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Solar Financing and Conservation |
Doug Large | 2/5/10
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Read Part One
After you have had a while to absorb all of the information that was presented to you during your site analysis, one the most important things to realize is what your load or demand for electricity or propane is.
Before you rush into a photovoltaic or solar thermal project it is wise to really look at how you live and what small changes that you can do, that when all added together make a noticeable difference in your utility bills! Simply changing to CFL’s and adding a hot water blanket is a great place to start. Having an energy audit performed will help in many ways, and rebates will cover part of that expense.
You can begin by checking out the efficiency of your major appliances; frig, deep freezers, electric stoves, TV, stereo and entertainment centers. There are rebates available from LPEA for refrigerator upgrades, and E-Star ratings make it easy to choose the right ones for your needs.
 If your house requires the use of pumps for water transfer or hydronic space heating, take a look at their power requirements. When it is time to replace them, try finding pumps with soft surge start, as these typically will use less energy.
Regardless of whether you install solar panels on your home, efficiency improvements will be reflected on your bottom line. It will save you money, reduce your carbon footprint, and ultimately reduce the size of your future solar system!!
From the information provided in your summary report of the site analysis, you will have a greater understanding of the size and approximate cost of your solar project. Once you have made the decision to buy, the next question is: how?
A solar system is a big ticket item, usually on the order of a new car, or kitchen remodel. Plus most of us are used to paying for utilities monthly, paying in advance for years of “green power” is a foreign concept.
I have talked with local banks and found them to be “green friendly”. Of course you will still need to qualify. The summary report will be useful at this time, by showing the savings potential at your site.
Typical home mortgages are often the very best financing arrangement, since most homeowners are familiar with them and the interest is tax deductible. A conventional first mortgage takes into account the value of the entire home, including the new solar system.
Home equity line of credit and Home equity loans, have traditionally been the mainstay of solar financing. However, due to the current financial crisis, many homes have depreciated in value and sometimes equity is not there. For homeowners that have built equity, a home equity-based line of credit may be an attractive choice.
Homeowners can also take advantage of energy-efficiency mortgages (EEMs) to finance a variety of energy-efficiency measures, including solar electricity in a new or existing home. The U.S. federal government supports these loans by insuring them through Federal Housing Authority or Veterans Affairs programs. This allows borrowers who might otherwise be denied loans to pursue energy-efficiency improvements. Rates are similar to conforming first mortgages.
After you have figured out how to pay for a renewable energy systems upfront cost, the next step is to find out your eligibility from your utility company, and explore rebates and incentives. Part of my service with a site analysis includes all info for grid tie and all incentives.
Please contact me at 970-903-2200 to schedule a site analysis today.
Keep checking the Pagosa Daily Post for more solar tips and information: Step Three, realizing the dream of your own renewable energy system, is coming soon! |
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