💳💰What type of financing do we work with at Equity Solar?
To acquire a solar energy system, the customer must have a financing way, which can be Loan, Lease, PACE, or Cash.
💳What is a Solar Loan?
A "Loan" is provided by a financial company to the customer, allowing them to purchase their own solar system and finance it over time.
📃What is a Solar Lease?
- An alternative for going solar where the finance company maintains ownership of the system.
- The homeowner has the opportunity to have a solar system installed without any initial expenses. The finance company establishes a fixed kWh rate for all the electricity produced by the PV system, which the homeowner will then pay.
- Under this program, as long as the PPA (Power Purchase Agreement) rate remains lower than their current utility rate, continuous cost savings are assured. The rate offers choices for an annual escalator increase ranging from 0% to 2.9%. Each year this kilowatt hour rate will increase by 0% - 2.9%. The yearly rate increase depends on was sold to the homeowner.
- Additionally, the finance company takes full responsibility for warranties and maintenance.
- The Finance Company, not the customer, will have the eligibility to claim the tax credit for the system.
- The Federal Tax Credit does not impact the customers bill in any way.
🏡What is a Property Assesed Clean Energy (PACE)?
- When a customer aims to own their system by leveraging the equity in their home, and they prefer not to impact their personal credit.
- PACE, Property Assessed Clean Energy, is not available in all locations, so first you need to check availability in HomeRun.
- PACE provides homeowners with a chance to fund their solar system using the equity they've built in their home. Instead of making payments to a finance company, customers can handle the expenses of their solar system through property tax payments.