Financing Eligibility criteria details

• No current involuntary liens and/or judgments totaling more than $1,000 for all property Owners

• Property owner(s) must be current on their property taxes for the prior 12 months

• There must be no notices of default or foreclosure filed against the Property within the last 2 years

• No bankruptcies (business or personal) in the last 2 years. The property must not be an asset in a bankruptcy proceeding

• Energy efficiency, renewable energy, and water efficiency products; permanently fixed, new products; must meet minimum efficiency and/or other requirements for eligible products

• All eligible products must be installed by a participating contractor

• Minimum financing amount is $5,000

• Maximum amount financed is the lesser of $200,000 or 15% of the value of the property and combined amount financed under the program plus mortgage-related debt cannot exceed 100% of the value of the property

• Property owners should participate in available state and federal incentive and rebate programs and must declare any rebates received for the project

 

Financing a Solar Energy System

Solar customers have multiple options when financing their solar energy systems:

 

• Home Equity Loans - Many customers go through their commercial lenders to finance their solar energy systems, and home equity loans have been the most common method for homeowners to purchase their solar systems.

• Power Purchase Agreements - Under a "PPA," a third party owns and maintains the customer solar system, selling the kilowatt-hours back to the customer. Thus, customers who opt for a solar PPAtypically have low capital costs and pay only for the electricity their solar systems generate. 

• Solar Leases - By leasing a solar system, customers can get the benefits of owning a solar system without the capital costs. Solar customers opting for solar leases simply rent the solar system from a company as they would any other home appliance while earning the benefits from the electricity the system produces. Solar leases are attractive options for home or business owners that plan to at their business or office for less than five years. For more reading,Mother Jones Magazine has an excellent February 2010 article titled: "If You Can't Afford to Buy a PV System, Consider Renting One".

• Property Assessed Clean Energy (PACE)/(HERO) - Solar customers likewise may have the option to finance their solar systems through their local governments. Local governments can create property tax finance districts to issue loans for energy efficiency and renewable energy such as solar PV systems. PACE allows local governments to provide low-cost, 20-year loans to eligible property owners seeking to install these technologies. The solar customer then pays more on the annual property tax bill to repay the loan. The loans are permanently fixed to real property, so that residents need not worry about their system's break-even point and can pass the loan payments on to subsequent buyers of the property. Renewable Funding offers helpful additional information about PACE, and presently PACE programs are in place in the following communities:

 

FREQUENTLY ASKED QUESTIONS

 

Financials

How much does a solar electric system cost?

The cost of your solar investment will vary greatly depending on the size of the system, your location and available incentives. To find out what a Solar system will do to your electric bill, go to solarworld.com and schedule your free solar consultation with a Solar installer.

 

What incentives are available to me?

Solar systems sold in the U.S. are eligible for a 30% federal tax credit. Additional state, local and utility

incentives exist in many areas, further lowering the net cost of your investment. Ask a Solar installer about

available incentives in your area.

 

Can my electric bill really be $0?

Some solar systems produce more electricity than is used each month, bringing net electricity costs to $0. However, there is still a minimal connection fee (typically about $100 per year) to remain connected to the electrical grid.

 

Do I get paid for my extra energy production?

Currently, most of America is under a system known as Net Metering, which allows your net electricity costs to

be reduced to zero, but no further. In a select few places in the U.S., you can be paid for any excess electricity you create, in what is known as a Feed-In Tariff system.

 

Installation

Does a solar system require permits?

Yes. Your Solar installer will handle all the paperwork to make the process quick and easy.

 

Can I install solar panels myself?

It is not recommended. The process requires both licensed electrical and roofing skills to ensure the system is safe and optimally designed for 25+ years of production.

 

Maintenance

How much maintenance does a solar system need?

With no moving parts and at least a 25-year expected life-span, Solar panels require very little maintenance. In fact, their design ensures that they remain relatively clean as long as they are exposed to rain or a quick rinse with a garden hose every few months.

 

Weather

Is solar a viable option in cold climates?

Yes. A general rule of thumb is that if you can clearly see your solar panels, they can produce electricity. In fact, given equal sunlight, a solar panel on a cold day will outproduce a solar panel on a hot day.

 

How do solar systems fair in extreme weather conditions?

Solar panels can withstand high wind and snow loads. In fact, they are rated higher than any other solar panels under UL standards.

 

How does snow affect a solar system’s performance?

While snow will decrease production while it is on your panels, it should not damage your system when designed and installed properly. Given the angle of the panels and their tendency to produce some heat, the snow will fall off your panels faster than it would fall off your roof, quickly returning your system to its full potential.

 

Blackouts

Will my system still generate power during a blackout?

For the safety of workers attempting to fix power outages, solar systems that are connected to the electrical grid are required by utility regulations to shut off during blackouts. Solar recommends battery backup or traditional generators in places where blackouts occur regularly.

 

Off-grid systems

Can I take my home off the electrical grid?

Yes, provided you install optional battery-backup systems to provide power when your demands exceed your

production, such as at night. While a Solar installer can help you install such a system, it is not typically

recommended for several reasons. First, batteries add significant costs to your system, extending your payback period. Second, you may not be eligible for some incentives if you do not connect your system to your utility. Lastly, staying connected to the grid ensures you will rarely ever be without power, unlike batteries that have a limited lifespan and storage capacity.

 

Selling your home

I don’t plan on being in my home for 25 years. Why would I add solar?

People move more frequently now than ever before, but that shouldn’t impact your solar decision. A solar system can save you money today and even pay for itself in as little as five to seven years. Even if you move before your solar investment is completely paid off, studies show the cost will likely be returned in added value to your home. Plus, your home will most likely sell faster. Who doesn’t want a home with a guaranteed low electric bill? Our warranty is even transferrable one time to a new owner.

 

Roof integrity

How does a solar system affect my roof integrity?

With proper design and installation following industry best practices, your roof should maintain all its pre-solar integrity. Solar audits and trains all our Authorized Installers on these best practices so that you can rest

easy knowing that your roof will be okay. Be sure to as your installer about any guarantees they offer on their

installation quality.

 

Safety

Are there any fire, electrical or other dangers from a solar system?

Similar to any other electrical component, proper installation will greatly limit any dangers. However, you

should still take care to ensure your system is not easily accessible by children or animals who could potentially damage the system and possibly injure themselves. If your system becomes damaged in any way, immediately seek assistance from a professional installer or electrician.

 

Insurance

Can a solar system be insured?

While SolarWorld does warranty solar panels for 10 years on workmanship and 25 years on energy production, we do not cover damage from external sources or theft. However, most homeowner insurance policies will cover your solar panels in these cases. Check with your insurance provider.

 

Homeowners Associations / Neighbors

Can my HOA or neighbors prevent me from installing a solar system?

In a lot of cases, no. Currently, 39 states have solar access laws that provide varying degrees of protection against restrictions that can be imposed on you. Your local Solar installer will be able to discuss the laws and

policies in your area.

 

Pools

Can solar panels heat my pool?

Most pools are heated by natural gas, so solar electric power will not be able to assist in heating outdoor

swimming pools. However, our solar panels do offset the power used by a pool’s electric pumps.