July 28, 2016

Solar Financing 101

Solar Financing

Table of Contents:

solar financing explained

When we think about financing, we might think about that brand new car or white picket fence house that was just listed on the market.  Financing is the way we have been able to afford the not-so-affordable upfront. Now what if I told you there was a way to invest in your home while simultaneously reducing your energy bill? Thats what we are here to talk about today! The honest, raw, truth of how it's now possible to own a solar system for zero money out of pocket.  You heard correctly: Zero.  Nada.  None. Well it's true, but it didn't always use to be this way.  Until recently if you wanted a solar system there was only one payment option available: You guessed it - cash.  Now, I probably don't have to tell you that paying with cash isn't an option for most people especially when a solar system can cost several thousands of dollars.  You can imagine how many fewer people would own fancy cars or boats if there weren’t any financing options available.  Solar is no different - except for one point: Instead of borrowing money to buy an asset that will go down in value, like that fancy car or boat, you're borrowing money to invest in an asset that will become more valuable year after year.  Solar panels! Let me explain.  Each year the utility company increases their rates, sometimes by double-digits.  This shouldn't be a surprise, but this trend is expected to continue for a really long time.  That means every year for the rest of your life you'll pay more and more for the same amount of electricity. On the other hand, when you take out a solar loan it's short-term with a fixed rate and payment.  Most importantly, you fix the cost of your power permanently and now can introduce some predictability into your life.  No more raising rates! Wouldn't it be nice to know exactly what your electricity payment will be each month? Better yet, once your solar loan is paid off you will have nearly free electricity for the next 30 years or more. Here’s the best part: Even with a monthly solar loan payment your overall electricity bill will be less than if you stayed with the utility company, usually to the tune of 15-25% less.

Ready for the cherry on top?  The interest you pay for your solar loan is most often fully tax deductible.  This mean you could potentially pay less in income tax which further increases your return on investment.  So not only can you finance your new solar system with zero money out of pocket, you can start saving money from your first month.  Now that's what I call a smart investment!  Learn more about solar loan options by giving us a quick call at 1-844-807-4463.

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Nick Gorden

Nick Gorden is the Co-founder and CEO of Shine Solar. Nick’s energy, enthusiasm, and leadership is contagious and has contributed to attracting a talented and successful executive team. His time is focused on strategic growth, maintaining profitability and creating the optimal customer experience. Nick has started, managed and sold companies within the communications, mortgage lending, insurance and real estate industries resulting in tens of millions of dollars of market value to investors.

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