Residential Solar Financing Options

solar panel financing

If you are homeowner who is considering investing in a solar array for your property, you will face the decision of how you will pay for the system.  Cash-out of pocket and home equity loans with your local bank are typically excellent options.  Paradise Energy Solution’s financing partners Service Finance and Admirals Bank also offer excellent loan options that feature different benefits. Residential Solar Power Purchase Agreements (PPA) are the other alternative for residential customers that cannot utilize the tax incentives of solar.

Suffice it to say that if you have a very good credit score, you can probably trade in your monthly payments to your local utility that you will need to make forever, for a payment that is similar in size or smaller that will eventually provide virtually free electricity for you.  That sounds like a good deal!

 

Service Finance

Service Finance Company has helped many homeowners achieve their dream of “going solar”.  Their fast credit approval process and low interest rates make them an attractive financing option.  They offer two term loan options to Paradise Energy Solutions customers, one loan being a 12 year term, 2.99% interest rate loan, and the other a 20 year term, 5.99% interest rate loan, with a maximum loan amount of $40,000. They also offer a 3rd loan option that has a “0% interest rate and no payments for 12 months” feature with a maximum of $25,000 that can be used alone or in combination with the term loans.  Other features include:

  • Low interest rates
  • No prepayment penalties
  • 100% financing available
  • Unsecured loans, no lien on your property.

The great feature of the no interest, no payments for 12 months loan is that it allows time for you to recoup any tax credits and/or rebates that typically take months to receive before you need to make payments and begin accruing interest costs.

 

Admiral’s Bank

Admiral’s Bank has assisted homeowners in all 50 states seeking ownership of home solar systems.  They have offered home improvement loans since 1987, and their solar lending program has been customized through market feedback to best support their customers.  Their products are designed to maximize homeowner savings on solar investments.  They offer Paradise Energy Solutions customers variable term loans at a range of interest rates from 4.95% to 9.95%, depending on the term and the customer’s credit score for loan amounts up to $25,000.  Their term loan is called a “Step  Down Loan” because it allows a one-time re-amortization of the loan within the first 24 months to lower payments.  This allows a customer to apply any extra principal they would like to pay, or apply tax savings or refunds to the principal in the first 24 months in order to lower their payments for the balance of the loan term.  Admiral’s Bank also offers a “Plus 1 Loan” that is designed to work with the Step Down Loan to fund tax credits and refunds at 0% interest and no payments for up to 24 months.  The maximum that can be financed through the Plus 1 Loan is $15,000.  So when used in combination the two loans offer up to $40,000 for financing a residential solar system.  Other features include:

  • Secured loan so interest paid is tax deductible
  • Variable terms and rates
  • No prepayment penalties
  • 100% financing available
  • Fast approval process

Admirals Bank is an experienced solar system lender with a proven track record.  Let them help you realize the benefits of a new solar system today.

 

Residential Power Purchase Agreement

Paradise Energy Solutions LLC’s sister company Sunstream Energy LLC and a number of other partners can provide financing in the form of a Power Purchasing Agreement.    This is a legal contract to purchase electricity between the owner of a system and the buyer of the electricity.   This involves a third party such as Sunstream Energy LLC which purchases the system, leases the property from the host customer for the placement of the system, then sells the power to the host customer.  This makes particularly good sense for a customer who cannot take advantage of the tax benefits of solar.  This solution is often chosen by schools, churches, government entities and non-profit organizations looking to take advantage of the benefits of solar power.   The solar system owner is also responsible for system maintenance and performance, so it is a hassle-free way to enjoy some of the advantages of solar.  PPA’s can be more difficult to secure as a solution and are more geographic and system-size sensitive than other financing options.  They are typically subject to varying degrees of regulation at the state and federal level and may not be available in all locations served by Paradise Energy Solutions LLC.

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"From the time we attended a Paradise open house, we were comfortable with the staff. They were informative and responsive to our needs and questions. The installation was done in a timely and professional manner. Now that the system is functioning, it is very exciting to know that we are producing power environmentally! I enjoy checking the inverters and seeing that even on cloudy days, we are making electricity. I have recommended Paradise to several friends already." - Linda T.
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