A Number of Options
There are a number of financing options available when considering a solar energy system. Haleakala Solar is well versed in this area and can help guide you through the choices available to you.
Here are some of the most common:
Traditional Cash Purchase
Purchase a solar energy system outright with cash, with 50% down and the balance due upon completion. This can be a considerable upfront investment, but allows you to avoid paying interest and financing fees.
Homeowners may be able to borrow against the value of their property through mortgage refinancing or a home equity loan with a local bank, credit union or third-party. Many financial institutions in Hawaii support sustainable energy and have “green energy” loans with interest payments that are often tax deductible. Haleakala Solar has worked with a number of financial institutions throughout the state and can help guide you through this process.
Power Purchase Agreement (PPA)
Along with a traditional cash purchase or acquiring a loan, you could also host a PV system from Haleakala Solar on your property and purchase the electrical output generated by the PV system. This would be for a pre-determined period of time and price. Haleakala Solar and its investment partners own the system and are responsible for maintenance and service. At the end of the agreement, you may be able to renew the PPA, purchase, or have the system uninstalled. Monthly payments per kWh is significantly less than the current utility rate. When considering a PPA, it is very important to get a system no larger than you need as payments are calculated depending on the amount of electricity the system generates.
PPA's are a good option, especially if you do not qualify for tax credits or financing. Some require no money up front and always have monthly payments less than your current electric bill. PPA's also include maintenance and cleaning of the system. Contact us for more information on financing your solar system.