There are power-saving and environmental benefits of residential solar power systems that are motivating thousands of Americans to make the move to solar. Homeowners welcome the net-zero power bills, and some receive benefits in the form of actual cash payments for electricity generated by their solar panels being purchased and returned to the grid by their local power utility. Homeowners worldwide are embracing solar power as a renewable resource to power their homes and businesses.
All investments come with a cost, and solar is no different. Recent supply chain issues have affected costs for all manner of construction materials, especially for specialized equipment such as solar panels and associated systems. Due to the increased demand for residential solar power systems, manufacturers are increasing production, and prices are stabilizing. Many solar panel and battery manufacturers are offering dealer incentives to installers, who pass the savings down to the consumer.
Financing for your solar installation project is available through a number of government-subsidized and private sources. With a bit of careful study, you will find the appropriate source of residential solar financing in Chesapeake VA.
Federal Solar Tax Credit
Beginning in 2005, the federal government has provided homeowners with an incentive in the form of a 26% tax credit for installing solar power systems on their homes. To claim this tax credit, it applies only to the power system on a property that belongs to the property owner. This applies to solar power systems to be the property of the homeowner, and not leased. To claim this credit, it is highly recommended to coordinate with your solar power installer/provider and a tax professional. One important fact to consider: the federal solar tax credit program benefit percentage reduces to 22% for installations performed in 2023, and the program will expire in 2024. There is no better time to explore residential solar panels in Chesapeake.
Fannie Mae and the Homestyle Energy Program
The Federal National Mortgage Association, more commonly known as Fannie Mae, is a federally-sponsored program to provide affordable, reliable mortgage financing for Americans. Recognizing the value of secure financing for solar projects, Fannie Mae established the HomeStyle Energy Program, which provides opportunities for Americans to invest in energy-efficient technology for their homes. Homeowners with many types of prior loans are allowed to roll their loans up into a lower-cost mortgage package.This program is available for all lenders approved by Fannie Mae.
A Home Energy Score report performed by an independent third party with specific state permits is needed, and there are other stipulations attached. See your mortgage lender or a solar power professional from Expert Solar Pros, one of the leading solar companies in Chesapeake VA for guidance.
A personal loan may provide the greatest speed and flexibility for financing any home improvement project. Your credit score and the amount of equity you have in your home will determine if this is the best path for you.
Solar Power Purchase Agreements
An additional option for financing your project is through a Solar Power Purchase Agreement, where a homeowner agrees to host a solar power system on their property that is owned, operated, and maintained by a third party who in turn makes the power available to the homeowner. The homeowner does not own the system, but takes advantage of the power generated on the property.
Third Party Lenders
There are third party lenders who have entered the market offering solar power loans. These are companies who specialize in making loans on residential solar power systems. They have specific experience with solar projects, but their interest rates vary.
Financing Through Your Solar Company
Many local service and installation professionals provide in-house financing for residential solar projects. Reach out to the solar installation professionals at Expert Solar Pros for the details for your solar installation in Chesapeake. Call Expert Solar Pros at (757) 988-7777
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Looking for solar installation services in Virginia Beach, Chesapeake, and Norfolk? Give us a call at 757-988-7777 today! Our experienced team is ready to help you with the Federal Tax Credit and guide you through our low-interest financing option.