Renovate Smarter - Invest in Solar

  • By SunPower by EmPower Solar
  • 30 Mar, 2017

Kitchen, bath, or a home-improvement project that pays for itself? 

Making investment decisions can seem like a gamble at times, especially when investing in your home. Not to mention, renovating and improving your home takes time, money, and trust that your contractors will do a good job. The monetary return on investment doesn’t come until you sell the house, and it all depends on an unpredictable housing market.

Adding solar panels to your home could put money back into your pocket immediately, money that could be used for that bathroom, kitchen, pool, or new flooring you have been dreaming of. This extra money could lessen the financial burden at the end of each month, and reduce financial stress from monthly utility bills.

“I had accepted electric bills as an unquestionable monthly expense. Once I started researching solar, I realized it was a no-brainer. I paid $13,300 to get my system installed in 2011 but it’s already paid for itself, leaving me with no monthly electric bills or solar payments. Friends have spent the same amount on kitchens or bathrooms and are still paying those projects off. I now have about $220 in monthly savings each month that I can put towards home projects or my children’s education. We couldn’t be happier with our decision.” says Walter T., an EmPower Solar client from Wantagh, NY.

Utilizing the power of home solar panels in a place like New York has never been more important. We live in an area where the cost of living exceeds almost all other parts of the country, and high utility costs haven't been getting any lower. In fact, there are proposals in the works calling for residential electric bills to increase by 5.2 percent, and gas heating bills by 7.7 percent next January.

Each month you are throwing money at keeping your house running, but you’re missing out on an opportunity to let your home power itself.

For those who prefer not to purchase a solar system upfront, there are a multitude of financing options including a Nassau Financial Solar Loan or a SunPower lease that provide a few hundred dollars a year in savings.

Whether you choose long term savings or short term savings, you have a chance to put that money into the kitchen you’ve always wanted, reduce home operating costs and add value to your home.

When it comes to adding value for a home sale; while renovating a kitchen or bath may add value to your home, it is not guaranteed due to tastes and preferences of buyers. Neither of these projects have a tangible savings, while adding solar panels has an actual and identifiable cash flow.

Want to know if you qualify for a Long Island or New York City solar program? Contact us to learn more about the programs incentives you may qualify for. Call us at 516.837.3459 or email us; cx@empower-solar.com


*$75,000 savings is estimated based on a 20 year time-frame.


SunPower by EmPower Solar

By SunPower by EmPower Solar 22 Apr, 2017

One of our five founding philosophy's is our commitment to clean energy . This is directly tied to our company’s fundamental belief that renewable energy will lead to a more prosperous, healthy and civil world.  We live this philosophy every day, but each year on Earth Day we take time to reflect how far we’ve come and think about how much more we can do. 


In 1969 a catastrophic oil spill occurred off the coast of Santa Barbara, California . Shortly after, U.S. Senator, Gaylord Nelson, proposed a “National Teach-In on the Environment.” In partnership with local officials, and a Harvard graduate named Denis Hayes, he launched the first inaugural Earth Day on April 22, 1970.

 

As one of the first political movements of its time to receive support from both parties, the first Earth Day enacted nationwide change. This empowerment lead to the Environmental Protection Agency, which resulted in the passage of the Clean Air Act, Clean Water Act, and the Endangered Species Acts.

 

The next large scale Earth Day campaign took place in 1990, with Denis Hayes at the helm once again with help from the Earth Day 20 foundation. On a mission to drive international attention, his campaign reached 141 countries, and involved over 200 million people. Finally with the help of a worldwide community, recycling initiatives were brought to the forefront of public attention. Thanks to the worldwide acceptance of Earth Day, in 1992 the United Nations hosted the first Earth Summit in Rio de Janeiro.

 

In the year 2000, Earth Day became the largest secular holiday in the world. This was a time where corporations were recklessly polluting in the name of profit margins, and there were still mountains to be moved for fuel efficiency. The 3rd large scale Earth Day Campaign focused on clean energy. It’s been almost 20 years since then, and the progress made by renewables has been huge , but our work isn't over.

