Guest Blogger: Joseph Mocniak, Financial Advisor
Nov 17, 2015
by EmPower Solar
JOE MOCNIAK, FINANCIAL ADVISOR AND EMPOWER SOLAR CLIENT
“Why I Decided to Go Solar and Why I Recommend it to my Clients”
Going solar was one of the easiest and smartest decisions I’ve made for both my family and my home energy needs. As a financial advisor, making smart investments and being a smart consumer is important.
After conducting research on a few different financing options, I decided to go with the SunPower Lease. Going this route allowed me to capitalize on the New York State Tax Credit program currently available, which significantly reduced my electric bill with a low, fixed monthly payment. I found the $0 down lease option appealing because I knew that Empower Solar and SunPower had some skin in the game. They would both be held accountable for making sure my system is working as it should.
Of course, there are a myriad of other financing options available. You can purchase your system with a payback period of about 6 years (i.e. if you purchased your system for $15,000 net, you would have used about $15,000 worth of energy from PSEG over the next 6 years). You can also finance your system and claim both the Federal and NYS Tax Credits. Some finance with the NYS 3.49% loan and others choose to self-finance if they have a HELOC or a similar low-interest loan. Some choose to put $0 down and might save $30/month, and others might put down a larger down payment to buy down their monthly payment. Whichever way you decide to go, a solar investment can yield thousands of dollars in long-term savings.
My 13.41 kW system is expected to save me northwards of $39,686 over the course of the lease term of 20 years. Before going solar, I was paying $580 per month for electricity. Now solar will eliminate almost half of my electric bill at a fixed monthly solar payment of $214. So, in the first year alone, I’m estimated to save $51 every month, and $617 per year. Since I’ve installed my system, my monthly electricity costs have dropped dramatically and will be fixed for the next 20 years.
Additionally, the system also raised the value of my home, so even if I decide to move before the lease is up, I could sell my home at a higher price than I would have normally been able to if I hadn’t gone solar. I’ve been pleasantly surprised where I am and so far the panels have performed better than expected.
From start to finish, the entire procedure was seamless without any hiccups or road bumps along the way, even throughout the tedious application process. I am very satisfied to have gone solar and am glad I chose EmPower Solar over other companies. Everything they said about the design of the system, the power it could generate and the customer service has proved true. They have made this partnership one to share with friends, family, and colleagues. I hope that others will see the benefits of going solar and join me in producing clean, reliable, and affordable electricity.