Orange County participating in home solar financing
February 11, 2014 by Mark
As of yesterday, several Orange County cities (including Santa Ana) will be taking part in a program that enables homeowners to finance solar systems rather than pay for them upfront. Other Orange County cities offering PACE (Property Assessed Clean Energy) are Anaheim, Newport Beach, Tustin, and Garden Grove.
One of the companies that provides the financing is Renovate America. CEO J.P MacNeill says the company has provided financing in 42 California cities for around 8,000 projects in the last two years. According to MacNeill, for each dollar a homeowner spends on a solar energy project, a return of $2.24 in savings can be expected.
Homeowners must meet certain criteria in order to qualify for PACE financing, after which they can then be put in touch with an approved solar provider. Programs of this sort benefit if and when the municipalities in question contract with a brochure printer to help inform the public of what is required to participate as well as the benefits.
The program provides multiple benefits to those who meet the qualifications. In addition to being able to have the solar panels installed without any money down, the interest rate on the financing is low and fixed and is deductible from both state and federal taxes. Moreover, when financing is via a special assessment on property taxes, the assessment may stay with the property when it is sold.