This bill?
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Yes sir thats the one
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Yes I will gladly do that! Definitely was a big stimulus injection, I’ll type something up this weekend whenever my internet decides to fix itself cough time Warner cough
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Reviving this thread to crowdsource ideas and recommendations for the best way to finance solar. We are planning to pull the trigger on solar soon, and rather than drop all that cash upfront, I’d love to hear any recommendations about the best and most economical ways to finance a residential solar system. I’m all ears!
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Not specifically financing, but I think states with high solar exposure cannot afford to NOT go solar. Came across this article which confirms storage batteries (LiFePo4) are also able to get the 30% tax break (above 3KWH), and another article I can’t find that indicates low income folks (AGI adjusted) can get FREE install…
Do Batteries Qualify for the Solar Tax Credit in the Inflation Reduction Act? | Solar.com.
Even non-solar storage batteries can get the credit: “Beginning on January 1, 2023, standalone battery storage (batteries that aren’t connected to solar panels) will also qualify for the 30% Residential Clean Energy Credit.”
A bit unrelated question, but it’s still about finance rates and hacks.
Can I get solar installed from an installer and then use my own bank for financing their installation/panels? I see most installers have really bad finance rates these days.
What type of loan would you take from your bank?
I see, they may not have any product like this. maybe it falls under personal loan then? What’s the best place to research this. Maybe best is to pay upfront for the panels.
How much is the financing from the companies itself? Personal loans are around 7-8%+
You can also lease solar panels as well.
HELOC if you have home equity. Tax rebate on the panels (maybe) and tax deductible (maybe) on the HELOC.
All depends on what terms you’re looking for and your financed amount. Revolving or fixed?
Secured or unsecured?
Going with the installers financing is usually the path of least resistance but with higher rates and some other cons.
Thanks. Sorry I missed this thread somehow
A friend of mine sent me information on NEM 3.0 , set to replace NEM 2.0.
Solar owners under NEM 3.0 will earn around 75% less for the excess electricity they push onto the grid.
Right now it applies to customers of PG&E, SCE, SDG&E in CA.
Does that mean all utility companies will start using this NEM 3.0?
Is it worth going solar before this change happens in our area?
I think the change over happens in April. So if your system isn’t already under way by then, you won’t get grandfathered in to 2.0.
Basically all grid-connected PV (solar) systems in CA will be on NEM 3.0 after… a certain date. I don’t know the specifics if it’s based on PTO-application date or PTO-approval date or some other date.
If you’re looking to be grandfathered into NEM 2.0, best start your shopping and calling installers now. With all the rain going on in CA, installers having nothing better to do and it may be a good time to see if you can be squeezed in before NEM 3.0 takes effect.
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FWIW - we switched to solar to get grandfathered in. Took us 3 months to get an appointment for installation.
Sunrun SF Bay Area.
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Did you make any progress on this idea?
It’s actually in the works right now – we’ve had some hiccups that have created delays in the process so I haven’t gotten a loan funded just yet. I’ll follow up here once I’m able to get it squared away though.
I think I’m more interested in which solution/product did you go with rather than how you financed it.
Everywhere I look in CT their ads for solar panels but always for lease, and a few times my brother tried to look into that - it never made sense financially.
Felt worse after their sales pitch, as if they decided to combine the worst sales practices between time-share and dealerships.
Any recommendations in Georgia?
Company to go with?
Oh, I see what you’re saying. I decided to work with @cyak so he’s account managed it for me. It’s a cash transaction but I’m planning to finance it with a solar loan from a local CU – solar company financing terms are too predatory and cash is king right now if you can find a competitive rate.
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