Paying for your system in cash upfront provides the fastest payback and the greatest savings. But solar savings are strong with financing as well. Loans secured with your home and/or offered by credit unions offer the very best rates. And the interest on any home-secured loans is typically tax-deductible, an advantage over other loan products. We’ve partnered with specific institutions to make the process easier (see below). However, also contact the financial institutions you may already have a relationship with.
Among the questions to ask as you pursue financing are:
You can choose to use your preferred bank or credit union to obtain a Home Equity Line of Credit for your solar installation. We would treat it as the same as cash for our purposes, which would make the project cheaper overall on our end as we do not have to provide the financing product. However, you may encounter additional fees and loan processing payments from your bank so make sure you are aware of what financing product you are using.
Similar to a second mortgage in that a lien is placed on the home.
Admirals Bank Solar Loan
To apply:
Contact Admirals Loan Officer Paula Coyne at 401 248-7235 or pcoyne@admiralsbank.com
Dividend Solar EmpowerLoan
3 Ways to apply:
* Always contact a trusted tax professional to verify eligibility in your specific case.
Paying for your system in cash upfront provides the fastest payback and the greatest savings. But solar savings are strong with financing as well. Loans secured with your home and/or offered by credit unions offer the very best rates. And the interest on any home-secured loans is typically tax-deductible, an advantage over other loan products. We’ve partnered with specific institutions to make the process easier (see below). However, also contact the financial institutions you may already have a relationship with.
Among the questions to ask as you pursue financing are:
You can choose to use your preferred bank or credit union to obtain a Home Equity Line of Credit for your solar installation. We would treat it as the same as cash for our purposes, which would make the project cheaper overall on our end as we do not have to provide the financing product. However, you may encounter additional fees and loan processing payments from your bank so make sure you are aware of what financing product you are using.
Similar to a second mortgage in that a lien is placed on the home.
Admirals Bank Solar Loan
To apply:
Contact Admirals Loan Officer Paula Coyne at 401 248-7235 or pcoyne@admiralsbank.com
Dividend Solar EmpowerLoan
3 Ways to apply:
* Always contact a trusted tax professional to verify eligibility in your specific case.
City of Columbia Power & Light Solar Loans
26% Federal Tax Credit
Solar Renewable Energy Credits (SRECs)
StraightUp Solar in partnership with SunPower offers a leasing program in Illinois for homeowners. Lease options are for 20 years with an opportunity to buy the array, continue the lease or remove the panels after that time is up. There are two lease options available. The first option is that the payments for the lease would never change over the time of the lease, and energy bill payments would guarantee at least a 10% savings between the lease and payments to the energy company. The other option is to have a 2% escalator to the lease amount each year for a guaranteed savings of 20% below the amount that would be paid to the energy company without solar. It is important to note that these are minimum savings numbers, but it is possible to save a bit more. However, those additional savings are not guaranteed. Contact us if you are interested in a SunPower Lease.
Participation Based Rebates
This rebate may also reduce the cost of going solar if participation goals are met. Participation goals can be set via a Group Buy Program. Beyond a minimum threshold, the greater the participation the larger the rebate. Learn more here.
Local/Regional Rebates
Empire District (utility) Rebate – The utility offers its residential and commercial customers a one-time rebate of $0.50/watt ($500/kilowatt) of installed solar electricity generation. Go to the Empire District Solar Rebate to learn more. Time limited: rebate will continue until state required outlay has been met.
City of Columbia Power and Light Rebate – Funding has been exhausted as of the summer of 2017, though there is a waiting list should additional funding become available during this fiscal year. The program will likely be re-funded in 2018, though it is not clear if wait-listed systems will be eligible for the new funding The utility offers all customers a one-time rebate of $.50/watt ($500/kilowatt) of installed solar electricity generation. Go to the City of Columbia P&L Solar Rebate to learn more.
An installation completed through a group buy will typically cost 5– 15% less than the same installation purchased in the general marketplace. A group buy usually includes additional discounts to encourage participation.
Pricing is typically presented as a pre-set menu of the basic system price and additional options.
We will work closely with you to match your goals and budget.
Common project cost factors include:
Once the group buy is launched, we can quickly provide interested individuals with sample pricing.
https://youtu.be/00vRcT7UU9c In this StraightUp Solar testimonial, find out how this Anna, Illinois homeowner goes from “dirty” energy to clean! When Alan Pigg retired from a
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