(NO MONEY DOWN, No Home Equity needed, NOT Leasing)
Is the Solar Lease right for you?
Solar power, by its very nature, is a dividend producing asset. By virtue of saving money on a necessary expense, it puts tax-free money in your pocket every month. The rate of return (dividend) on investment is around 15 – 25%. If you are among the many people who want solar energy but did not like the upfront investment, NY Power Solutions’ Smart Solar Program offers no money down financing programs for solar projects.
How “FREE SOLAR” can be a $25,000 mistake.
Leasing is attractive on the surface because they advertise it as free, but the long term payments and accelerators make it more expensive in the long run. In most cases, you would not want to lease a dividend producing asset. If you do NOT qualify for a tax credit, leasing is a good alternative. But stay away from those annual increases. They can potentially put you in a bad position if Con Ed doesn’t increase as much as the projections.
No Money Down Financing
If you have a credit score of over 640*, and qualify for a tax credit, (most of us do), no money down financing is what you want. When you purchase a PV solar system, you are entitled to Federal and State tax credits. In most cases, tax credits pay more than 1/2 of the cost. The SMART SOLAR PROGRAM is NO OUT OF POCKET, using an unsecured, hybrid loan.
The portion of money that will be reimbursed by incentives is financed in a one year, no interest loan. This one year loan will give you time to get your tax credits without paying interest. When you receive your tax refund, pay the loan and close it out. The remainder, your actual net investment, is financed in an unsecured, fixed rate loan for 12 – 15 years. The interest rate on the loan is low and fixed. There are no prepayment penalties.
Don’t let anyone scare you out of owning this valuable asset. A Solar Electric system requires less maintenance than a flat screen TV. Aside from an occasional glass cleaning, there is no maintenance necessary. Our systems have 25 year warranties on the panels and the inverters.
If you are currently in contract with a leasing company, or are considering it, contact us today.
You will be extremely glad you did.