It’s not surprising that California offers excellent financing options for purchasing a home or business-based solar photovoltaic (PV) electricity generation system. The solar radiance that is available most days of the year in all parts of the state provides a reliable, renewable and clean energy source for electricity production. The government actively encourages investments in home and business PV systems. Since 2006, its California Solar Initiative has paid financial incentives to thousands of residential and commercial PV owners for making the transition to solar for their electricity needs. State leadership also has eased processing and connecting PV systems to utilities through forward-thinking energy policies to increase solar-generated electricity and reduce the state’s overall carbon emissions.
Costs vary depending on system size
PV system costs vary with the size of the system, its situation on the property and the annual amount of electricity to be generated. Online calculators can provide insight into the expected performance and costs for your system. They allow you to estimate how much you will spend on your system, and how fast you will begin seeing a return on that investment.
Paying for your new PV system
Cash: Paying cash is typically the least expensive method to obtain a PV system. There is no interest accruing over time, so the return on the investment begins immediately.
Financing options: For those who want to gain a solar PV system but aren’t interested in making a single lump-sum payment, several financing vehicles are available, each tailored to address the needs and sensitivities of unique, solar-purchasing consumers.
- Home Equity Loans: Many homeowners access a home equity loan to finance the purchase of their PV system. RGS Energy has several lending partners who reward their solar purchasing customers with flexible rates and excellent terms.
- Property Assessed Clean Energy (PACE) Loans: A number of local government entities offer these loans as an aspect of their property tax structure. The municipality issues a bond to cover the cost of the purchase, installation and connection of the system to the power grid. The system owner pays off the loan through an increased property tax payment. A significant aspect of the program is that the system changes ownership when the house sells, so the new homeowner assumes the task of paying off the loan. Scientific American called the PACE program one of the “top 20 ways to change the world.”
- Low-Income Financing: For low-income homeowners, the cost of purchasing and installing the system is reduced through the Single Family Affordable Solar Housing (SASH) program.
- Mosaic Loans: Privately funded loans are a relatively new development in the lending industry. These loans come from a community of online investors who are interested in increasing access to solar-generated electricity through as many people as possible. RGS Energy has partnered with these communities to offer its customers the opportunity to access reasonably priced funding for acquisition of their home- or business-based PV system. The loans can provide a no-money-down feature as well, getting your home hooked up for PV electricity with no upfront costs to you.
RGS Energy, founded in 1978, is a market leader in solar energy system installation. To learn how solar could lower your electric bills and to get a free quote, visit RGSEnergy.com. Join the millions of Californians who have already invested their money and their future in solar-generated electricity for their homes and businesses. Cleaner air, inexpensive electricity and a future of free electricity await you.