Your Questions Answered – How Does Solar Panel Financing Work?
If you’ve decided that solar is a good idea for your home, the next step is to figure out how to get it. Even with the cost of solar coming down over the years, the upfront cost of a system can still be significant. Thankfully, you don’t need to pay for everything right away. With solar panel financing, you’ll be able to get clean and affordable energy, and your monthly expenses can stay consistent while you pay for your panels.
Here’s how solar panel financing works and why New York Power Solutions is the best team for your installation.
Will I Pay a Deposit for Solar Panel Financing?
There’s no deposit for SMART solar financing in most cases. If you have a good credit rating, then you can get solar installed with no money down. We provide solar financing through our partner, Sungage, one of the most experienced and trusted specialist financing companies in New York.
Of course, if you do have some money set aside for your investment in solar, you can use this to reduce the cost of financing. You could pay part of the total bill upfront, which could reduce the time it takes to pay for the financing. You’ll also pay less interest because you’ll be borrowing less. You could also choose to keep the financing term longer, but your repayments will be smaller. The structure of your loan is up to you and the best option will depend on your financial situation.
We’ll help you to choose the best financing that suits your unique needs.
What is the SMART Solar Financing Model from New York Power Solutions?
Our SMART Financing for solar is a split financing system that is designed for savings and simplicity.
- The first term is interest-free and can be paid once you receive your solar tax credits.
- The second term will be set at a length that suits you so that repayments are manageable.
We provide an easy way to get solar without an upfront cost. This makes solar power more accessible for homeowners throughout New York.
Are New York Solar Tax Credits Applied to Solar Financing?
Yes! As we mentioned, the first part of your split financing will be interest-free. This will be based on your expected New York solar tax credits and your federal solar tax credit.
Most people in New York will be eligible for an income tax credit that makes solar more affordable. Depending on where you live, there could also be a property tax abatement program for solar.
Residents in New York and throughout the United States can also claim a federal tax credit equal to 30% of the total cost of installation.
Credits and incentives can be applied to the entire bill, so this will include a battery backup system if you choose to install one.
Where Can I Get a Free Home Solar Estimate?
It’s easy to get your free home solar estimate in New York. You can talk to the team at New York Power Solutions, and we’ll provide an initial solar estimate based on satellite data. If you like the ballpark figure, then we’ll go ahead and schedule an on-site evaluation for your final estimate. We’ll also give you a cost/benefit breakdown so that you can see the value that solar will create over decades of reliable performance.
Solar panel financing puts clean energy within reach of the average family. Solar saves money while also creating environmental benefits. Talk to us for your free home solar estimate today.