Solar Financing Solutions
The Challenge of Solar – High Up-Front Cost
Everyone knows that solar is a great investment for your home or business, but coming up with the large up-front payment for solar at the outset of the investment is challenging for many of today’s home and business owners. CNC Solar has a solution to this problem. You can now install solar for as little as $0 down. Solar financing is better than a lease; you get to keep your incentives, including your state grant, your federal tax credit, and your SREC income. Because you realize the full value of your incentives, you can expect a 700% BETTER return on investment than you can from a lease.
CNC Solar offers more financing solutions than any other local solar company
We have three lending institutions that we work with, each with a different solution. Our solar financing experts will determine the financing program that will provide you with the best return on investment.
|Program||Provider||Maximum Financed||Interest Rates|
|FHA Title One||REEL Finance||$25,000||4% - 10%|
|Admirals Bank||$40,000||0% (Same-as-Cash)
4.95% - 9.95% (FHA)
|Same-as-Cash & Reduced Interest Rate||Service Finance||$65,000||0% (Same-as-Cash)
2.99% - 5.99% (Reduced Rates)
With solar financing, you can be cashflow positive from day one
Depending on your situation, you may:
- Completely eliminate your electricity bills
- Receive SREC income for creating green energy
- Deduct the interest you pay on your solar financing
- Make monthly payments on your solar array that are less than what you used to pay to the power company
- Net out with a lower monthly electricity expense.
You have the option to finance the entire project, or use financing to “float” your state grant and federal tax credit. You can even reamortize your financing at no charge once during your first two years, lowering your monthly payment with FHA programs. With all of our financing offerings, there is no penalty for early repayment, so you can pay off your financing whenever you would like.
When You Move
The average homeowner remains in their home for 10 years. Current homeowners expect to remain in their home for 10 to 15 years. Entering into a 20-year solar lease makes selling your home more difficult, as you need to make all remaining payments to satisfy the solar lease (paying a large lump sum) or have the new homeowner qualify to take over the lease. It is difficult for the new homeowner to assume the lease because qualification of the customer is based on cashflow, which is in flux when purchasing a home. And, because you do not own the solar array, it adds no value to the sale price of your home. In order to own the array, you must pay all remaining payments plus the current market value of the array.
Alternatively, financing a solar array is much more simple. You can elect to pay off your financed balance, paying a large lump sum. There is no additional payment to own the array, because you have owned it from day one. Or you can have the new owners take over your solar loan. Because qualification for the loan is based on FICO score and credit history, it is very easy for the new homeowner to qualify to take over the loan. In virtually all cases, if the new homeowner qualifies for a mortgage to buy your home, they qualify to take over your solar loan. And, because you own the solar array, it adds value to the sale price of your home.
For a detailed analysis of why CNC Solar's financing beats a lease, click here.
Solar is extremely low-maintenance. In the electricity generation field, it is referred to as a “fire and forget it” technology. It is a myth that it is risky to own your solar equipment. In the rare case that there is an issue with your solar array, CNC Solar protects you with both a full, five-year warranty on our materials and workmanship, and service of all hardware warranties and power guarantees. This means worry-free solar ownership for 25 years.
See the Numbers for your Home
The first step in determining if solar financing will work for you is to have us complete your roof analysis. Click here to give us all the information we'll need to take a look at your home, analyze its potential for solar, and get you all the information you need to go solar with our financing program.
You can apply online and receive your approval in one day. Simply click the one of the logos below to begin your application process.
Click the REEL logo to apply for an FHA Title One Home Improvement Loan
Click the Admirals Bank logo to apply for a Solar Step-Down Loan
Contact CNC Solar to apply for a Same-as-Cash & Reduced Interest Rate Loan