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 Greensky financing works, lets take a look at the 24 solar panel 9,000 kWh roof array outlined in the Incentives and Costs page and shown in this excel. Note that there is a higher price for the system, this covers the points we pay to buy both the 18 month interest only period and the low 3.99% rate. It is assumed that you will use your incentive rebates to pay down the Greensky note when you get them back. By doing so your monthly payment to buy the solar PV power system will actually cost you less than you were formerly paying for your average utility bill! The first 18 months in fact are a real bargain, don't forget that your new solar array will now be creating the power that you were formerly paying $135 a month for. 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 monthly expense of buying your power from the utility company. At the end of the 144 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 the solar panels won't even have reached the halfway point of their warranties! Also, during the 12 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 18 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 scheduled 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?