Two Parts to Smart Solar Financing
To keep solar accessible and affordable, we split smart solar financing into two parts.
- We have a 0% interest part that will fund your expected tax credits. When tax season comes around, and you receive your tax benefits from the government, you pay off the initial loan.
- The second part is covered by a term loan depending on your preference as noted in the previous section (ten years, twelve years, etc.)
In our experience, especially considering the high cost of electricity in Long Island, solar systems can pay for themselves. For example, if we install a solar system that saves you $200 monthly on your electric bill, and you are paying $130 on the term loan, you end up pocketing the difference of $70.
At the end of your smart solar financing, all the money that you save will go back to you. With systems that last for 25 or even up to 30 years, the savings are significant.
We have found that splitting the loan into two parts results in the best savings for our customers. The 0% interest period is key, everything after that results in real savings from month to month, which will only increase once your loan is paid off.