At REC Solar, we believe that solar energy should be affordable for every home and business owner.
That’s why we offer payment plan options to fit your needs. You can purchase a system or finance it, just like buying a car. Unlike other solar electric installers, REC Solar takes care of you every step of the way—from designing the right size system to offering the right financing option to meet your needs.
And because we’re proven with more systems installed throughout the U.S., have no corporate debt, and maintain substantial warranty reserves, you can count on us over the long haul. Use the free, easy Solar Savings Estimator to see the savings in action.
Cash Purchase Benefits
The Federal tax credit alone covers 30% of the system cost. Combined with additional state and utility rebates, your net solar system cost can be as much as 50% off the retail price. Because rebates and incentives are expected to decrease over time, now is the right time to buy with REC Solar.
Investing in a solar electric system for your home or business typically achieves a return of between 8 and 12%—or more. In today's investment climate, that makes solar a very attractive use of funds that might otherwise be sitting in a savings account. Electricity rates have increased an average of 6% every year in the last five years. When you choose REC Solar, you lock in low electricity prices. As utility rates rise, your investment becomes even more valuable.
Benefits of PPA (Power Purchase Agreement)
REC gives you options when it comes to financing your residential solar electric system, through our relationships with top-grade financial institutions and partners. We work with you every step of the way to find a solar loan or PPA that’s right for you.
Solar electric leases and PPAs make it possible for you to switch to clean, solar power for $0 or little down and a low monthly payment. Your fixed monthly rate is typically lower than what you currently pay for electricity, so you start saving right away. Plus, you receive free maintenance, insurance coverage, a power generation guarantee and other benefits from the provider.
For some, a $0 down solar lease or PPA is a better investment than a cash purchase because you don’t have a big upfront payment, you save money every month on electricity bills, and you can be cash-flow positive from day one.
Many customers finance their solar electric system using a bank loan for those who qualify. Advantages include attractive home equity loan rates, a single monthly bill, fixed rates for energy prices, a potential tax deduction on interest paid, and ease of working with your existing home lending institution.
Many banks require a maximum loan to value of 80 percent for homes up to $1 million in value or 50 percent loan to value for value over $1 million. They typically require a “Good” or “Excellent” credit rating with a FICO® score above 700. REC Solar can suggest options that may be available in your area.