Solar Financing

Get financing for your solar energy system. Qualitech works with Renew Financial, Home Run Financing and Mosaic Bank. Talk to us for more information!

Learn more about solar financing

According to the Center for Sustainable Energy, the cost of a solar panel system, including installation, can range from $15,000 to $25,000 on average. While homeowners may eventually recoup this cost through savings in 7 to 8 years, the high upfront expense often drives them into solar financing. This financing can be obtained from a variety of sources, including local and national banks, specialist lenders, manufacturers and credit unions. In addition, financing can be obtained through Property Equal Clean Energy (PACE). Qualitech Solar works with two companies that work with PACE: Renew Financial and Homerun Financing.

Join the energy revolution in 5 steps!

Schedule a free consultation with Qualitech Solar.

We develop your customized solar system project.

Requests for permitting are submitted.

We’ll install your solar system.

You guarantee clean energy and savings through solar energy!

request a free quote!

Product/Service Type

Personal or Company

For me For my company

Name

Phone

Data Authorization

By clicking "Submit", I represent that I am 18+ years of age and agree to the privacy policy and terms & conditions. By clicking the "Submit" button, I hereby give prior express written consent to receive marketing communications regarding solar products and services via automatic telephone dialing system and/or pre-recorded calls and/or SMS/MMS from Qualitech Solar and one or more of it's marketing partners at the phone number and/or e-mail address provided to us, including wireless numbers, if applicable, even if I have previously registered the provided number on the do not call registry. SMS/MMS and data messaging rates may apply. This consent is not required as a condition to purchase services or products, and I may revoke my consent at any time.

SOLAR FINANCING FAQs

1. What are my solar financing options?

You have a few solar financing options available to you, which include purchasing the solar energy system with cash, obtaining a solar loan to finance the purchase, or entering into a solar lease or power purchase agreement (PPA).

2. Solar Financing or Solar Leasing - Which is Better?

The decision between solar financing and solar leasing depends on various factors and personal preferences. Both options have their pros and cons, and it’s essential to consider them before making a choice.

Solar financing involves taking out a loan to purchase a solar system. The homeowner owns the solar panels and is responsible for their maintenance and upkeep. Financing allows you to take advantage of incentives and tax credits while paying off the system over time. The homeowner will also benefit from the increased property value that the solar system will provide.

On the other hand, solar leasing involves renting the solar system from a solar company. The homeowner pays a monthly fee to use the system, and the solar company is responsible for its maintenance and upkeep. Leasing allows you to benefit from solar energy without having to pay the upfront costs of purchasing a system. However, the homeowner does not own the solar panels, and the leasing agreement can have strict terms and conditions that may limit their ability to make changes to their property.

In general, solar financing may be a better option for those who can afford to make a large upfront investment and want to own the solar system outright. It may also be a better option for those who plan on staying in their home for an extended period. Solar leasing may be a better option for those who do not have the upfront capital to purchase a solar system, have short-term plans, or are not interested in owning the solar panels.

Ultimately, the decision between solar financing and solar leasing will depend on the homeowner’s financial situation, energy goals, and personal preferences. It’s essential to research and consider all options before making a final decision.

3. What is the difference between secured solar financing and unsecured solar financing?

Secured solar financing involves using collateral, such as your home or the solar panels themselves, to secure the loan. This means that if you default on the loan, the lender can take possession of the collateral as payment. Secured financing typically has lower interest rates and longer repayment terms because it poses less risk to the lender.

Unsecured solar financing, on the other hand, does not require collateral. Instead, the lender will rely on your credit score and income to determine your eligibility for the loan. Unsecured financing generally has higher interest rates and shorter repayment terms because it poses more risk to the lender.

It’s important to carefully consider the pros and cons of each type of financing before making a decision. If you have a high credit score and income, unsecured financing may be a good option for you. However, if you have a lower credit score or income, secured financing may be a better choice, as it can offer lower interest rates and longer repayment terms.

4 .How do I choose the best solar financing?

There are several institutions that provide solar loans, such as local and national banks, credit unions, specialty financing companies, and manufacturers. To determine the most suitable solar loan for your needs, it is recommended that you compare options from various financing providers. Qualitech Solar can assist you with this process by helping you to prepare the project and locate the most favorable financing options.

5. What is PACE?

PACE, which stands for Property Assessed Clean Energy, is a financing model that facilitates the implementation of energy efficiency and renewable energy upgrades on private properties. It offers an innovative approach to funding by allowing property owners to borrow money for upfront project costs and repay the loan over time through voluntary assessments. PACE programs are available for both commercial and residential properties and provide an alternative means of accessing funds for clean energy improvements. Notably, the unique feature of PACE is that the loan is attached to the property rather than the individual, which can provide flexibility for property owners.

6. What are the main advantages of PACE?

PACE offers a secure financing option for extensive projects, enabling longer-term repayment and increasing the likelihood of positive cash flow for numerous projects. It eliminates the need for upfront payments and removes the obligation to repay the debt upon property sale or refinancing. By attaching loan repayments to the property tax bill, PACE often results in lower interest rates due to the strong assurance of repayment. Additionally, certain property owners may benefit from deducting PACE payments from their income tax liability. PACE also enables municipalities to promote energy efficiency and renewable energy initiatives without jeopardizing general funds. Moreover, it taps into substantial sources of private capital, further facilitating the implementation of clean energy upgrades.

7. What is the C-PACE?

C-PACE, which stands for Commercial Property Assessed Clean Energy, refers to a specific type of PACE program designed for commercial properties. C-PACE provides a financing mechanism for energy efficiency and renewable energy improvements specifically tailored to commercial buildings. It allows commercial property owners to secure funding for upfront project costs and repay the loan over time through voluntary assessments attached to the property tax bill. C-PACE enables businesses to implement sustainable upgrades, such as installing solar panels or improving insulation, by spreading out repayment over an extended period. This financing option encourages energy efficiency in the commercial sector and facilitates the adoption of clean energy technologies in commercial properties.

8. What is Residential PACE?

Residential PACE, commonly known as R-PACE, is a type of PACE program specifically designed for residential properties. It provides a financing solution for homeowners to undertake energy efficiency and renewable energy projects in their homes. R-PACE enables residential property owners to secure funding for upfront costs associated with improvements such as solar panel installations, energy-efficient windows, insulation upgrades, and more. The loan is repaid over time through voluntary assessments that are attached to the property tax bill. This allows homeowners to spread out the repayment and make the upgrades more affordable. Residential PACE programs aim to promote energy efficiency, reduce carbon footprint, and make clean energy solutions accessible to homeowners. esidential PACE financing programs are currently available in the following states: California (10 active programs) Florida (4 active programs) Missouri (3 active programs).