Solar Loan FAQ
Question: How much money will I save by switching to solar?
Answer: It is impossible for anyone to give you an exact number to this question. To be able to guarantee savings, you would have to guarantee that you'll use the same exact amount of electricity every year. That would be impossible. What we can guarantee is how much electricity we will provide you with and how much you'll pay us for that electricity! As long as your buying the power from us for less than your buying it from TEP, you'll be saving money.
Question: What happens if I sell my home?
Answer: Our Transfer Team works directly with your realtor to make the transfer of your Solar Loan to the new homeowner as smooth as possible. You can also include the remainder of the loan into the sale of the home.
Question: Can I claim any of the tax credits?
Answer: YES!!! You will claim the tax credits. At that point you can choose to spend that money in any way that you please or pay it towards your loan to see extra savings!
Question: Where can I find my Tax Liability to know how much of the Federal Tax Credit I can claim?
Answer: This information can be found on your Form 1040 (line 63), Form 1040A (line 39), and Form 1040EZ (line 12).
Question: Will I have a lien on my home if I go solar?
Answer: NO! We will NEVER at any time place a lien against your house.
Question: Why do I need to be connected to the utility after going solar?
Answer: As cool as it would be to get completely off the grid, the utility actually plays a vital role for your solar system. We will use their infrastructure to store all of the excess energy produced by your solar system during peak hours and then pull electricity in from the grid when the sun is not shining.
Question: If the grid goes down will my electricity still work since I have solar?
Answer: No. The way your electricity works in your home will not change at all. Your lights WON'T be dimmer on cloudy days and if the rest of the neighborhood loses power, you will too. The only way to be covered in the even of a power outage is to purchase a battery back up system.
Question: What happens if I use more electricity than my solar produces?
Answer: Since you are still connected to the utility grid, you will simply purchase the amount of extra electricity you need from your utility. Usually at their lowest rates!!!
Question: When will my first payment take place?
Answer: After your system has been installed.
Question: Are there penalties for paying the system off early?
Answer: No. That's what most of our customers do. The average homeowner will typically pay their system off within 8 years regardless of the financing term.