Partial list of Solarponics Payment / Finance Options
(Property Assessed Clean Energy)
Administered through California First in San Luis Obispo County
WHAT IS IT? Energy saving financing. California First is part of the statewide PACE program (Property Assessed Clean Energy), which allows solar energy costs to be repaid through the homeowners property taxes. This is the highly successful financing option that we have been waiting for. It makes solar energy available for everyone.
WHO IS ELIGIBLE? Every homeowner in SLO County who is current on their property taxes and mortgage payments. CaliforniaFIRST is the administrator of the PACE program for SLO County.
BENEFITS: NO CREDIT CHECKS • 100% FINANCING • NO BANKS • NO ADDED DEBT • TAX DEDUCTIBLE • FAST AND SIMPLE APPROVAL • EASILY TRANSFERABLE IF PROPERTY IS SOLD
PERFECT for a homeowner: • who doesn't have cash on hand • who doesn't what to finance through a bank and take on more debt • who wants greater savings than a lease offers • who MAY sell their home in the next 20 years • Available for multiple energy efficiency upgrades including solar electric, solar water heating, solar pool heating and radiant heating
WHAT IS IT? A partnership with CoastHills Federal Credit Union and Ventura County Credit Union to offer unsecured loans with low rates and flexible terms of loan repayment up to 15 years in order to achieve manageable monthly costs on energy efficiency upgrades.
The program is funded in part by the American Recovery and Reinvestment Act via the U.S. Department of Energy’s BetterBuildings program and the California Energy Commission. emPower is also funded by California utility ratepayers and administered by Southern California Gas Company, Southern California Edison Company and Pacific Gas & Electric under the auspices of the California Public Utilities Commission.
BENEFITS: Making your home more comfortable, efficient and safe just got easier. emPower provide a variety of services that includes rebates up to $6,500, low interest financing, free expert energy advice, personalized customer support • Be More Comfortable • Save Energy and Lower Bills • Improve Air Quality • Update outdated Equipment
WHO IS ELIGIBLE? Every homeowner in SLO County who is current on their property taxes and mortgage payments. EmPower is funded in part by the American Recovery and Reinvestment Act, US Dept of Energy, SO Cal Gas, PG&E, So Cal Edison and the Public Utilities Commission.
Good for a homeowner who:
• has a grossly energy inefficient home that needs multiple energy saving upgrades. Multiple upgrades can be financed together, saving more money.
**emPower financing is restricted to eligible projects. Solar electric systems are only eligible if completed with other eligible energy efficiency packages. See Eligible Projects page for more details.
3. SolarOWN, SunEdison manufacture financing
WHAT IS IT? SolarOWN is a Sun Edison manufacturer financing program. Sun Edison is a top-rated solar panel and equipment manufacturer and supplier.
WHO IS ELIGIBLE? Every homeowner with a 680+ credit score, 10% equity in home • For SunEdison panels
BENEFITS: • World-class SunEdison panels and inverters • includes monitoring and full warranty • 20-year loan, no prepayment penalty • loan amount up to $65,000 • No income verification needed • 20 year performance guarantee
PERFECT for a homeowner:
• who does't want the hassle of traditional bank financing • who wants a production guarantee on their solar system • who wants system monitoring access • who wants to save MORE than a leas and still OWN their system
4. GREEN Loans
WHAT IS IT? Renewable energy and efficiency loan administered by community bank or credit union.
WHO IS ELIGIBLE? Every homeowner with a 680+ credit score, 10% equity in home
BENEFITS: • iAllows for 30% federal tax credit. Interest may be tax deductible • Available with ANY panel manufacturer and equipment.Typically a lower interest rate than a standard HELOC. Fast and easy to apply for.
PERFECT for a homeowner:
• does not want to take out a second mortgage, but wants a lower interest rate than an unsecured loan offers. A green loan must be used for qualified energy efficient upgrades only, which includes solar electric
5. SOLARIZE SLO County (ENDED)
WHAT IS IT? Group purchasing power offering pre-negotiated, lower system costs. Sponsored and administered by Community Environmental Council, serving as homeowner advocate.
WHO IS ELIGIBLE? Every homeowner with a 680+ credit score, 10% equity in home, living in SLO County.
BENEFITS: • Typically 15% below market costs for same system • Allows for 30% federal tax credit • Installers (Solarponics) are pre qualified and vetted for quality assurance • Trusted advocate negotiating on your behalf
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6. HELOC (Home Equity Line of Credit)
WHAT IS IT? Also referred to as a second mortgage, you borrow against built-up equity in your home.
WHO IS ELIGIBLE? Every homeowner with a 680+ credit score • Current on first mortgage and 70% LTV
BENEFITS: Historically low interest rates • You are investing in your home • No pre-payment penalty • long-term repayment options for low monthly payments • Interest is tax-deductible • Allows for interest only payments, keeping more money in pocket.
PERFECT for a homeowner:
• who doesn't want to add any reported debt • who has equity in their home • who wants to take advantage of the historically low interest rates • wants the flexibility of interest only payment or prepayment without penalty
7. LEASE or PPA (Power Purchase Agreement)
If you have NO tax liability, do NOT plan on selling your home in the next 20 year, and have NO other means of paying for a solar energy system, a lease MAY be a viable option. Leases come with a 20 year repayment term, with equipment warranties and possible production warranties.
LEASE/PPA/RENT VS. PURCHASE or PACE Program (BUY or FINANCE)
San Luis Obispo County - Santa Barbara County - Monterey County
Commercial Payment Options
• CaliforniaPACE for Commercial Financing
The Property Assessed Clean Energy program (PACE), and commonly referred to as Bill AB 811.
• 100% up front financing for qualified upgrades.
• PACE assessment stays with the property if it is sold.
• PACE assessments quality as an operating expense
• The property does not incur any additional debt
• Allows projects to be cash flow positive
• Security of tax lien: investment-grade credit ratings not needed
• Preserves capital and credit line for core business investments.
• Introducing CSI Thermal Rebate
The California Solar Initiative Thermal Program for Commercial Swimming Pool Heating
• Rebates cover 50% of system costs, or more
• Includes multi-family residential, commercial, governmental, educational and non-profit
• Incentives are for gas customers of PG&E.
• Incentives are for new and existing swimming pools
• There is no cap on the solar system size
• Limited funding is available on a first-apply basis. Act now.
To schedule an initial free consultation, call now. (805) 466-5595 or fill out this form.