At North Texas Solar, our number one job is to educate homeowners about how transitioning to solar can make a positive impact on their financial future. Homeowners have been rightfully confused by deceptive marketing tactics from other ‘pop-up’ solar companies. Additionally, the Federal Investment Tax Credit (ITC) can be difficult to understand right away, and this is another piece of information that homeowners have been directly led astray on.
One of the most common questions the North Texas Solar team receives is, “how will I be able to afford this and what are my payment options?” Our team of solar experts works with homeowners to clear the air right away about solar investment models and we provide customers with all the correct information the first time. Traditionally, there are three common solar investment models:
Paying for your solar system and additional battery backup storage equipment in cash is the more affordable option for homeowners considering this investment option. Oftentimes, paying for your system in cash will give you the best bargaining power too.
The most common way to invest in a solar system is by financing the purchase through a certified solar financing company. Solar financing is an economical option for homeowners that allows them to own their solar system and usually get a lower monthly bill versus their variable, continually escalating utility bill
Another way that some homeowners choose to go solar is by leasing the solar system through a power purchase agreement, also commonly known as a PPA. PPAs can be between the solar company or even with the utility company in some instances, however, solar leasing does not give homeowners the benefit of owning their solar power, gaining equity, and taking advantage of the ITC.
At North Texas Solar, we are always on the lookout for new solar investment and financing opportunities that make sense for our customers. Ultimately, our goal is to provide homeowners with a high quality solar system at the lowest price possible to give them the best value, the best bang for your buck! We are also firm believers that the bitterness of poor quality remains long after the sweetness of low price. For that reason and many others, North Texas Solar was proud to offer a new brilliant solar investment option in 2023.
This new solar investment option is a zero-down financing option with 12 months of no payments and no interest through our lending partner Service Titan. A dozen or so homeowners that made the switch to renewable energy and installed a photovoltaic power system in 2023 took advantage of this financing option and their feedback was extremely positive.
As mentioned above, North Texas Solar has special access to a Service Titan financing option that provides customers with a zero-down financing option with no payments and no interest for 12 months. This financing option became particularly popular in 2023 for some of our customers who were evaluating cash purchase options and were also trying to maximize the usage of their ITC from going solar.
One major benefit of this financing option that touts no payments and no interest accrued for 12 months is that homeowners can collect the tax credit before having to make any payment on the system. If you didn’t know already, the Federal Investment Tax Credit is 30% of the value of your system cost–this can be tens of thousands of dollars for homeowners who switch to solar! How would you use a $20,000 tax credit if you didn’t have to make any solar payments for 12 months?
At North Texas Solar, we noticed most customers who chose this unique financing plan opted to not make any payments on the system for 12 months when they zero down financed it. However, we also had several homeowners make lump sum payments for the solar system over the course of the 12 months based on what was best for their household’s financial situation. The flexibility of this financing option also provides homeowners with the ability to make a payment at the end of the 12 months and pay off the system entirely, albeit with no interest accrued and no prepayment penalty! Talk about a good deal.
Figuring out which investment structure is best for your new solar system can be half the battle. At North Texas Solar, our team of experts will help you evaluate each and every option that we can provide. Investing into solar is not a one-size-fits-all situation; rest assured our solar team will help you find the right option. Whether it is an upfront cash investment, a financing plan, or even a lease, North Texas Solar will make sure you 100% understand every avenue available to comfortably make the switch to solar.
Reach out to us today to inquire about our current financing options, cash discounts, and how we can provide your home with a custom-designed solar system.
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