 

 With our sights on progressing forward towards a more informed, and environmentally educated community, here are some events and initiatives that SunPower by EmPower Solar will be participating in this week:

 

1.  APEC Green Gala in Queens

2.  Francis Lewis High School Earth Day Event

3.  Brooklyn Boulders

4.  Huntington Earth Day Expo

5.  Long Beach Earth Day Festival

6.  Building Solar Ready Seminar

 

Click here for event details. ( http://www.empower-solar.com/news-and-events )

 

Please feel free to stop by and say hello at any of the events listed above!

By SunPower by EmPower Solar 04 Apr, 2017

Being a lifelong Long Beach Resident, I truly care about our community and our impact on our surrounding environment. I have a background in public safety, and over the years I been involved with several initiatives to protect the local environment. This experience offers me a unique perspective on the value of using renewable energy to make our homes more resilient and communities more sustainable.  

When SunPower by EmPower Solar offered me the opportunity to join their team to help spread the benefits of switching to solar power, it was very exciting. The company’s values are very much in line with mine and we all are in it for the same goal; a commitment to a cleaner environment.  This is especially important to me now as a father of two with one more on the way.

Over the last decade, I’ve had the chance to learn about “the company” EmPower Solar as well as get to know a lot of the individuals who make up their 70-person team; all based in Island Park. They are a great group of people, and more importantly; they do great work. As a technical person, I respect the quality of work they do and appreciate they go the extra mile to ensure their clients have a positive experience. As an established leader in the solar industry, they offer the most efficient solar technology available delivered safely with honesty, craftsmanship and reliability.

Many friends of mine have already switched to solar and I look forward to educating my neighbors and friends on solar programs, incentives available, and the importance on choosing the right Solar energy service.

I believe in Solar, and I have confidence in SunPower by Empower!

 

If you are interested in learning more about solar, you can reach me at spinto@empower-solar.com or at the office 516-837-3459.

By SunPower by EmPower Solar 30 Mar, 2017

Making investment decisions can seem like a gamble at times, especially when investing in your home. Not to mention, renovating and improving your home takes time, money, and trust that your contractors will do a good job. The monetary return on investment doesn’t come until you sell the house, and it all depends on an unpredictable housing market.

Adding solar panels to your home could put money back into your pocket immediately, money that could be used for that bathroom, kitchen, pool, or new flooring you have been dreaming of. This extra money could lessen the financial burden at the end of each month, and reduce financial stress from monthly utility bills.

“I had accepted electric bills as an unquestionable monthly expense. Once I started researching solar, I realized it was a no-brainer. I paid $13,300 to get my system installed in 2011 but it’s already paid for itself, leaving me with no monthly electric bills or solar payments. Friends have spent the same amount on kitchens or bathrooms and are still paying those projects off. I now have about $220 in monthly savings each month that I can put towards home projects or my children’s education. We couldn’t be happier with our decision.” says Walter T., an EmPower Solar client from Wantagh, NY.

Utilizing the power of home solar panels in a place like New York has never been more important. We live in an area where the cost of living exceeds almost all other parts of the country, and high utility costs haven't been getting any lower. In fact, there are proposals in the works calling for residential electric bills to increase by 5.2 percent, and gas heating bills by 7.7 percent next January.

Each month you are throwing money at keeping your house running, but you’re missing out on an opportunity to let your home power itself.

For those who prefer not to purchase a solar system upfront, there are a multitude of financing options including a Nassau Financial Solar Loan or a SunPower lease that provide a few hundred dollars a year in savings.

Whether you choose long term savings or short term savings, you have a chance to put that money into the kitchen you’ve always wanted, reduce home operating costs and add value to your home.

