How does financing solar panels work? Home solar panels can be 100% financed through a ‘clean energy loan’ or ‘green loan’. This loan is not considered a second lien however it does stay with the home in the event that you move. These loans are going to be at lower rates than the prime rate because they are part of the federal government program to move towards renewable energy. There is no income verification or hard credit pull to qualify for this loan and there is also no prepayment penalty.
Can you produce too much energy with solar? No. Extra energy is going to be sent back to the energy grid and you will get paid for the excess. Additionally, you can add a battery to your system so that the initial excess energy is stored for your own personal use later when the sun is down.
How much equity do the panels add to your home? As solar panels are becoming a commonality in Phoenix, realitors have begun to recognize that solar panels add equity to your home. It is estimated that the solar panels add about 4-7% equity to your home. However, the true financial benefit from a home PV solar system is saving money on your electric bill.
What is the lifespan of solar panels? Solar panels last a very long time. The panels that we install will have a 25-year warranty. However, solar panels can last much longer than 25 years. They decrease energy production by about .25% each year. Especially here in the desert, solar panels thrive in the dry Phoenix Arizona weather.
What is the disadvantage of a solar panel system? The main drawback of solar panels on your home is going to be the look. Not everyone likes the way that the panels sit on your roof. There are options that include solar panel shingles. Some homeowners associations have specific by-laws about the installation of solar panels.
Are you able to sell your home with a solar panel loan? Solar loans/leases are 100% transferable. As long as the new homeowner agrees to assume the contract, the solar panels will be transferred when you move.
Can I convert to solar power if I rent a property? In order to install a PV solar panel system, you must be the homeowner. As a renter, you can ask the owner of the home and see if they would be interested in saving money with solar. It doesn't hurt to ask!
Can I run my house on solar power only? Yes, it is completely possible to run your entire home off solar panels, but it is not a guarantee. Consult with one of our solar experts and we can help you make a determination. Here in Phoenix, Arizona, it is most certainly possible!
What is the installation time of a solar system? Total install time is 30-60 days. Most of this time is spent acquiring local permits. The actual time to put the panels on the home is about 3-4 hours. After the panels are installed it's about another 14 days for the city to come out and inspect the system before it is fully activated. Keep in mind that this is a construction process with multiple companies involved.
Do I need a new roof in order to install a PV solar panel system? You do not need a new roof but there is a limitation on how much preexisting wear can be on your current roof. If a new roof is needed, you can finance the cost of a new roof in the same loan as the solar panels. If you qualify for the government tax incentive, you would also get that incentive applied to your new roof as well!
What are the risks of installing a PV solar panels on your home? The risks would be any potential issues that arise from the installation. The good news is, the installation is under warranty. The warranty covers the roof, the solar panel system, and the installation.
How do you maintain a home PV solar panel system? The panels run themselves. There is no routine maintenance necessary. If a problem with any part of the system comes up, it will be covered under warranty and you will not have to do anything besides make a phone call.
Do solar panels produce energy if it's cloudy or they are covered in a film of dust? Yes, and yes. The energy from the sun is strong enough to penetrate through clouds and dust with no problem. Even on a fully overcast day, your solar panels will still produce energy. Also, here in Phoenix when there is the highest level of dust, during monsoon season, the dust storms come with rain and they end up wiping your solar panels clean. You are welcome to take your garden hose and spray off the panels, however, the panels will perform just fine without any work on your end.
How long does it take to pay off the PV solar panels? It generally takes, 4-6 years to save enough money on electricity in order to recuperate what you spent. This is because of two factors. Firstly, there is an abundance of sun in Arizona. Secondly, the technology of solar panels is extremely effective and they do a good job at harnessing the sunshine. As far as paying off the loan, typical solar panel loans are going to be 25 years. With the right system design and installation team, you can certainly begin to save money on electricity from day one!
What are the risks of putting solar panels on your home? The solar panels are under warranty for 25 years. Any problems that you have during that time will be completely covered. If a problem arises we will send out a team for solar panel repair. The warranty will cover equipment, labor, and production, as well as 10 years for your roof. During this time, the solar system is completely covered from all damages and malfunctions.