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Solar loans are valuable financing options to maximize the savings of acquiring a solar energy system. As with any loan, you need to analyze the number of repayments, including the cost-savings from going solar. Most often, the repayments can be much lower than the financial gains of embracing the solar lifestyle. That said, let’s discuss the solar loans available in Connecticut.

Smart-E Loans

The expenses that occur during home improvements, including acquiring solar PV systems, can be reduced through Smart-E loans. This financing option provides 4.49% to 6.99% interest rates for up to $40,000 loans.

You can still benefit from non-listed work as long as it’s directly associated with installing the listed project. For example, if roof repair and tree removal are necessary for solar installation, these can be capped at 25% of the total amount.

Here are the loan terms and Annual Percentage Rates (APR) or interests to familiarize you with their offering.

Loan Term

  • 5 years
  • 7 years
  • 10 years
  • 12 years

APR

  • 4.49%
  • 4.99%
  • 5.99%
  • 6.99%

*The minimum loan size is $5,000.

Eligibility Requirements

To qualify, applicants must occupy a single 2-4 unit in Connecticut with at least a 580 credit score. Those who intend to borrow up to $25,000 must at least have a credit score of at least 640. It is integral to have the project schedule before receiving the loan documents from C4C. Otherwise, those home improvement projects underway or completed cannot be eligible for this loan.

Eligible Home Improvement Projects

Home maintenance and home improvement projects eligible for Smart-E loans include:

  • Attic, wall, or floor insulation
  • Duct sealing
  • Air sealing
  • Window replacement
  • Air source/ground source heat pump
  • Central air conditioning
  • Ductless mini-split heat pump
  • High-efficiency furnace / boiler
  • Natural gas fuel conversion
  • Heat pump water heater
  • Indirect water heater (natural gas only)
  • On-demand tankless water heater (Natural gas/Propane only)
  • Solar PV system
  • A solar hot water system
  • Electric vehicle recharging station
  • Natural gas vehicle refueling station

Energy Conservation Loan

The Energy Conservation Loan (ECL) Program lends up to $25,000 to eligible applicants. These are for “emergency efficiency improvements” that you can pay for up to 10 years.

Eligibility Requirements

ECL can accommodate income-qualified consumers for cost-saving, energy-efficient home improvements. Low- and moderate-income families of 1-4 units can use $400 to $25,000 with low-interest rates. Payment structures can last for up to 10 years. You can also get as low as 0% interest rates for high-efficiency boilers and furnace projects.

Eligible Emergency Efficiency Improvements

The emergency status must be declared by a professional contractor to be eligible for this loan. Only the participating C4C contractors can facilitate efficiency improvements.

Here are the qualified emergency efficiency improvements applicable to this loan.

  • Replacement of the faulty heating system: interest rates can go as low as 0%. This option is for furnaces and boilers that have below 84% efficiency rating for oil or propane. Ratings are according to ENERGY STAR® standards.
  • Replacement of leaking roofs: to make way to install solar panels, all rooftops must be sealed.

You cannot be eligible for this loan if you already qualified for other loan programs like the Smart-E loan. Therefore, it would be better to apply for other loans before considering ECL. However, you can use the ECL loan first to finance emergency efficiency improvements in your home to lower the overall electricity use of your home. After completing these projects, you can then utilize a Smart-E loan to finance your solar system.

For more information, please go to Green Power Energy.

While solar energy is a goal for many businesses, it often stays on the to-do list for longer than it should. At Green Power Energy, we appreciate the fact that managers and business owner’s number-one priority is taking care of their customers. In fact, we’re the same way.

The point of this article is to help commercial prospects take the first step in outfitting their business with solar power. We’ll be addressing some of the common misconceptions that cause people to “wait for the right time” and how solar can make your business more profitable.

Increasing Your Profits

Perhaps the most popular reason for the growth in Connecticut’s solar power is the state’s high cost of electricity. Your business’s demand for electricity will never go away. However, solar energy can eliminate or reduce the cost of your electric bill.

Believe it or not, Connecticut has the highest price of electricity in the continental United States. According to the Energy Information Administration, in 2018, Connecticut’s average price per kilowatt-hour (kWH) was 18.41 cents. That’s 7.93 cents more than the national average of 10.48 cents per kWh.

For an average household, we can expect about 10,000 kWh are used annually. In Connecticut, that equates to an electric bill that’s $793 more than the national average.

Lower Your Operating Costs

The technical definition for efficiency is “the ratio of the useful work performed by a machine or in a process to the total energy expended”. While maintaining current revenue and simply adding solar energy to your business, you can make your business more profitable and efficient.