When it comes to adding value for a home sale; while renovating a kitchen or bath may add value to your home, it is not guaranteed due to tastes and preferences of buyers. Neither of these projects have a tangible savings, while adding solar panels has an actual and identifiable cash flow.

Want to know if you qualify for a Long Island or New York City solar program? Contact us to learn more about the programs incentives you may qualify for. Call us at 516.837.3459 or email us; cx@empower-solar.com


*$75,000 savings is estimated based on a 20 year time-frame.


By SunPower by EmPower Solar 23 Mar, 2017

The Sisters of St. Dominic of Long Island have a lot to be proud of when it comes to their contribution to the environment. From their on-site organic farm in Amityville, the geothermal system at the Motherhouse, to the hybrid vehicles that they drive, the Sisters have taken many steps over the years to reduce their carbon footprint and minimize their impact.


For many years, Homecoming Farm, a certified organic CSA project was one of the Sister’s major environmental initiatives. In late 2014, the Long Island-based Sisters asked themselves “what’s next?” They took a close look at their goals and what they saw as the next piece of their mission. The vision was clear; they want to leave the planet better than they found it and encourage others to do the same by acting as a positive example. This was all being considered around the same time that Pope Francis released his encyclical on the environment.


In the 2015 encyclical, entitled “Laodato Si”, the Pope encourages the faithful to take on an ecological conversion. “What kind of world do we want to leave to those who come after us, to children who are now growing up?” Pope Francis wrote. This sentiment especially resonated with the Sisters of St. Dominic, who are as forward-looking as they are present.


“We sisters, with Pope Francis, recognize human induced global climate change to be among  the most serious issues facing the global community today. "Going solar" even in a modest way, gives us the opportunity to make some small contribution toward the mitigation of this problem” said Sister Margaret Galliardi, a leader on the project.


Together with Sunpower by EmPower Solar, the Sisters assessed many options for solar panels both at the motherhouse and many of the individual sites. They identified several properties most viable for solar and began there.


In summer of 2016, work began at the Malverne apartment. Housing seven sisters, the house is now 100% powered by the sun with a home solar system that generates 10,300 kilowatt hours per year. “The installation of the solar panels went well and to date, the utility bills have been greatly reduced” said Sister Louise Raab, a resident of the Malverne apartment.


The Amityville Apartments shortly followed suit, installing a home solar system that cover over 100% of the buildings’ energy needs, with the surplus energy used to credit the mother house electric account.


“The Sisters of St. Dominic are some of the most inspirational and motivating people we've ever worked with.  The entire EmPower team comes away more dedicated than ever to make solar the dominant energy source" said David Schieren, CEO of SunPower by EmPower Solar. 


The Sisters will be able to monitor their system’s energy production in real time and can measure their actual environmental impact over the 30+ year life of the solar panels. Altogether, the systems are projected to produce 40,269 kWh of energy per year. If the same amount of energy had been produced via coal, that would mean CO2 emissions of 29,992lbs. That’s a lot of avoided greenhouse gas emissions! This equates to removing 6 vehicles from the road each year.


While the Sisters of St. Dominic have always supported and promoted energy efficiency and renewable energy, they now lead by example. The Sisters proudly show off their solar panels and plan to use their experience as a tool to help further educate their communities and to encourage others to make the switch to clean, renewable energy.


By SunPower by EmPower Solar 13 Mar, 2017

Island Park, New York, March 13, 2017 – SunPower by EmPower Solar, an Island Park-based solar installer, has received the SunPower “Residential Regional Dealer of the Year” award for its outstanding performance as a SunPower dealer in 2016.

The “Residential Regional Dealer of the Year” award honors SunPower residential dealers in select regions of the United States that consistently put customers first, while demonstrating exceptional industry knowledge and leadership. SunPower by EmPower Solar earned this top honor for the East Coast region. 

