Funding Your SC Solar Project
Greetings and salutations Energy Heros, Carbon Dan the Solar Man here from Carbon Recall.
Many of you may be interested in solar, but it either seems too expensive, or worse, too good to be true!
If you fall into either of these categories, we have prepared a special segment for you this week, as we dive into the best funding options available for SC residents who are interested in solar.
Perhaps the most important item that we want to mention first, are the tax credits available to SC residents. No, these are not ‘too good to be true’!
The Federal IRA Tax Credit will cover 30% of the cost of a new solar panel project, which includes batteries and generators. On top of that, SC residents will receive an additional 25% SC State Tax Credit. Combine these and SC residents are receiving a 55% discount on their new solar panel project.
Before you are able to collect these tax credits though, you will need to be able to finance the full cost of the project, which brings us to our main topic…how to fund your new solar panel project!
The most cost-effective method would be to wrap the cost of your system into your overall mortgage. Stretching the payments out over 30 years allows most residents to recognize monthly savings, immediately! If you have been in your home a while, and have enough excess equity in the property value, contact your mortgage lender to look at refinancing the loan in order to pay for your solar panel project.
Just moving into your new home, or just don’t have the excess equity to refinance? You may need to consider financing through a specialized lender. Carbon Recall recommends a couple of lenders who specialize in renewable energy projects.
Lightstream offers some of the most competitive rates, and are the easiest to work with for new solar panel projects.
If you are looking for something a little more long term to bring the monthly payments down, then Provident would be your answer. In addition to 20 year terms, Provident also offers the option to include your Tax Credits in order to bring the monthly cost down some.
Of course, nothing beats the good old fashioned ‘local bank,’ who may be able to offer you special rates for being a long term member.
And lastly, there is also your savings. While not the best option, many companies like Carbon Recall offer a ‘cash up-front’ discount, to those diligent home owners able to save for their new solar panel project.
Ready to see what a system for your home would cost? Get in touch with us today for a free, no obligation, quote & energy assessment.
Carbon Recall York