Each PowerOn Energy customer is unique, which is why we provide a wide range of financing options. We’ll help you understand all the options available to you and provide solid recommendations that will lead you to the most attractive solution for your needs.
PowerOn Energy will make it easy for you to access some highly attractive financing solutions offered by local and federal programs for green energy.
This national program is touted as the most popular financing among Americans. In partnership with local governments, it helps property owners attain renewable energy equipment as well as energy-efficient and water-efficient upgrades at very affordable rates. The program includes options for 100% financing at low fixed interest rates, the option to make payments through your property taxes, and other flexible payment terms. If the property is sold or transferred before the loan is repaid, the remaining payments can be passed on to the new owner.
It can be difficult to find financing in tough markets. TThe YGRENE program is available across Southern California and provides unlimited private financing options to property owners. This program offers substantial benefits, including:
This is a smart solution for those looking for a $0 down option, regardless of credit rating. With California FIRST loans, you can add solar to your property as well as complete energy efficiency improvements.
If you’re looking for the greatest savings from your green energy investment, a cash purchase is your best bet. Not only will it provide cost reductions on your energy bills for decades, you’ll also recoup your investment quickly. You can make a cash purchase using a variety of funds, including those from savings accounts, 401ks, deposit certificates, or brokerage accounts. We recommend you talk to your financial advisor to ensure you’re making the right financial decision for your current and future needs.
You’ll find that there are several ways to finance your solar energy system. We offer solutions covering everything from home equity financing to unsecured financing to cash-equivalent options.
If you have a FICO score of 700-800, home equity financing will allow you to obtain a 20-year term home equity line of credit for up to 80% of your home’s value. With this solution, you’ll pay $0 down while taking advantage of interest rate deductions based on a 37% marginal tax rate (additional fees may apply). You’ll also receive variable rates at approximately prime + 2.5% (rates are higher for those with FICO scores between 620-699).
When you choose an unsecured loan, your FICO score of 650+ will get you the benefit of paying $0 combined with fixed rate interest levels between 2.99% and 4.99% depending on the length of the loan (10 to 20 years). FICO scores of 650-699 will get you $50,000 and 700+ a $100,000.
If cash purchases are not the right solution for you, we offer leasing and power purchase agreement (PPA) options for you. While they offer lower savings than cash purchases, they are still attractive solutions that help you get the green energy you want.
With a solar lease, PowerOn Energy will install your system and a third-party leasing company will own it. This give you a $0 down option on 20-year leases and payments that increase by 2.9% – 3.5% annually. Once 20 years have lapsed, the business or homeowner will be given three options: have the system remove at no cost, purchase the system at fair market value, or renew the lease in 5-year increments.
In a power purchase agreement (PPA), the solar equipment is installed by PowerOn Energy and owned by a third-party financing company. While the homeowner or business owner pays a low rate for the energy ($0.149 to $0.229 per kWh, with increases of 2.9% – 3.5% annually), the system owner receives the government incentives for the installation. The benefit to you is that you can get a solar system – and its green credentials and energy savings over the 20-year term – without having to make an up-front investment. At the end of the term, you can either have the system removed at no cost or purchase the system at a fair market price.
Similar to a traditional PPA, a pre-paid power purchase agreement (PPA) is installed by PowerOn Energy but owned by a third-party financing company. The difference is that you pay up-front for the electricity, allowing you to lock in today’s energy rates for the length of the agreement. Again, you get a solar system without having to pay for the investment, and at the end of the term, you can either have the system removed at no cost, renew your agreement, or purchase the system at a fair market price.