“Earning SunPower’s 2016 ‘Residential Regional Dealer of the Year’ award for our success delivering the world’s highest efficiency solar systems and superior customer service to homeowners is a recognition the entire team worked hard for and is extremely proud of,” said David Schieren, CEO of SunPower by EmPower Solar. “Partnering with SunPower, one of the world's most innovative energy companies, allows us to deliver an amazing solar experience that maximizes electric bill savings today, and provides peace of mind over the long term.”

“SunPower’s reputable national dealer network is strengthened by local solar companies like SunPower by EmPower Solar, selected for their quality craftsmanship, industry expertise and customer service,” said Martin DeBono, SunPower senior vice president. “We congratulate SunPower by EmPower Solar for an extraordinary performance in 2016 as a residential dealer, delivering the value of SunPower solar to homeowners in their community.”  

In 2016, SunPower by EmPower Solar installed a record number of homes on Long Island and New York City, bringing the total to over 1,500 and has grown staffing to over 70 full time in-house employees.The company also received several awards for customer service and workmanship quality including the Angie's List Super Service Award and the Nassau County Building Inspectors annual award.

For more information on SunPower by EmPower Solar, call (516) 837-3459 or visit empower-solar.com/contactu-us


By SunPower by EmPower Solar 24 Feb, 2017

Island Park, NY, February 28, 2016 – With the ending of the PSEGLI solar rebate, Nassau County residents now have a brand-new program available to make solar more accessible. The solar-specific loan, created by Nassau Financial Federal Credit Union and SunPower by EmPower Solar, was built specifically with Long Island homeowners in mind. This new program allows homeowners to go solar with no upfront cost and replace their existing electric bill with a fixed monthly payment that provides for immediate monthly savings of 30 percent or more.

While similar loan products have enabled thousands of Long Island homeowners to go solar over the last few years, this is the first time that a Long Island based credit union is making this type of program available to their members. Nassau Financial Federal Credit Union, a provider of high-quality, competitively priced consumer financial products for over 80 years provides members complete peace of mind that they can apply directly online at NassauFinancial.org as well as through representatives at SunPower by Empower Solar.

“Our new solar loan program will help our members save money and make a difference on Long Island as we create a cleaner environment,” said John T. DeCelle, President and CEO of Nassau Financial Federal Credit Union. “We are excited to be working with SunPower by EmPower Solar by delivering this unique solar loan opportunity to our members and Long Islanders throughout Nassau County,” added DeCelle.

SunPower by EmPower Solar, in business since 2003 and recently voted the top Long Island solar company on Yelp is the exclusive company offering the Nassau Financial solar loan product to their clients.

“We are thrilled to launch this custom-made program for the Long Island marketplace, allowing homeowners to finally get the world’s best solar panel technology through a Long Island-based installer and local financier – all in one simple package,” said David G. Schieren, CEO of SunPower by EmPower Solar. “This loan is directly in line with our mission of providing the greatest electric bill savings to our clients while delivering an amazing customer experience. We believe this will help thousands of Long Islanders who haven’t had this type of solar opportunity available to them before.” added Schieren.

The loan, with interest rates as low as 3.49 percent APR is available to customers who live, work, worship, go to school or volunteer in Nassau County. The program is available for both built homes or new construction homes that are ideally built solar-ready.

To qualify for the Solar Loan program, homeowners must meet basic criteria;

·      Nassau County Resident (or other County affiliations)

·      Homeowner

·      650+ credit score

·      PSEGLI bill of $100 or more

For more information or to see if you qualify for this new solar program, 

call (516) 837-3459 or visit empower-solar.com/Nassau-Financial-solar-loan

Interested homeowners can also visit NassauFinancial.org/home/lending/solar to apply online, or go to the SunPower by EmPower Solar design center in Island Park to apply for the program in person.

