As part of making solar affordable to everyone, we offer a variety of financing options with $0 down through 3rd financing party.
We offer both Home Equity Loan and Unsecure Loan.
Home Equity Loan – Uses the equity of your home as a collateral. It is referred to as a second mortgage. You can have the advantage of tax-deductible mortgage interest and deduct it from your personal income taxes.
Unsecured Loan – Uses your credit score as a collateral for the loan. Low interest rates are relative to your credit score. As with the Home Equity Loan, you will be considered the owner and therefore will be able to benefit from utility company rebates and federal and state tax credit.
Your fixed monthly loan payments will be lower than your electricity bill, which can result in immediate significant savings.
As if going solar didn’t have enough benefits, Federal and state government rebates programs and incentives allow solar owners to save more than 30% of the cost of the system. These discounts on your solar system make it even more affordable to go solar.
Federal Tax Credit
A Federal tax credit of 30% is offered to any homeowner who installs a solar system. This tax credit applies to the year the solar system was installed. The last day to benefit from the federal tax credit is 12/31/2016.
Property Tax Exemption
Installing a solar system will exempt you from property tax due to the increase of your property value from installing the system.
Los Angeles Department of Water and Power (LADWP) offers rebates for solar energy systems at $0.30 per watt. Many other cities have their own municipal rebate programs. Los Angeles Department of Water and Power (LADWP) commercial solar rebate program is in Step 7 of 10 with an incentive of $0.70 per watt.
Each year, the owner of a solar system may deduct, for 5 years, around 20% of the total system cost. To be technical, the depreciable basis is the system price less its salvage value minus half of the investment tax credit. Therefore, when combining the Investment Tax Credit and Accelerated Depreciation solar tax incentives, the solar system owner gets around 60% of the total system cost repaid by the Federal government in the form of lower taxes
As part of our solar services, we at Homerun Solar will take care of the utility rebate paperwork and enroll you in the net metering program.
Contact us for the best advice and financing options to suit your needs.