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Solar 101/FAQ

Will I still have an electric bill from my utility company after I go solar? Yes, most of our customers will still pay a vastly reduced Electricity Bill to their Utility in addition to their monthly loan solar payment. Typically, homeowners consume more electricity than the solar system generates, therefore, you will still owe your utility for that excess consumption. However, if the solar system generates more electricity than you use, you may be eligible for credits from your Utility Provider.

What are the upfront costs? ZERO

What if my system stops producing like it should? Our systems are monitored and covered from day 1 through 25 years.

What happens to my roof? Nothing should happen, but if there is damage caused by the installers that too is covered. Any leaks that may occur, let us know and we will have it covered.

What is a UCC-1 Financing statement and is it a lien on my home? If financed or leased, the finance or leasing company will secure your solar project through a lien on the solar equipment itself by filing a UCC-1, or Uniform Commercial Code Financing Statement, and county fixture filing. The filings are not a lien against your home, so they do not hold any formal position in your home (first, second, or otherwise). You will, however, find a UCC-1 fixture filing on the title of your property. The finance or leasing company file UCC-1 and county fixture filings to protect their rights as the financier of the system. If for whatever reason your mortgage on the real property forecloses on your home, the UCC-1 filing protects their security interest in the system, while preventing your mortgage lender from taking ownership of it.

What happens to the UCC-1 during a refinance? You’ll contact the solar finance or lending company to ask them to lift the UCC-1 and county fixture filing on the Solar Equipment for a limited period provided they will be able to refile upon closing of the mortgage refinancing.

What Happens if I Move? Congratulations on the move! Just let us know and we can make arrangements with your realtor, broker, title company, escrow agent, trusts, holdings co, etc to ensure the successful handoff to the new homeowners. They will love it just the way you love it. You have two options: Pay off the remaining balance In the vast majority of cases homeowners choose to pay off any remaining balance through the sale of their home. Transfer the loan However, if the new homeowner wishes to assume the remaining payments, he/she must apply to qualify. If the new homeowner is approved, then he/she assumes full responsibility of the loan. In very rare circumstances, if he/she is not approved, then you must pay off the remaining balance of the solar system.

How long do solar panels last? Solar panels have a lifespan of approximately 25-40 years. And typically, they come with warranties to match. Power output warranties guarantee that panel performance won’t fall below a specified level over the term of the warranty (usually 25 years). For instance, a manufacturer might provide a warranty to guarantee that peak power output won’t fall below 85 percent for 25 years.

Do they require a lot of maintenance? Solar panels are incredibly durable and require little to no maintenance. The only thing they need is a periodic cleaning to make sure dirt, leaves, and other debris aren’t obstructing the sun’s rays. We have maintenance plans available for our customers, so be sure to ask your salesperson for more details. The only time you may need more extensive maintenance is during periods of heavy snowfall, or if your panels’ energy output starts to decrease.

What if something goes wrong? In the event that something does go wrong, your solar PV system components have very long warranties that would cover replacement of parts. If you lease your solar panel system, repairs and maintenance are the leasing company’s responsibility, not yours. You can reach out to your installer at any time for guidance and help on what steps to take.

How does the Federal Investment Tax Credit (ITC) work? The ITC in 2021 is a 26% federal tax credit for solar systems on residential properties. As the owner of the solar energy system, you may be eligible to apply the credit as a dollar-for-dollar reduction in the federal income taxes that you owe in the year that your solar system was installed. If the ITC granted for your solar system is greater than your tax liabilities in the year that you purchased your solar energy system, you may be able to apply the remaining ITC in the subsequent year. To determine your eligibility for any federal solar investment tax credit, you should make an independent assessment or consult with your tax advisor. Some states and/or utilities offer additional credits and rebates above the ITC Tax credit.

How do I qualify for the ITC? If you are a wage earner and owe taxes to the federal government, then you may benefit from this credit.

How much tax credit do I qualify for? You may qualify to receive up to 26% of the value of the system. If you don’t have that in tax liability, you can roll it over to subsequent years of taxation to reap the full amount.

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