So you want to start getting your energy from renewable sources and reducing your carbon footprint. Great! It used to be that the only way to do that was to have Fort Knox at your disposal. Now there are a number of ways to realize your dream:
Securing a loan -- There are three ways to secure financing for your Renewable Energy system:
- Wrap it up into your home loan -- This is a great way to get a good rate on a loan to buy an RE system. Whether you're buying an existing home and contracting for the installation of an RE system or building everything from scratch, wrapping it all into one loan bypasses most banks' traditional reluctance to to lend for RE systems. Some banks are beginning to understand the security of systems like solar thermal and solar electric and are starting to lend with the worth of the system as collateral, but it's not common practice yet. And don't forget that the interest on the home loan for your primary residence is tax deductible. The tax deduction on the RE system portion of your loan should roughly equal the amount you would have paid on utilities!
- Get a home equity loan -- If you've already been in your own home for some time, you should consider taking some of the equity you're accumulated and using it to secure a Home Equity loan for purchasing an RE system. With this method and the previous, it's important to look at how long it will take to pay back the cost of your loan with the energy cost savings your RE system will generate. When doing this calculation, keep in mind that the current utility rate is likely to be the lowest it will ever be and that you'll be able to sell Renewable Energy Credits every year once your system is running.
- Bank loan - We are offering non-lien, no-equity-required loans backed by a nation wide bank. Money for all kinds of home energy projects from insulation improvement or a new heating/air conditioning unit all the way up to a $50,000 RE system. Their rates are reasonable and they offer flexible repayment schedules. When you're ready we can help you start the application process for the loan.
Lease Your RE System -- This option will appeal to business owners most of all. Take advantage of a payment option that requires no up-front capital. If you'd like to receive more information, please fill out our get quote form.