TYPES OF PAYMENT OPTIONS AND FINANCIAL INCENTIVES
Cool Remodeling Experts will introduce you to various types of Payment Options and Financial Incentives related to green energy home improvement projects.
Hopefully, these options and incentives will provide you with additional motivation to maximizing your home energy efficiency, reducing your utility bills, saving money, and contributing to a better environment. You will learn about:
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PACE FINANCING
Property Assessed Clean Energy Financing, or PACE Financing, is a unique method for long-term financing of energy efficiency, renewable energy, and water efficiency improvements for residential, commercial, and industrial property owners.
PACE-enabling legislation is currently active in 36 states plus D.C., and PACE Programs are now active in 20 states plus D.C.
Learn more about PACE Financing.
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PERSONAL LOAN FINANCING
Personal Loan Financing can be used to help homeowners to finance energy efficiency, renewable energy and water efficiency improvements through various financing programs. Personal loan financing can be a secured loan or an unsecured loan.
SECURED LOAN
A Secured Loan is a loan in which the borrower pledges some asset (e.g. a property or a solar PV system) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. The debt is thus secured against the collateral, and if the borrower defaults, the creditor takes possession of the asset used as collateral and may sell it to recoup some or all of the amount originally loaned to the borrower.
UNSECURED LOAN
An Unsecured Loan refers to any type of debt or general obligation that is not protected by a guarantor or collateralized by a lien on specific assets of the borrower in the case of a bankruptcy, or liquidation, or failure to meet the terms for repayment.
That differs from secured debt, such as a mortgage, which is backed by a piece of real estate.
Learn more about Personal Loan Financing.
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SOLAR LEASE
Solar Leasing is a financing option frequently used by homeowners who can’t take advantage of the Federal Tax Credit for purchasing solar PV systems or are on a fixed income. This option includes solar leasing and power purchase agreements.
SOLAR LEASE
A Solar Lease is a contract between two parties where:
- A solar/finance company agrees to fund the installation of a solar PV system and charge you a monthly fee for the use of this system for the lease term, usually 20 years.
- You agree to pay fixed monthly lease payment, which may include annual escalation.
Learn more about Solar Lease.
POWER PURCHASE AGREEMENT
A Power Purchase Agreement (PPA), or electricity power agreement, is a contract between two parties where:
- A solar/finance company agrees to fund the installation of solar PV system for your use and charge you a specific kWh rate for all electric energy, produced by this system, on a monthly basis for the contract term, usually 20 years.
- You agree to pay the monthly payment, based on the amount of kWh produced by the solar PV system.
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PRODUCT REBATES AND INCENTIVES
Many organizations offer Product Rebates and Incentives to homeowners who purchase various types of energy-efficient, renewable energy, and water-efficient products. These organizations may include governmental agencies, utility providers, and product manufacturers.
The County Of Los Angeles administers the Southern California Regional Energy Network that offers a wide range of resources and useful information about energy efficiency programs to homeowners interested in making energy efficiency improvements throughout the areas served by Southern California Edison® (SCE), Los Angeles Department Of Water And Power (LADWP), and SoCalGas®.
The programs and services offered by SoCalREN have led to more than $4 Million in rebates paid to homeowners who made energy efficiency upgrades. These upgrades were installed in 7,330 multi-family units throughout Southern California.
Learn more about Product Rebates.
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ENERGY UPGRADE CALIFORNIA
Energy Upgrade California® is a statewide program sponsored by the California Public Utilities Commission (CPUC) and the California Energy Commission to:
- Save energy and conserve natural resources.
- Help reduce demand on the electricity grid.
- Motivate and educate California residents and business owners about energy management.
- Make informed energy management choices at home and at work.
- Provide cost-effective programs for residents and business owners designed to improve the overall energy efficiency of their homes and businesses.
Learn more about Energy Upgrade California.
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FEDERAL TAX CREDIT FOR SOLAR
The Federal Investment Tax Credit (ITC) for solar energy,
also known as the Federal Tax Credit For Solar, or the Solar Tax Credit,
is perhaps the best incentive to go solar right now.
Quite simply, you get
a 30% Tax Credit off the total installation cost of your solar PV system, solar
batteries, and any other solar-related equipment.
Additional information is available online:
- Federal Solar Tax Credit Explained
- 2024 Solar Tax Credit
- What Projects Are Eligible?
- How Do You Claim The Solar Tax Credit?
Learn more about the Federal Tax Credit.
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DISCLAIMER
Cool Remodeling, Inc. is neither a broker nor a lender. Financing is provided by third-party lenders unaffiliated with Cool Remodeling, Inc. under the terms and conditions arranged directly between the property owner and such lender, all subject to credit requirements and satisfactory completion of financing documents. Any financing terms and conditions are subject to change from time to time.
Cool Remodeling, Inc. does not assist with, counsel or negotiate financing, other than providing property owners an introduction to lenders.
FINANCING OPTIONS FOR YOUR HOME ENERGY EFFICIENCY IMPROVEMENT PROJECTS
Once you decide to move forward with any type of a home energy improvement project, we will introduce you to the most suitable Financing Options in accordance with your specific needs. These options may include:
- No interest and no payment financing* for one year.
- Low payment options* with low interest rates.
- Secured* and unsecured financing loans.
* Subject to OAC (on approved credit).
Contact Us Today To Find Out Which Financing Option Will Be The Best One For You.
MEET SOLLY THE SEAL
Just in case you did not meet him yet, we would like to introduce you to Solly The Seal who is a very important member of the Cool Remodeling TM management team.
Solly’s main job is to approve all home energy efficiency products and provide his Seal of Approval.
WE ONLY WORK WITH ORGANIZATIONS AND BRANDS APPROVED BY SOLLY THE SEAL