About Nassau Financial Federal Credit Union

Founded in 1936, Nassau Financial Federal Credit Union celebrated its 80th Anniversary on May 23, 2016 as Long Island’s oldest federally chartered credit union. Nassau Financial, based in Westbury, New York, is a not-for-profit financial cooperative with over $400 million in assets serving more than 23,000 members. Nassau Financial is community chartered, serving everyone who lives, works, worships, volunteers or attends school in Nassau County, as well as members of their immediate family or household. Branch locations include Garden City, East Meadow, Oceanside, and Syosset with over 6,000 additional offices available through the Credit Union Service Center network. Nassau Financial also provides its members no-surcharge ATM access at over 28,000 locations throughout LI, the US and the world. Nassau Financial deposits are federally insured up to $250,000 and they offer savings and IRAs; free checking products including Early Pay with Direct Deposit; consumer loans and lines of credit; home financing; electronic and other convenience services including online banking and telephone banking; Mobile banking with mobile check deposit; free financial planning and counseling; and educational seminars. Follow Nassau Financial on Facebook, Instagram and Twitter and on the web at NassauFinancial.org.

About SunPower by EmPower Solar

SunPower by EmPower Solar delivers more savings now and more over time with the industry’s highest efficiency solar panels and best combined power and product warranty.

Since 2003, SunPower by EmPower Solar’s mission has been to deliver high performance solar systems that yield significant savings, all while providing an amazing customer experience. EmPower is the preferred solar provider of over 1,500 New Yorkers and a proud partner to one of the world’s most innovative and sustainable energy companies, SunPower Corporation, leveraging 30 years of industry experience and record-setting technology.

As the only Long Island-based SunPower Master Dealer, SunPower by EmPower Solar is dedicated to maintaining exceptional customer satisfaction ratings, and recently received the Building Inspectors Association of Nassau County Industry Leadership Award and the Angie’s List Super Service Award.

By SunPower by EmPower Solar 10 Feb, 2017

I was a little girl, learning to ride a bike without training wheels and outside of my comfort zone... I had to make the decision to keep pedaling and catch up to my father in the parade, or quit and go back home. I was ready.  This is part of the story Jill Anderson, Executive Vice President and Chief Commercial Officer , New York Power Authority (NYPA),  told a group of 125 women at this week’s “C3E Women in Energy” meetup event on Long Island.

As keynote speaker, Jill Anderson reminded us that many of us think we are “not ready” for the next step in our careers, and often hold ourselves back from professional growth. Studies have shown similar results; women are more likely than men to believe that they are not qualified or ready for a promotion and are less likely to ask for one if they don’t meet the “written criteria” on a job posting.

The Hauppauge event, co-sponsored by SunPower by EmPower Solar and Cameron Engineering, hosted students and women working in energy on Long Island in sectors including the utility, engineering, government, non-profit, solar, efficiencies, and more.

C3Enet, a project of Clean Energy Education & Empowerment, encourages meetups across the country and around the world. Professionals in every aspect of clean energy from government to industry, and from Silicon Valley startups to international development are engaged in this effort.

The event also featured an interesting panel discussion consisting of several leading women in energy on Long Island. Led by moderator Lisa Broughton, Energy Director at Suffolk County Economic Development and Planning ; the panel consisted of Tara Bono, Marketing Manager at SunPower by EmPower Solar ; Sarah Oral, PE, LEED AP BD+C, Project Engineer at Cameron Engineering & Associates ; Bobbi O’Connor, Deputy General Counsel, Long Island Power Authority ; Terese M. Kinsley, PE, LEED AP BD+C, Chief Sustainability Officer for the Town of Huntington.

By SunPower by EmPower Solar 11 Jan, 2017
It’s cold. It’s gray. Winter is officially upon us! Every year, some commonly asked questions pop up regarding home solar panels and how winter affects performance and production on these short (but seemingly long) cold days.
By SunPower by EmPower Solar 11 Jan, 2017

When a home is designed with the latest energy efficiency technologies and construction methods, solar panels can power all of its energy needs, including fuel for the electric cars.  The key is to set this goal from the beginning.  EmPower Solar recently became a US Department of Energy Zero Energy Ready home partner to help promote smart home design that enables solar panels to cover all of our clients’ energy needs.

