financing Archives | Shine Solar

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Solar Financing: A Day in the Life

It’s one thing to know you want a solar analysis, but quite another to understand the inner workings of the process. From signing papers, to financing, to more paperwork, to installation, there are many steps along the way that may seem confusing. For that reason, we here at Shine thought we should offer a new blog series, A Day in the Life. Financing is our second segment in the series, following last week’s Part One, The Energy Consultant.

Financing 101

This week, Skylar Mann, Shine’s HR and Finance Manager, takes the spotlight. Skylar wears many hats at Shine, because she’s just that good! In her spare time, she trains in MMA, so she knows discipline. As our finance manager, Skylar goes through each deal as it hits finance verification. Verification is the fourth stage in the process, following the scheduled appointment, site survey, and design review.

Financing Documentation

There are several financing options for our customers. Skylar first makes sure that the energy consultant sent her the correct loan documents. If it is a cash customer, Skylar requires an install agreement and payment plan.

Financing Fine-Toothing

After Skylar confirms the correct loan documents, she checks certain items for accuracy. She makes sure, for example, that the system size is correct, and that the paperwork includes the requested attachments.

Financing Finalization

Once Skylar approves the paperwork order, she confirms that the financing is covered on the lending side. Each lender is different, so Skylar stays informed of each step in the customer’s install. This way, she can sent that lender’s paperwork at the correct stage.
After Skylar sends the requested paperwork and it is approved, the job is funded! From that point, the customer moves on to the best stage of all…interconnection!
Who will be next in our Day in the Life? Join us next week!
  Check out our Financing Day in the Life video summary!

Solar Financing 101

When we think about financing, we might think about that brand new car or white picket fence house that was just listed on the market.  Financing is the way we have been able to afford the not-so-affordable upfront.  Now what if I told you there was a way to finance, invest, and increase the value of your home all in one purchase?  That’s what we’re here to talk about today!  The honest, raw, truth of how it’s now possible to own a solar system for zero money out of pocket.  You heard correctly: Zero.  Nada.  None. Well it’s true, but it didn’t always use to be this way.  Until recently if you wanted a solar system there was only one payment option available: You guessed it – cash.  Now, I probably don’t have to tell you that paying with cash isn’t an option for most people especially when a solar system can cost several thousands of dollars.  You can imagine how many fewer people would own fancy cars or boats if there weren’t any financing options available.  Solar is no different – except for one point: Instead of borrowing money to buy an asset that will go down in value, like that fancy car or boat, you’re borrowing money to invest in an asset that will become more valuable year after year.  Solar panels! Let me explain.  Each year the utility company increases their rates, sometimes by double-digits.  This shouldn’t be a surprise, but this trend is expected to continue for a really long time.  That means every year for the rest of your life you’ll pay more and more for the same amount of electricity. On the other hand, when you take out a solar loan it’s short-term with a fixed rate and payment.  Most importantly, you fix the cost of your power permanently and now can introduce some predictability into your life.  No more raising rates! Wouldn’t it be nice to know exactly what your electricity payment will be each month? Better yet, once your solar loan is paid off you will have nearly free electricity for the next 30 years or more. Here’s the best part: Even with a monthly solar loan payment your overall electricity bill will be less than if you stayed with the utility company, usually to the tune of 15-25% less.
Ready for the cherry on top?  The interest you pay for your solar loan is most often fully tax deductible.  This mean you could potentially pay less in income tax which further increases your return on investment.  So not only can you finance your new solar system with zero money out of pocket, you can start saving money from your first month.  Now that’s what I call a smart investment!  Learn more about solar loan options by giving us a quick call at 1-844-807-4463.