Financing

 

At Home Energy Systems we believe everyone should have the opportunity to produce their own clean energy. We also understand financing can be difficult. We have worked hard and are proud to present these financing options so virtually anyone with a roof can go solar!  Schedule an appointment today and we will help you decide which is the best option for you.

 

Go Solar for $0 Down and Start Saving Money From Day One

Solar is a great investment and a wise choice for smart homeowners who view their rooftop space as a resource, not just a cover over their heads.   Now almost any homeowner can be a part of this great technology without the large initial investment.  Instead of purchasing the equipment you simply lease it all while enjoying all the benefits of ownership.

With a Solar Lease from Home Energy Systems you make payments over the lifetime of the system instead of paying for it all at once.  Couple the monthly payments with your new lower electricity bills and you will see savings starting from day one.

The solar lease is flexible so you have the opportunity to work with us to create a payment plan that suits your needs – our highly trained consultants will guide you through every step of the process to be sure your customized system and payment plan fit your every need.

Wise Investment.

Solar is a wise investment because it is a proven technology that is guaranteed to produce electricity for at least 25 years.  That means you can rest easy knowing the system installed on your roof will continue to perform beautifully all year every year for the life of the term.  Another great feature is you do not have to worry about any maintenance or repairs – all that is covered under the lease.  How do we know?  We remotely monitor your system to verify performance.

Includes Free Monitoring and Repair Service

With a lease, you have peace of mind that your system will continue to perform year in and year out. Your system includes proactive monitoring for the full life of the lease. Monitoring allows you and Home Energy Systems to continuously monitor your system to ensure it is running smoothly and performing as expected.

Although unlikely, in the event that your system does malfunction or under produce for any reason we will send a team out to inspect and make the necessary repairs/adjustments.  This service is free of charge to you.

Flexibility and Purchase Options

Unlike other lease options on the market, with Home Energy Systems you have flexibility and options.  We will work with you to adjust input factors such as a prepayment and escalators to be sure your lease fits all your needs and expectations.  At year 6 you have the option to purchase the system giving you ownership free and clear.  The price at that time period will be based on current market value.

You also have options at the termination of the lease period.  You can opt to continue the lease, buy the system at fair market value, or have us come out and remove the system for free.  With our lease you have many options so you are not tied down to one decision!

To qualify for lease financing, you need to have excellent credit (a FICO score of 700 or greater).

You Control the Costs, You Own the System

Similar to a car loan or your mortgage, the solar loan from Home Energy Systems and SunPower offers all the benefits of solar without all the upfront costs.  The loan is flexible and can be customized to fit your needs.  Here is a snapshot of the loan:

  • Simple interest, unsecured financing.
  • Long term—20-year (you can also pick 5-, 10-, or 15-year terms for slightly better interest rates).
  • Low rates—From 7.99% on 20-year loans (from 5.24% on 5-year loans).
  • No balloon payments.
  • No pre-payment penalty.
  • No annual escalator.
  • One-time principal pay down within 18 months—use your 30% Federal Tax Credit to lock in a low payment for the term of the loan.
  • When it’s paid off, you own it—and you have free electricity for life.

Free Electricity for up to 18 months!

Are you expecting a large tax return but are sick of high electricity costs and want to go solar now?  Are you expecting a large end of the year bonus but still want to enjoy the benefits of solar now?  Our same as cash program might be the right choice for you.  We take care of everything up front, you have no worries about getting your system installed when YOU want it installed.  Start saving today with our Same As Cash Program.  Some features include:

Features:

  • No Money Down
  • No hassles finding money for a downpayment
  • No payments or interest for 3, 6, 12, or 18 months
  • 100% unsecured financing from $1,000 to $45,000
  • Easy and secure application process – no paperwork
  • Fast approval – decision within 15 minutes
  • No application fees, no closing costs, no pre-payment penalties
  • You own the system from day one with zero payment

Cash Purchase

Of course we accept cash!  If you have it this is probably the best way to purchase solar for your home.

Features:

  • You get the State rebate from the California Solar Initiative program.
  • You get the 30% Investment Tax Credit.
  • No applications to fill out or credit checks.
  • No limitations on system size.
  • No waiting for any approvals.
  • No application fees, no closing costs, no pre-payment penalties
  • You own the system 100% from day one.
  • If you run a business out of your home you could be eligible for accelerated depreciation.

Home Energy Systems has partnered with a national bank to bring you yet another financing option.  If you have equity in your home this may be the best way for you to go.  We are pleased to offer a number of options of lines of credit and loans as detailed below.

Qualifying properties:

Single family, town home, condo, planned unit development, 2-4 units attached (owner- occupied), manufactured housing, mobile homes, single family for investment, rental property, second or vacation homes.

Minimum and maximum line/loan amount:

Line of Credit: $10,000 – $500,000

  • second or vacation home: $250,000 (up to $500,000 if credit qualified)
  • non-owner-occupied: $100,000 (up to $500,000 if credit qualified)

Loan: $20,000 – $500,000  ( 85-360 months)

 

Maximum CLTV:

  • Primary residence:

If amount is $10,000 < $500,000 max CLTV  < 80% (up to 85% if bank is in first position and credit qualifies)

  • Second or vacation home:

If amount is < $250,000 max CLTV < 75%

If amount is > $250,000 max CLTV < 70%

  • Non owner-occupied:

If amount is < $250,000 max CLTV < 70%

If amount is > $250,000 max CLTV < 50%

Interest rates:

  • Prime ( as published in the Wall Street Journal –Western Edition)+ Margin*

Prime + 1.740% to Prime + 10.490%.

* Margin depends on: credit score, CLTV, loan amount, and collateral type.

  • Floor rate 4.240%
  • Cap rate (ceiling) 18%

Minimum credit score: 660

 

Collateral purchased < 6 months ago:

  • The lower of the purchase price or valuation obtained will be used to establish CLTV.
  • Customer may provide the appraisal used for purchase if is dated within the past 90 days.

 

 

 

When choosing a financing option for this or any other major purchase please be sure you are 100% informed on what you are actually purchasing.  At Home Energy Systems we will not hide any fees or present any financing packages that are sub par.  We want what is best for you and will work hard for a lasting positive relationship.  We strive for the best and will not stop working for you until you have the best.