HOW FINANCING WORKS
Skysun Construction works with Financing Companies that specialize in PACE Financing. PACE Financing is a special financing program authorized by the State of California (and 15 other States) to allow homeowners to finance improvements and to pay for them at the same time they pay their property taxes.
Property owners who would prefer not to buy solar panels or other energy-efficient upgrades with cash can finance their purchases with PACE financing.
Here’s the general process for using PACE financing to install solar panels and other energy-efficient upgrades to your property:
- Our consultant visits you and does a prequalification on the financing and the solar system and other improvements you’d like to make.
- If you qualify, right then we connect you with an authorized PACE lender who can approve you while our consultant is with you.
- Once approved, you sign the agreement to have us install the improvements you desire: Solar panels, electric panel upgrades, roof repair or replace, tankless instant hot water, and many more.
- We install your solar and do your other improvements and the financing company pays us directly for the work we do to make your clean energy improvements.
- You repay the financial institution through an assessment attached to your annual property tax bill. Whether you pay your property taxes monthly, semi-annually, or once a year, your PACE payments are made at the same time.
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It is that simple! If you are a residential or a commercial property owner, you can use PACE financing to pay for your energy efficiency upgrades with Zero Down and your payments don’t begin until at least November 2021, and possibly later depending on when you pay your property tax bill.
Tax Credit Incentive
Until the end of 2020, The Federal government will give you a 26% tax CREDIT for any money you spend on solar and energy efficiency improvement.
It’s important to understand that this is a tax credit and not a rebate or even a deduction. Tax credits offset the balance of tax due to the government, and thus if you normally get a refund, it will be much bigger the year you install our systems.
Most people who install Solar qualify for the tax credit. If you already paid taxes by withholding them from your paycheck, the federal government will apply the tax credit to a tax refund. It’s important to note that the tax credit can be carried forward one year, which means that you can use any remainder from this year as a credit towards next year’s taxes.
And if you are doing other energy efficiency renovations such as a roof, upgraded electric panel, and instant tankless hot water or many others, you can finance 100% of the cost of those projects and apply for the 26% tax credit for them as well!
We specialize in installing solar panels and providing energy-efficient upgrades to homes, and most of our customers do take advantage of these credits. Of course, you will need to check with your own tax advisor, as we are not tax professionals.