Solar Financing Options
At StraightUp Solar we strive to make installation as easy as possible including the financing of your project. Please speak to one of our friendly sales team with any questions. To simplify the process, several different financing options are available for your solar electric system purchase:
- Same as Cash
- Second Mortgage
For example, a “same-as-cash” loan will help cover the cost of the system until you receive the 30% federal tax credit for the year. Other standard option include a line of credit or second mortgage on your home to fund the entire thing…Of course, you can always purchase the system outright. Essentially, with a cash purchase, you pay $1,000 down, 50% when the system is installed and the balance at the time of system commissioning by your utility. Your average return on investment is around 7-12 years depending on your system size and local utility rates.
Many of Missouri and Illinois homeowners have found that purchasing a system is the right choice for them, on average; a solar electric system pays for itself with a rate of return that often exceeds 8% and has a useful life exceeding 25 years. This means you can receive substantial savings for years to come. The 30% federal tax credit, set to revert to 10% in 2016, is a great benefit to our solar customers right now.