LA Solar Group

Financing

Our financing options allow you to enjoy the benefits of going solar without the large initial cash outlay. Although a cash purchase provides the most financial benefits, including the shortest payback period, financing-related benefits are not far behind.
In comparison to other types of loans, solar loans are a great way to receive immediate financial value. Solar panels will help you save money for an extended period.

Solar Financing

When considering which solar financing option to choose it is important to understand each option’s terms.
While solar lease supposes monthly payment for your solar system, in case of PPA, you pay for the production of the panels. In both cases, you do not own the system. Things are different for solar loans. If you have a good credit score and qualify for it, the interest rates of solar panel loans can be as low as $0.99 without any down payment, and you own the system.

solar financing

PRIVATE LENDING

There are some financial options of solar lending that companies provide to assist in solar panel costs. Major lenders are:

  1. LA Solar Group In-House
  2. GoodLeap
  3. Salal Credit Union
  4. Service Finance
  5. Wheelhouse Lease and Finance

PACE (PROPERTY ASSESSED CLEAN ENERGY)

The major PACE finance company is Renew Financial, with whom you can expect:

The ITC applies to both residential and business solar systems.

  • The credit is applied to taxes owed in the amount of 26% (until 2022) of the solar installation’s net cost.
  • Installation costs include the system, labor, fees, batteries, taxes, and certain remediation costs to install the system (e.g., main electrical panel upgrade, roof repairs, or cool roof installation).
  • Any incentives (utility, state, or other) need to be deducted to arrive at the net cost.
  • There is 26% credit for systems until 2022. After that it will go down to 22% for 2023 and thereafter it will be eliminated unless Congress renews it.
  • ITC is a credit and not a deduction. Therefore, it is worth dollar for dollar.
  • The credit is not income, so you do not owe tax on it.
  • You need to owe at least the same amount of tax to take advantage of ITC. You can carry it over to subsequent years.
  • If you are the primary owner for multiple homes, then credit needs to be pro-rated for each home and based on the amount of time you live in each home.
  • There is no limit to the credit.

To conclude, if you are eligible for any state solar incentive program, then the system purchase is the best out of all solar system financing options. Otherwise, in the case of a lease or PPA, the solar module company owns the panels and receives the tax incentives from the government.

Please, contact us via phone, email, or complete the contact form. Our consultants will help you create the best solution that fits your needs.

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The main reason why this happens is when you have a grid-tied solar system, it has safety measures preinstalled to shut down production in case of a power outage so as not to do extensive damage to the grid or the employees working on fixing the outage.

If you would like to be less dependent on the grid or ideally have no dependence, then you can add storage batteries to your solar system.
Backup batteries store the excess energy produced by solar for later use (for example, when there is a power outage). You can provide backup for some of your home appliances or all of them by installing more batteries depending on your energy consumption.

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