There are multiple ways of paying for your new solar system and your New Hampshire Solar advisor will gladly discuss at length with you which solution will be the best one to meet your specific needs. The three main methods of purchasing your new solar system are an up front cash purchase, a home equity line from your local bank, or by securing an unsecured note through one of our sponsored and administered loans. Because we incur both considerable fees and interest rate buy down costs in the financing we offer for your convenience, the system cost must be higher. These costs aren't incurred in a cash purchase and we pass the savings back to you. All of our proposals include both the financed price and a cash price.
Purchasing your system outright will allow you to take full advantage of the lower cash pricing. A home equity loan secured through your mortgage lender or local bank to install your solar power system may well be the most economical manner to finance your new solar system. As far as New Hampshire Solar is concerned, it is still a cash deal and you will be receiving the same exceptionally low pricing that we offer the cash in hand clients. An additional benefit is that the interest is considered tax deductible by Uncle Sam. For our clients installing solar electricity arrays during their peak earning years, coupling this the Federal 30 % renewable energy tax credit can prove to be a very sizable financial advantage.
New Hampshire Solar offers and can assist you with multiple types of unsecured low interest rate financing programs. Most don't require any upfront funding and the application process is both simple and streamlined. These very popular notes will allow you to install your solar system immediately, capitalizing on both the monthly utility billing savings and the favorable incentive and net metering programs currently in effect. There are caveats however; the interest for an unsecured note generally are not tax deductible, the interest rates are a little higher, a minimum credit score of 650 is required, and again New Hampshire Solar will have incurred considerable buy down costs which must be added directly to your purchase price.
As an example of how our popular Admirals Bank financing works, lets take the 24 solar panel 9,000 kWh roof array outlined in the Incentives and Costs page and figure out what that would cost on a monthly basis. For our computations we will use a simple monthly average of 750 kWh ( 9000 kWh/12 months). We will also assume that the utility company charges this customer 18 cents for each kiloWatt hour. The consumption portion of their utility bill would be $135. (750 kWh x $0.18). With taxes and the meter fee added in the customer's actual total monthly billing would probably average somewhere around $150 per month.
The initial total gross financed price for this solar power system is $17,388 and the monthly payment for a ten year note would be ~$116. The monthly payment on a ten year loan to buy the solar PV power system would actually cost this residential customer less than he was formerly paying for their average utility bill!
Another key factor to keep in mind as you noodle this is that roughly the same monthly outlay is now going toward the buying of an asset that produces the electricity, rather than toward the pure monthly expense of buying your power from the utility company. At the end of the 120 month loan the solar array will be fully paid off and producing 100% of the customer's energy at no cost each and every day ...and most of the components of the solar system won't have even reached the halfway point of their warranties!
Also, during the 10 year loan the monthly payments will remain a constant. Will the utility rates will remain the same? ...not likely. Finally, this example uses a very conservative utility rate of 19 cents per kWh, your's may already be even higher than that.
Why "rent" your electricity when you can "own" it for so much less??
There has never been a better time to invest in a solar pv array than the present, and the New Hampshire Solar financing programs make it easy. Some of the incentives are already schedule to expire soon and many more are under review and likely to be reduced or eliminated as well. Isn't it time for you to join the solar revolution and begin to harvest the abundant free energy of the sun?
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