There’s no question that solar is the right decision socially, environmentally, and financially, but most would say it is not accessible to the larger population because of the huge investment required. There aren’t many people who have this type of cash on hand and, even if they do, they may want to use it for other things. I’m pleased to say solar power is a lot more accessible to the average person with the introduction of zero down solar loans and leases.
Admirals Bank was the first local institution to concentrate on residential solar loans in Massachusetts. They offer zero down FHA loans with low-interest rates, flexible terms (5-20 year), and no prepayment penalty. A lot of homeowners would prefer a loan because they are able to cash in on incentives they wouldn’t normally be eligible for with a solar lease.
Brightstar Solar is also able to connect homeowners with unsecured solar loans through SunPower, the world leader in solar panel technology, and Enerbank, one of the largest banks in the country. The 12-Year SunPower Combo loan offers interest-free 12 month financing on tax credits and low interest financing on the balance. You can not find better zero down unsecured solar financing anywhere!
Since solar leasing started in Massachusetts in mid-2010, it has favorably increased the number of systems installed within the state. This is similar to the phenomenon that happened in California. The National Renewable Energy Laboratory recently did a study on “The Transformation of Southern California’s Residential Photovoltaics Market Through Third-Party Ownership.” The study found that rather than eating away at traditionally purchased systems, leasing is opening up a whole new demographic to solar – a middle-income household with less than $150k.
Most solar leases are structured as a 20 year term, with flat or escalating monthly payments. At the end of the lease term, you have the option to buy the system at its residual value, sign a new lease with new equipment, or have the solar panels removed at no cost. If at any point you want to sell your home, you have the option to transfer the lease to the new homeowner or prepay the remaining lease payments.
During the lease period, system maintenance, insurance, and performance are guaranteed giving homeowners peace of mind. If your system falls short of the electricity specified in the service agreement, you will be paid the difference. If your modules or inverters fail, they will be replaced and repaired at no expense to you. If your equipment is damaged or stolen, they are covered by the lessor.
With a $0 down solar loan or lease in Massachusetts, customers will see savings in the first year and will enjoy greater savings in future years with locked in energy payments as electricity prices rise. Brightstar Solar is a licensed Massachusetts installer for residential and commercial projects. With options such as a zero down lease or loans, we help homeowners make investing in solar a reality. Our company offers a no-obligation solar estimate so you can decide if solar power is right for your home or business. Please contact us online or at 617-564-0050 to schedule an appointment.
Would like quote on zero down solar for my house.