In the past, solar has seemed out of financial reach for California homeowners. Recent growth in the popularity of home solar and the increasing ease of financing programs, however, are revolutionizing the industry. Going solar is becoming easier and more affordable than ever before. Now is the perfect time to consider making the switch! It’s no secret that solar is a rapidly growing industry. In the first quarter of 2015, residential solar enjoyed its biggest single quarter growth on record; this growth equalled a 76% increase over the same quarter in 2014. From January to March of this year, solar installations accounted for more than half of total new electric generation. And by 2020, rooftop solar is expected to be a $10 billion industry.
The “year of the loan”
Financing programs, too, are becoming more popular for solar installation. Last year marked what solar market analysts consider the “peak” of third party ownership. 72% of installed solar was “third party owned,” meaning acquired with leases and power-purchase agreements (PPAs). The trend is now shifting away from leases and PPAs and toward customer-owned solar systems. Loans and third-party financing programs now play a much larger role in the solar market. Now more than ever, homeowners need to have access to financing programs that are both robust and easy to understand. That’s where we come in.
PACE: an efficient solar financing platform
Property Assessed Clean Energy (PACE) financing is our answer to the growing need for an affordable, easy-to-understand financing solution for solar upgrades – as well as water and dozens of other clean energy upgrades. We provide 100% upfront funding for solar installation, allowing you to make the switch with ease. After the installation is complete, you begin repaying the cost of the upgrade on your property tax bill over the course of between 5 and 25 years.
The benefits of our financing don’t stop there. Other PACE program features include:
- Fast in-home approvals
- May increase property values
- Balances may transfer to new owner upon sale
- Loan amounts of up to 15% of property value
- No prepayment penalties and free re-amortization
- Financed amount won’t appear on credit report
The White House and Federal Housing Administration’s (FHA) recent announcement about an initiative to support PACE financing by removing barriers and accelerating its use mean that PACE is on track to grow quickly.
Community solar programs across California
Several areas of California, including the East Bay and Peninsula, are implementing “Sun Shares” programs for residents, which provide a discount for group-purchasing solar in large quantities. Participating homeowners can save up to 15% on the market price of their systems with this community bulk buy program. This program allows communities to save on solar, and is quickly becoming a popular option — the East Bay program has more than 270 participants (with plenty of time left to join), and nearly 1,100 homeowners joined the Peninsula program. We offer a network of CaliforniaFIRST registered contractors across the state that can complete the Sun Shares solar upgrades utilizing PACE financing. We’ll equip you with the tools to make the switch to solar! Start by checking your eligibility for our financing, or call us at 844-589-7953 today to get started.
