How do you make the right decision when it comes to Solar Financing? We are here to help!
As Sonoma County's Leading Solar Installer, we have access to all the financing options. From Solar Leases to Power Purchase Agreements, Bank Loans to Municipality based financing, Westcoast Solar Energy can help you navigate the ever-growing array of financing methods. Westcoast Solar has maintained independence in the financing world; we haven't signed any exclusive agreements with any finance companies or providers. This enables us to put you, our customer, first and evaluate multiple methods of financing without having to compromise on our Industry-Leading quality and installation standards. Contact us to get started on your Solar project today!
How Much Does it Cost?
Solar Photovoltaic (or PV) systems are more affordable today than they have ever been. In addition, there are serveral programs in effect right now that make going solar downright cheap! There are currently Federal tax credits for renewable energy projects on both new and existing homes. The State of California has the "California Solar Initiative", which provides differing incentives based on installation size, customer type and a couple of other factors. Finally, Sonoma County has special financing available for new systems added to existing homes and businesses. While the details of the programs may be complicated, the result is that now is a great time to install solar. And don't worry about all of that "red-tape" - that's what we're here for.
In addition to the above incentives, there are several factors that will affect your installed "cost". However, the true cost is best measured in the question "How long will it take for my system to pay for itself?". The answer to this, of course, will depend on many factors like system size, system productivity (i.e. solar potential), energy consumption and your incentive mix. Our team is trained in sorting out exactly these types of details and designing a system that meets your goals for return on investment in the near or long term.
Below you will find more information on the various credits, rebates and incentives mentioned above. To get started figuring out how much your system will cost simply contact us today.
Federal Tax Credits
The current federal tax credit offers a credit equal to 30% of the cost of the solar system installed. The system must provide electricity for the residence and be placed into service before 12/31/2016.
In addition to the above incentives, Section 73 of the California Revenue and Taxation code allows a tax exclusion for certain types of solar energy systems installed between 1/1/1999 and 12/31/2016. This exclusion generally applies to installations not attached to a residence. Contact us or your county assesor's office for more details.
Sonoma County Financing
Sonoma County's "Energy Independence Program" offers property owners the option of financing their solar system through a voluntary assessment on their property tax bills. The interest rate is determined when the contract is signed, but it's desinged to be at or below current home-equity loan rates and potentially even lower if long-term financing for the program is arranged. This assessment is tied to the property and remains on sale. The program is not available for new construction.
There are 2 basic types of incentives provided under the California Solar Initiative: Expected Performance-Based Buy-Down (EPBB) and Performance Based Incentive (PBI).
Systems smaller than 50kW can receive a one-time up-front incentive based on expected performance. Payments are provided on a $/watt basis. Beginning in 2010, this incentive will drop to systems under 30kW. Alternatively, systems that qualify for EPBB can opt for the PBI incentive.