Best place to get a loan for solar systems

[Joe Blow]

Thanks for the reply...The sun power rep was full of it

[Naptown]

Anybody know the answer to this question?

Thanks

No they do not. However the same as cash loan does require you to pay the loan off within a year. Presumably you do that with the federal credit.
If not paid it gets real expensive fast

[acamato]

Anybody know the answer to this question?

Thanks

Enerbank has a couple of different loan programs. The one that was proposed to me for federal and state tax credits was a same as cash loan. No interest, no payments for 12 months. This gives you time to file your taxes and receive your refund. You use your refund to pay off your loan. If you don't pay it off in 12 months you get hit with interest from day 1.

The balance of the system cost is thru a NYSERDA on-bill loan. 3.49% and the loan payment shows up on my elect bill.

[Joe Blow]

Hi Naptown

This may be a dumb question.Does Enerbank keep your 30% federal tax credit?
I personally didn't look into Enerbank..A friend of a friend was looking to take out a split loan with Enerbank.He was offered a loan thru Enerbank using Sunpower as the dealer.There are no srec"s in NYC.The rebates are great,but it takes 4 years to receive all the incentives.
He ended up taking a lease thru Sunpower.Maybe the sun power salesmen lied to him,so he would go with the lease?

Anybody know the answer to this question?

Thanks

[Naptown]

from what i understand there are origination fees and other document fees that are typically passed along. 3.99% plus i can write the interest off on my taxes is effectively almost the same as 2.99% and no fees - plus the "as low as 2.99%" is the key clause in your post - not everyone will qualify for that.

The 2.99% is based on what the dealer pays to buy down the loan.
Can be done but is expensive for the dealer and expect some of that cost to be passed along. Ask what the system cost would be with the 36 month same as cash on most of the incentives and balance at 12 year 2.99% and what they would be willing to discount if you paid cash by getting your own financing.

[bradykp]

The heloc is obviously the lowest cost
But if you are having a dealer install look into their financing.
Most use Enerbank and Admirals.
Most can offer a one year same as cash on the incentive portion based on what you would get back quickly (within a year) incentives then the remainder at as low as 2.99%
There are costs that the dealer may pass on to you depending on how they model their business but I recently put together a package that had the federal and state incentives as a 1 year same as cash and balance on a 12 year 2.99% and came out cash positive from day 1
This was in Maryland where we also have srec's. NY may be different so ask a local dealer about this.

from what i understand there are origination fees and other document fees that are typically passed along. 3.99% plus i can write the interest off on my taxes is effectively almost the same as 2.99% and no fees - plus the "as low as 2.99%" is the key clause in your post - not everyone will qualify for that.

[Joe Blow]

The heloc is obviously the lowest cost
But if you are having a dealer install look into their financing.
Most use Enerbank and Admirals.
Most can offer a one year same as cash on the incentive portion based on what you would get back quickly (within a year) incentives then the remainder at as low as 2.99%
There are costs that the dealer may pass on to you depending on how they model their business but I recently put together a package that had the federal and state incentives as a 1 year same as cash and balance on a 12 year 2.99% and came out cash positive from day 1
This was in Maryland where we also have srec's. NY may be different so ask a local dealer about this.

Hi Naptown

This may be a dumb question.Does Enerbank keep your 30% federal tax credit?
I personally didn't look into Enerbank..A friend of a friend was looking to take out a split loan with Enerbank.He was offered a loan thru Enerbank using Sunpower as the dealer.There are no srec"s in NYC.The rebates are great,but it takes 4 years to receive all the incentives.
He ended up taking a lease thru Sunpower.Maybe the sun power salesmen lied to him,so he would go with the lease?

[Naptown]

The heloc is obviously the lowest cost
But if you are having a dealer install look into their financing.
Most use Enerbank and Admirals.
Most can offer a one year same as cash on the incentive portion based on what you would get back quickly (within a year) incentives then the remainder at as low as 2.99%
There are costs that the dealer may pass on to you depending on how they model their business but I recently put together a package that had the federal and state incentives as a 1 year same as cash and balance on a 12 year 2.99% and came out cash positive from day 1
This was in Maryland where we also have srec's. NY may be different so ask a local dealer about this.

[bradykp]

yep! that's exactly what i read. i don't know why there's not an install going on at every house in Staten Island right now!

[Joe Blow]

And I was reading an article about the incentives in NYC. Sheesh you're getting quite a deal. Everyone with a roof should be installing in NYC!

You must of read this in the Daily news:

http://m.nydailynews.com/new-yorkers-signing-solar-historic-rates-article-1.2316700?utm_content=buffera11c3&utm_medium=social&utm_source=facebook.com&utm_campaign=NYDN+Facebook

New Yorkers are eligible for several financial incentives to use solar, according to Con Edison:

n A federal income tax credit equal to 30% of the total cost of the system.

n A New York State income tax credit equal to an additional 25% off the system.

n A New York State rebate.

n A New York City property tax abatement equal to another 20% off the system cost which is applied against their property taxes over four years.

“New York is absolutely the best market for solar in the U.S. right now,” McKee said. “If you shell out $30,000, you’ll probably end up paying only about $8,000.”

The leftover $8,000 can be recouped in as little as four years from the energy cost savings.

[bradykp]

And I was reading an article about the incentives in NYC. Sheesh you're getting quite a deal. Everyone with a roof should be installing in NYC!

[bradykp]

The PNC deal was no appraisal fee. If you have a pnc checking and sign up for auto debit, they waive the $50/yr fee for a HELOC. No refinancing. It's just a line of credit. I did $50,000 since you get a lower rate for the higher amount. Let me know if you have any questions.

[Joe Blow]

Joe - I'm in NJ and doing it now. PNC was 3.89%. Investor's was even better but their appraisal of my home (paper appraisal) came in low. TD Bank also had competitive rates. My install should be in about 4-6 weeks.

Nice brady..I don't think you beat that deal.

Did you have to re finance your home and take out a new 1st mortgage? Or was that a home equity loan? I am sure PNC is not killing you with big fees either.

I am going to PNC myself

Thank you very much for the info!

[bradykp]

Thanks alot for that info

Let us know what rates admiral has.I have a brother that lives in NJ and is looking into solar

Joe - I'm in NJ and doing it now. PNC was 3.89%. Investor's was even better but their appraisal of my home (paper appraisal) came in low. TD Bank also had competitive rates. My install should be in about 4-6 weeks.

[Joe Blow]

I am considering installing solar panels myself. I am not elgible for the NY-sun financing. One option I am looking at is Admirals bank. https://www.admiralsbank.com/renewable-energy-lending I want to contact them for their rates.

Thanks alot for that info

Let us know what rates admiral has.I have a brother that lives in NJ and is looking into solar