Your bill can be lowered through a policy called “net metering”. Net metering actually allows your electrical meter to move in reverse. For example, when your energy production exceeds your energy usage, the excess energy will be sent back to the utility company. 

In a recent study, 2020 State Solar Power Rankings Report, experts found Connecticut to be the 6th-best solar environment in the nation – with an “A” rating in net metering. Additionally, the study found that the average payback for solar investment is 8 years with an internal rate of return for solar investment of 16.3%. 

Planning For The Future

There are some misconceptions within the solar industry. Since we’re in the Northeast, customers often think that waiting until spring, just before the long summer days arrive, is a good idea. In reality, your solar panels will be producing energy (and saving you money) throughout the entire year – even winter. 

Being in the construction industry, we understand that some things need to be put on hold – that’s normal. However, we also know that getting jobs done can require a lot of planning and engineering. Whether your “good time” to start your solar upgrade is one month or one year away, our solar consultants can use that time to find the best possible solar solution for your business needs.

To take the first step toward increasing your business’s efficiency and profit, call Green Power Energy today and talk to one of our solar consultants.

Visit Green Power Energy today for more information.

As we get closer to summer and we learn more about COVID-19, there is some hope that we’ll soon be able to transition back to our “normal” way of life. Projects, sports, school, and other public events have the potential of being liberated from their temporary hold. Fortunately, not all projects have to be paused.

Green Power Energy Knows Disposable Income Is Limited

Green Power Energy is adapting and innovating to adhere to the new guidelines and way of life accompanied by COVID-19. We’re proceeding with business in a different manner while accounting for safety and maintaining a high level of quality. We have not slowed down in helping customers achieve their energy goals. We also realize that safety isn’t the only concern for our customers.

As we weather this storm together, many of us have temporarily lost jobs, hours, or experienced some form of a financial downturn. At Green Power Energy, we have considered and accounted for all of the obstacles our customers are facing.

Switching To Solar While Staying Within Budget

We strive to make solar power more affordable with easy solar financing options for our customers in New Jersey. A lot of people are under the impression that in order to take advantage of the benefits of solar energy, a large out of pocket investment is required.

At Green Power Energy, we are working hard to change that misconception with our great solar financing options for our New Jersey customers. Our options make going solar for your home or business more affordable, with no out of pocket outlay required.

The benefits of solar are numerous. Whether your goal is to reduce your monthly out-of-pocket expenses, lower your business’s operating expenses, hedge against increasing electricity costs, or simply make your property more environmentally-friendly, Green Power Energy can help.

How It Works

At Green Power Energy, we are making solar power more affordable with easy solar financing options for our customers in New Jersey. A lot of people are under the impression that in order to take advantage of the benefits of solar energy, a large out of pocket investment is required.

Both commercial solar financing and residential solar financing options are available in New Jersey. Most customers are shocked that they’re able to upgrade to solar without spending a single dollar upfront. 

Green Power Energy will handle all the paperwork, installation, and follow-up; a complete turn-key process. Rather than paying a monthly, variable electricity bill to the utility company, you will pay a monthly bill for the energy produced from your solar panels. Better yet, your new bill will be locked in at your new rate – no more monthly surprises. 

Choose A Plan For You

Green Power Energy has removed the obstacles to getting the solar power you want. You can choose which program will fit into your budget and decide which finance program is right for you. All customers are different, whether it’s a solar loan (no money down), a solar Lease, or Solar PPA, our highly-skilled representatives will discuss your options and help you to make an informed decision.

Visit Green Power Energy today for more information.

If you own some sort of solar energy system for your home, no matter how old or new it is, you’ll be delighted to know that it comes with some additional benefits. Aside from the money you save on electricity costs and the positive impact on the environment, your solar energy system also makes you eligible for the solar investment tax credit.

Unfortunately, The Solar Tax Credit can be one of the more misunderstood solar incentives. However, if you are employed and have some sort of taxable income, chances are you are able to take advantage of this incentive. If you’re into the idea of saving money, then continue reading – this was written for you.

A brief history of the solar investment tax credit

The solar investment tax credit, or ITC, was officially put into effect in 2006 via the Energy Policy Act of 2005. Although it was scheduled to expire in 2007, its popularity and effectiveness in promoting a more environmentally-friendly economy, the U.S. Congress decided to extend the expiration date several times. At the same time, the solar tax credit helped the solar industry to grow by a whopping 10,000 percent.

