Why Is Solar On The Rise? (Hint: Financing)

Have you always dreamed of going solar but haven’t had the capital to make such a big investment?  

Cash purchases are no longer the only option for homeowners who want to go solar. Many of our customers are interested in using financing to pay for their solar system while still reaping an economic payoff in the long run. We are pleased to offer financing to customers to make this happen! Going solar for zero money down is the ideal payment option for many of our customers.  

Read on to see a list of programs in Ohio that reduce the financial burden of purchasing a solar energy system.  

Solar Loans

Third Sun Solar partners with a lender that specializes in financing solar installations.  

Just like a solar energy system is unique in design, so is the financing structure. Loans are customized to fit your specific circumstances. Choose from loans that range in length from 10-20 years. Rates vary , so talk with your solar consultant about interest rates.  

Individuals who choose to finance their solar energy system do not have to put any money into the solar energy system up front. You can purchase solar for $0 down.  

Sweeten the deal by applying the 26% federal tax credit to the balance of your loan.  

26% Federal Tax Credit  

Ensure that your system is placed in service before the end of 2020 to qualify for the 26% Federal Tax Credit. Otherwise known as the Investment Tax Credit, the Solar Tax Credit allows you to deduct 26% of the cost of your solar system from your federal taxes.  Remember: the average homeowner will save approx. $1,000 more when they buy in 2020. In 2022 the tax credit drops permanently to 0% for homeowners. Those interested in getting the most for their money should start thinking about solar now.  

To be eligible for the 26% Federal Income Tax Credit, you must:

  • Be an individual or for-profit business in the U.S.  
  • Pay federal taxes 
  • Have purchased a new solar system and placed it in service in 2020.   

What costs are eligible?

  • Solar panels 
  • Racking/Mounting equipment 
  • Inverters 
  • Balance of system (wire, conduit, junction boxes, etc) 
  • Installation labor 
  • Sales and use taxes 

ECO link

ECOLink (Energy Conservation for Ohioans) is a provided through a partnership between the Ohio Treasury Department and Huntington and Key Banks. The program provides an interest rate reduction for up to seven years on bank loans when you complete energy efficient upgrades to your home...  Like adding a solar energy system!  

 

There are a variety of solar financing options that will help you on your way to making your solar dreams a reality. These are just a few examples. Give our office a call today to speak with a knowledgeable Solar Consultants. 

 

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