrible deal for you. Cash is king, as always, but there are many financing plans available for solar projects if you don't have cash or don't want to use it.
A Home Equity Line of Credit (HELOC) is a line of credit extended to a homeowner that uses the home as collateral. Current rates are about 4 percent and are tax deductible. The term of a HELOC can last anywhere from 1 to 10 years, at the end of which all balances must be paid in full. These types of loans are typically available through banks and credit unions. So you borrow at 4 percent and invest it in solar returning 20 percent . . . as they say "a no brainer".
The Home Energy Renovation Opportunity (HERO) Program makes purchasing and installing solar systems affordable with no upfront costs. The partnership between HERO and local governments is made possible by PACE (Property Assessed Clean Energy) legislation, which gives property owners a new way to borrow money for energy-efficient home upgrades. Approvals are based on the amount of equity in the home, not your credit score, and if the property is sold, any remaining balance can be legally passed on to the new owner. Loan payments are made through an increase in your property taxes. The interest is tax deductible and in some cases the entire payment is deductible. RBS Solar is a registered HERO contractor.
There are many banks, such as Mosaic, Sungage, and Dividend, that offer loans tailored to solar projects. These banks allow you to re-amortize the loan at no cost allowing you to apply the tax credit to pay down the loan. Part of what we do is helping our customers understand their finance options and securing the best deal.