FINANCING OPTIONS
Install Solar and Storage With No Money Down
While most property owners in Southern California would save tens, or even hundreds of thousands of dollars by having a solar and battery storage system installed on their property, few have the resources to write a check for the full cost of a solar and battery storage system. Therefore, 180 Solar Power has established financing relationships with a wide array of residential and commercial finance companies that have specialized solar and battery storage financing programs that can help our customers make their projects reality regardless of their credit history, and with little or no money down.
Purchase Solar and Storage With No Money Down
Start saving money right away, with just your signature! 180 Solar Power has numerous purchase financing options that allow you to install solar & storage system with little or no money down, and an affordable monthly payment, regardless of your credit history. Any of the options below can be structured that way. What are you waiting for? Fill out the form below or click here now for a free consultation, and to learn more about your options.
PACE Financing
180 Solar Power has access to a variety of PACE (Property Assessed Clean Energy) financing programs, all of which share similar characteristics. Those characteristics are: 1) PACE financing will cover up to 100% of the cost of a solar & battery storage system and requires no money down. 2) There is no minimum credit score, DTI (debt to income ratio), or employment requirements with PACE financing. As long as the property has a minimum of 10% equity, the property owner is current on the property taxes, has not had more than one late mortgage payment in the past 6 months, or a bankruptcy in the past 24 months, then they may be eligible for PACE financing. 3) Rates are reasonable, payments are low, terms vary from 5 to 30 years and payments are made through the property taxes. 4) Because the payments are made through the property taxes a portion of them may be tax deductible. 5) Because PACE financing is attached to the property tax bill it may be transferred to a new property owner when ownership of the property is transferred. 6) Because PACE financing is attached to the property tax bill it is not reported on the property owner’s credit report, and it therefore does not affect the DTI on the property owners credit report.
Unsecured Financing
There are a number of different unsecured lenders that 180 Solar Power has relationships with. Their programs vary, however most share the following characteristics: 1) They will cover up to 100% of the cost of a solar & storage system with no money down. 2) They are 100% unsecured, therefore a lien will not be placed on your property. 3) They have low fixed monthly payments. 4) They have no prepayment penalties so they can be paid off at any time. 5) They have minimal or no fees. 6) The loans are usually approved in 24 hours or less.
1) No Payments/No Interest (No/No)
programs are bridge financing programs that allow property owners to get a solar & battery storage system installed on their property without having to pay any interest, and without making a single payment on their solar & battery storage system for a full year, at which time you can pay it off or convert it to a standard fully amortized loan.
2) Reamortization, or Delayed Amortization
programs provide property owners with single digit, fixed interest rates, and terms of up to 30 years to help keep their monthly payments low and predictable. Most of these programs either: A) finance the loan for the full cost of the solar & battery storage system, and then allow the customer to use the savings from their tax credit or other financial resources to make a lump sum payment which results in a lower fixed monthly payment; or B) the loan payments start out lower from day 1 based on an assumed future lump sum payment, and it increases accordingly if that lump sum payment is not made.
3) Fixed Rate
programs are very straight forward and are more like conventional financing. With an unsecured, fixed rate loan you simply pick a rate and a term, and you are locked in until the loan is paid off. As with all fixed rate loans, the shorter the term, the lower the interest rate will be. However, it is also true that the shorter the term, the higher the payments will be, as the loan must be paid off in a shorter period of time. Most fixed rate programs have terms ranging anywhere from 5 to 30 years.
4) Hybrid or Combo Loan
programs provide some property owners with the best of both worlds. It allows property owners to apply a pre-determined portion of their financing to a NO/NO loan, and a pre-determined portion to a fully amortized, fixed rate loan. This gives some property owners the comfort of knowing exactly what their payment will be for the entire term of their loan, without having concern about reamortization or other factors.
Secured Financing
Of all the financing options, equity loans usually have the most laborious approval processes, and take the longest amount of time to complete. However, if you want to tap your property’s equity, 180 Solar Power has relationships with some of the top equity lenders in the industry. Whether it be a Home Equity Line Of Credit (HELOC), fixed second mortgage, or a refinance, we have the relationships to help our customers find the best rates and terms, with the fastest approvals and fundings, so they can start saving money sooner. And as with the other purchase options, most secured financing will cover 100% of the cost of a solar system, with no money down. Fill out the form below or to learn more, click here to schedule a free consultation.
Solar and Battery Storage Lease/PPA Options
Leases and PPAs (Purchase Power Agreements) are vehicles that can cover 100% of the cost of a solar & battery storage system with no money down. Most leases have a term of 15 to 25 years; however, the property owner does not own the solar & battery storage system, the leasing company (lessor) owns it. The lessor then sells the power that the system generates, to the property owner, in the form of a monthly payment. Because the lessor is the owner of the system, they receive all of the government incentives, and as a result, most lease/PPA payments are based on the “net” cost of the solar & storage system to the lessor; the cost of the system after all government incentives are deducted from the cost of the system. Therefore, a lease may be preferable for some property owners who are unable to utilize the 30% Federal Tax Credit. For those property owners there are two primary types of solar leases: monthly and prepaid. Fill out the form below or to learn more, click here to schedule a free consultation.
1) Monthly Leases
typically give the property owner the option of choosing a fixed monthly payment, known as a “Zero Escalator”, or choosing a lease payment that will increase at a predetermined percentage every year, which is known as an “Escalator”. Most Escalators increase anywhere from 2-3% per year, with the escalation percentage pre-determined and fixed prior to the commencement of the lease. Escalator leases typically start out with a significantly lower monthly payment than a Zero Out lease, thereby making them more attractive to property owners who are payment sensitive, or who are planning to sell the property within 5 to 10 years of installing their system. Zero Escalator leases typically have a higher initial payment, but the payment is fixed for the entire term of the lease, and the total of the payments is usually lower than the total payments of an Escalator lease, thereby making them more attractive to property owners who plans to stay in the property long term.
2) Prepaid Leases
are just that. Instead of making monthly lease payments for the entire term of the lease, the property owner makes one large lump sum payment at the start of the lease, which pays for the entire lease, and they never make another payment for the rest of the lease period. That lump sum payment is typically based on the lessor’s net cost of the system, which is then adjusted to reflect the discount value of money over time. This is most feasible for the property owner who has a large sum of cash but little ability to take advantage of the 30% Federal Tax Credit , as this will usually give them the lowest total cost of any of the lease options.
About us
180 Solar Power is a local family owned company that services residential, commercial, non-profit and government customers throughout southern California. 180 Solar Power is a licensed C-10 electrical and C-46 solar contractor.......Learn More
