Once you decide to go solar, you’ll most likely start looking into different solar financing options that will best put your hard earned money to work for you in the smartest way possible.
Even with a below-prime interest rate, customers will regularly pay over 20% more than the system’s actual value due to solar loan fees. In some cases, this can even result in the solar system not actually saving you money due to the fees, interest rate, and payback period of the financing. Green Power Energy recognized these issues and began working with Sungage Financial to offer “same as cash” financing options to help you avoid overpaying for your solar system.
What is “Same as Cash” Solar Financing?
Same as cash financing refers to 0% in loan fees. The 0% fee means that even while taking out a loan to finance, the customer does not pay any more for the system than if they had paid cash up front. Through Green Power Energy’s great relationships with their financing partners, they can offer same as cash financing options for an entire solar system. This means not only do you not have to pay any money down to purchase your solar system, you are not charged an additional fee to finance.
Clearly, same as cash financing can save a significant amount of money. Let’s compare a loan of $20,000 at an interest rate of 5% for 10 years compared to a same as cash financing option with the same interest rate and term. The $20,000 system with normal loan fees would end up costing the customer around $24,000. With the interest, over the term you would pay an additional $6,500. With interest and fees, this is a total of over $10,000 in extra charges. For same as cash, and based on that same 5% interest rate over 10 years, your interest would add up to about $4,500. This means that the same as cash option will cost about $6,000 less than the option with fees over the term!
How Does Same as Cash Financing in Connecticut Compare to a Solar Lease?
Through Green Power Energy, Connecticut residents have nearly all of the advantages that a solar lease offers while also maintaining complete ownership of your solar system. The main advantage of a solar lease is the provided maintenance and production guarantee. However, Green Power Energy offers a 25-year warranty to give you peace of mind. This warranty covers any service issues that may arise during the first 25 years of your solar system.
Choosing to purchase your solar system also allows you to benefit from any state rebates and the federal tax credit for purchasing solar. You can even float the tax credit at a 0% fee for up to 18 months so you can claim the credit when it benefits you most.
See Sungage “Same as Cash” reference table below:
To get started on planning the financing of your future solar system installation, contact Green Power Energy today!