Zero Energy Ready Home (ZERH)

The US Department of Energy (DOE) ZERH Standard represents a whole new level of home performance, with rigorous requirements that ensure outstanding levels of energy savings, comfort, health, and durability on the path to zero energy ready homes. A ZERH is a high performance home that is so energy efficient that a renewable energy system can offset all or most of its annual energy consumption.  Ideal ZERH projects always start with proper design, and they feature many technologies, include high insulation, careful air sealing, high efficiency air conditioning and heating system, proper construction methods - and of course solar ready design.

According to the U.S. Department of Energy, SunPower by EmPower Solar is in a select group of top companies in the nation who have certified one or more homes that meet or exceed Zero Energy Ready Home guidelines for excellence in performance and energy efficiency.

Samuel Rashkin, Chief Architect for DOE Building Technologies Office, said “Zero Energy Ready Homes like those constructed in part by SunPower by EmPower Solar are the home of the future because they live, work, and last better with incredibly low or no energy costs. And what’s exciting for American homebuyers, they are available today thanks to leading builders across the country.”

United Way Long Island Example: Award-Winning Zero Energy Home

In October 2016, for the second year in a row,  United Way of Long Island  was recognized as one of the nation’s top builders, being named  Grand Winner in the Affordable Home  category from the U.S. Department of Energy as part of its Housing Innovation Awards, for its Patchogue home.

EmPower Solar was proud to engineer and install a high performance 6.87 kilowatt SunPower solar power system for this award winning Patchogue home that will provide 100% of the electrical needs.  The 6.87 kW system is smaller than the average home needs on long island.  This is testament to outstanding ZER and solar ready design planned by Rick Wertheim of United Way and aJean-Pierre Lardoux, AIA, Principal of Fusion Architecture.

“Zero Energy Ready Homes represent the perfect solution for the housing needs of Long Island,” added Rick Wertheim, senior vice president of housing and green initiatives at United Way of Long Island. “It costs less for the nonprofit agencies we work with to own one of these homes than a low-cost-per-square-foot home over time. Our goal is to provide sustainable energy savings - lowering monthly expenses and reducing ongoing costly maintenance. This is the future of housing available today.”

"United Way Long Island sets the home energy performance standard that every residential construction project can look to for how to build.  These high performance homes are sustainable, solar ready, affordable, and deployable today.  It's incredibly impressive, and we are honored to participate and collaborate with the United Way LI team." said David G. Schieren, CEO of SunPower by EmPower Solar.

Next up: Habitat for Humanity Net Zero Home

For our second net zero energy home project, we are excited to work with Habitat for Humanity in Nassau County. The Roosevelt home is being constructed with an extremely efficient building envelope, appliances, and systems. The 6.5 kW home solar panel system is scheduled to be installed this spring will produce all of the electric to be consumed by the house throughout the year.

How To Take Action

If you are a homeowner or builder looking to renovate or build a new energy efficient and sustainable home, you can find, the Department of Energy has a list of certified Zero Energy Home partners here.

Design your home to be solar ready. Click here to learn the basics of building solar ready.  

A Fully Solar Powered Future

To achieve our goal of making solar the dominant source of energy, we need to do more than just power our buildings by the sun. Our mission is to empower our clients and achieve complete energy independence. We pride ourselves on helping our clients achieve more energy offset with the most powerful panels available; SunPower. Our team also guides our clients on other actions they can take to reduce their energy footprint; like ensuring their home is energy efficient, switching heating and cooling over to geothermal or electric, powering vehicles with energy produced by the sun, and storing solar energy with batteries for use during potential blackouts.


