Since switching to solar is a no-brainer in terms of benefits, why don’t more people in Westminster use panels instead of still paying power companies? The answer is that they are probably deterred by the cost, since getting a solar system up and running can be expensive. HomeAdvisor reports most solar customers pay between $15,000 and $30,000 for their systems, but what many people don’t know is that there are great options in terms of financing that allow customers to have a solar energy system installed at their Westminster property without paying a penny upfront. Liv Solar is here to help educate our Westminster clients on all the ways to save on solar, as well as assist with the application processes for some financial programs.
You can finance a system with a no-money-down loan from one of the Westminster area lenders we work with, or take out a home equity line of credit to get the money now and pay back over time with money you are saving on utilities each month. Because of its positive impact on the environment, many federal and local agencies provide ways to offset the initial costs for Westminster homeowners as an incentive to invest in solar power. The United States government offers a 30 percent federal tax credit that goes towards installation costs. There is also a property tax exemption in place for solar-capable structures, meaning that even though a solar energy system adds thousands to property value, you won’t pay additional taxes for it.
Westminster businesses that want to go solar are often faced with huge upfront costs because commercial properties use large amounts of energy and need a solar panel system sized to accommodate their high energy demands. However, there are many opportunities for Westminster area businesses to lower prices or subsidize the costs of solar installation via financing options that Liv Solar’s expert staff can explain. Colorado recently implemented the CPACE program, which allows commercial property owners in Westminster and beyond to fund a solar panel system through capital providers and pay back over time through a voluntary property tax lien. Another funding tool we educate Westminster commercial building owners on is supplied through the USDA’s Rural Energy for America Program, which offers agricultural producers and small businesses loans of up to 75 percent and covers for up to 25 percent of project costs.
There are many ways to mitigate the initial costs of solar panel installation, with all the rebates, tax credits, and loan options available to Westminster property owners. Liv Solar has a passion for educating customers and we would be honored to provide you with any information you need on how to finance solar energy for your Westminster home or business. We work as a liaison between clients and financers such as Green Sky Credit, Elevations Credit Union, Service Finance Company, and Sun Lender, and are here to help with any questions you call us with. Contact us today!