How to Finance a Home Solar System

SunPower by Solar Technologies has installed more than 75,000 solar panels and helped thousands of Bay Area homeowners save money with solar. Our mission is to provide our customers with the best solar equipment, installation and service at a reasonable price. 

At Solar Technologies we understand that buying a solar system for your home is an important decision that will affect your finances and your property value.

Our solar experts will explain all of your home solar financing options, including the federal Investment Tax Credit, which in 2020 could give you a 26 percent credit toward your income tax bill.

We believe that every homeowner can save with solar regardless of their budget or credit history. We will work closely with you to identify the home solar financing option that’s best for your family’s situation.

Here are the four primary methods of purchasing a home solar system:

Cash Purchase

Outright purchasing your home solar system with cash or a home equity loan will deliver the greatest long-term savings and return on your investment.You’ll be eligible to offset 26 percent of the system cost through the ITC, and your monthly electric bill savings will help pay for the system in a few short years with decades of free electricity to follow. The high-quality SunPower solar technology we use, and the power production, are warrantied for 25 years, with a documented useful life of 40 years!

Solar Loan

With a home solar loan, you won’t have to put down any money upfront while still enjoying some of the benefits of ownership, such as the 26 percent tax credit and the 25-year Power and Production Warranty.

And of course, you’ll have the immediate benefit of a reduced monthly electric bill.

PACE Program

With the PACE (Property Assessed Clean Energy) program, you can finance the purchase of your solar installation through your property taxes.

The PACE program works like a loan, and you still qualify for the federal Investment Tax Credit.  There is no credit score requirement, and the loan is transferable if you sell your house.


Lease Your Solar System

With a lease, SunPower Capital owns the system on your roof, but you still get the benefits of the electricity savings. You pay a monthly amount for the use of your system.

With a lease, there are no out-of-pocket upfront costs. When you sell your home, you just transfer the lease to the new homeowner.

Whatever you decide, be aware that it is common for solar companies to push a single financing product that makes them the most money even if it’s not in your best interest. 

You should be cautious about any company that only recommends one or two options. At Solar Technologies we are not incentivized by any of our financing options. Solar Technologies works with you to identify your needs and recommend the most appropriate financing option that maximizes your solar savings.

And finally, there are a couple of other financial benefits worth mentioning: You won’t have to worry about your new home solar system affecting your property taxes because in California such renewable energy improvements don’t factor into the tax assessment process. 

And, solar will increase your property value! According to a recent Zillow article, homes with solar in the San Francisco Bay Area sell on average for 4 percent more.

For more information, call us at (831) 200-8763 or fill out our online contact us form. You can see how much you might save with our solar savings calculator.

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