To learn more about DOE's Housing Innovation Awards Program, visit http://energy.gov/eere/buildings/housing-innovation-awards .  To take a virtual tour of DOE Zero Energy Ready Homes in your climate region, visit http://energy.gov/eere/buildings/doe-tour-zero .
By SunPower by EmPower Solar 07 Dec, 2016

Solar Financing: Loans

Solar loans have become the most popular way to go solar in the United States and are helping to catalyze rapid solar power adoption.  The reason for this growth is straightforward: homeowners finance solar systems for $0 down and start saving from day one, while also building equity in the system and owning it outright at the end of the loan term.  Approximately 70% of SunPower by EmPower Solar’s customers finance solar with some form of loan, and 30% use the lease ( learn more about the lease here ).  Following are some details about how the solar loan works and some of the benefits.


Solar Loan Product

SunPower by EmPower Solar offers its own dedicated solar loan through a financing partner.  This solar financing product is comprised of two loan components; a bridge and a term. The bridge loan covers the amount of the solar tax credit, and is paid back within 12 – 18 months once the tax credits are received.  The term loan covers the net project cost after the tax credits, with 10, 12 and 15 year term options.

The net result is that the term loan monthly payments are usually lower than the pre-solar utility bill, generating immediate savings.  This means that customers start paying to own their solar power system by paying less than the utility bill from day one.  So homeowners begin building equity in this clean power generating asset with zero down, and save right away. Because the solar payment is fixed, as electric rates rise, the monthly savings will increase.  Then, at the end of the loan term, solar generates free electricity.


Home Equity For Solar Installation

Using a home equity line of credit or loan to finance solar can make a lot of financial sense. First, home equity interest rates are low and most likely the best available rate to fund any home improvement project.  Second, the home equity would be one loan for the total project cost.  Once the solar tax credits are received, the line is paid down.  Then, the homeowner can pay down the home equity line as they choose.  Following the principle of monthly savings, customers often decide to make monthly payments at an amount lower than the pre-solar utility bill, resulting in immediate monthly savings.  Another benefit of home equity is that interest on the loan payments is tax deductible.

According to the S&P CoreLogic Case-Shiller Home Price Index , home values have shown a 38 percent rise in the national index since its low point in February 2012.  This means that homeowners are realizing increasing wealth and building equity.


Solar Loan Example:

Before solar, a homeowner uses 12,000 kWh per year and pays $2,400 annually: an average of $200 per month. The homeowner installs a 10 kilowatt SunPower solar system that off-sets 12,000 kWh per year of usage and the utility bill decreases from $200 to $10 per month (considering standard connection charges). The monthly solar loan payment is $170, resulting in $30 per month savings.  Because the solar payment is fixed, as electricity prices rise, solar savings increase. After 15 years, the homeowner pays off the loan and owns the solar system with 10 years still left on the system warranty!


To think of this another way:

Year 1 utility price: $0.20 per kilowatt hour (kWh), on average, increases 3% per year

Year 15 utility price: $0.35 per kWh

Year 1 - 15 year solar loan cost per kWh: $0.17, fixed rate

Year 16 - solar system cost: $0.00 / kWh

Twenty year savings: $30,000 - $70,000 (depending on system size)


Home Value Increase

A key benefit of the solar loan is that the solar system adds to home value.  

Studies  from the Lawrence Berkeley National Laboratory and The National Bureau of Economic Research have shown that homes with solar energy systems can command a 3 - 4% premium over homes without solar energy systems.  Using either home equity or the solar loan enables homeowners to realize the benefits from increasing home value.


When The Solar Loan Makes Sense

We find that the solar loan makes sense for homeowners that have the ability to use the solar incentives including the federal solar tax credit and New York State solar tax credit. It allows people to go solar with no money down, save money from day one and ultimately own their system outright. Given the rapid growth of solar loans, it is clear that they are proving to be a very smart and economical way to go solar.


To learn more, schedule your free solar assessment with one of our Solar Experts. Email: cx@empower-solar.com and get started today!

SunPower by EmPower Solar is Long Island's exclusive SunPower Master Dealer, committed to delivering more savings now and more over time with the world's most powerful solar panels and the industry's best combined power and product warranty.  

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