How the solar investment tax credit (ITC) works

As mentioned earlier, you are eligible for the ITC as long as you own some sort of solar energy system for your home. The investment tax credit allows you to deduct from your federal taxes a whopping 30 percent of what it cost you to install your solar energy system.

Whereas the credit used to only apply to residential systems, it now applies to commercial systems as well. To make matters even better, the government doesn’t put any cap on the value the 30 percent credit applies to. Meaning, the ITC is a dollar for dollar tax credit worth 30 percent of your solar project costs, regardless of that value. Therefore, many homeowners have been able to save nearly $9,000 on installation costs by taking advantage of the ITC.

Current and future expectations for the ITC

As of today, the ITC is active and applicable for all homeowners who utilize some form of solar energy system through 2021. However, the Solar Tax Credit is slowly in the process of “sunsetting”, meaning that it is expected to be phased out. It was recently set to expire in 2015, but it was, of course, renewed through 2019. The regression schedule of the ITC is as follows:

  • 2016 – 2019: The ITC will remain at a massive 30 percent of the cost of your solar energy system.
  • 2020: The ITC will be reduced to a 26 percent federal tax credit on the cost of residential and commercial systems.
  • 2021: The ITC will be reduced to a 26 percent federal tax credit on the cost of residential and commercial systems.
  • 2022 onwards: In 2022, residential solar energy systems no longer receive a federal tax credit. Commercial solar energy systems will receive a 10 percent tax credit going forward or until further notice.

As we move forward, the solar tax credit will work on a “commencement” standard. This means that if construction on the solar project is started before the end of the year, it can be claimed in that taxable year – regardless of completion. Also, the solar tax credit can be carried over to future tax years if the full amount can’t be taken in the first year.

Over to you

As you can see, the Solar Tax Credit is quite the incentive to adopt a solar energy system in your home or business. On top of saving money on your electric bill and benefiting the environment, you’ll receive a whopping 30 percent credit on your federal taxes.

If you’re interested in investing in a solar energy system for your home or business, the good news is that most solar loans will allow you to take advantage of the solar tax credit.

Should you have any questions on whether or not you or your business is eligible for this incentive it is recommended that you contact your accountant as Green Power Energy are not tax experts and, therefore, are not able to give financial advice.”

Visit Green Power Energy for more information!

Going solar is one of the best ways to save money. However, you should first determine if you are qualified for a no money down solar NJ loan. Your credit score must be 640+. The site where the solar panels will be installed should be qualified as well. It must provide enough space for the panels. The roof should be in great condition and shading should not be an issue.

If you’re interested in solar installation NJ, you also need to know whether or not you can claim the 30% tax credit. You should make sure that you will be staying in your home long enough to enjoy the benefits of a solar installation. If you just purchased the house, have enough credit and site, and you plan to stay in your home for a while, there is no reason why you shouldn’t go solar.

Solar panels are an excellent way to save on energy costs, contribute to energy independence and reduce your home’s environmental impact. Here’s what you can get from going solar.

Protect the Environment

Solar power systems get clean energy from the sun, so going solar helps reduce collective reliance on fossil fuel and greenhouse gas emissions. Burning fossil fuels produces electricity, but it also emits harmful gases that cause global climate change and air pollution. Fossil fuels are finite sources. Solar energy, on the other hand, is renewable. It doesn’t produce harmful gases or pollutes water resources. Solar power systems don’t need water to generate electricity, so they can work even during a heat wave or drought.

Earn Rebates and Tax Credits

When you file your taxes, you will get 30% of total system costs back from solar power installation and equipment. Combine this with local and state rebates and the total cost can be reduced by half. Many installers also provide a no-cost installation. They do this fronting all of the money for the installation and panels and charging for electricity at a lower rate. This is an excellent option for those who prefer a no-money-down option or are not willing to make the initial investment.

Reduce Energy Bills.

Installing solar panels helps you reduce or completely eliminate energy bills. During summer or warm spring days, the panels can produce more electricity, and you can trade the excess amount with the utility. Solar panels will continue to generate energy even on cloudy days. You can start saving on your electricity bills as soon as the solar panels are installed.

Increase Your Home’s Value

Installing solar panels also increases your home’s value, which is a good thing if you have plans to sell it in the future. It can help you attract more buyers and sell your home at a good price. Solar panels can extend the life of your roof as they protect it from various elements such as snow and rain. It also makes the house more energy-efficient during summer because the sun is not hitting the roof directly. Instead, the energy from the sun is absorbed by the panels. This helps keep the temperature inside the house lower.