And apparently, we’re not the only ones to think this.
As part of the County’s property assessed clean energy (PACE) program, San Diego City now offers solar loans for residential projects.
The city’s solar loan program was already available for commercial installations. But San Diego has unanimously decided to follow in the footsteps of neighboring Oceanside, San Marcos, Lemon Grove, Carlsbad, and Solana Beach to expand solar financing to residential customers as well.
But what’s so great about a solar loan? And why do people go into debt in order to receive a new PV installation?
What Makes The New San Diego Solar Loan Program So Awesome?
Solar loans allow you to affordably finance a PV installation that would normally be out of reach.
Once your system is installed, your monthly utility bill payments go down immediately. And with those extra savings, you can pay off your loan to the bank – until the system is fully paid for.
In other words, you enjoy instant savings. And you work steadily towards 100% ownership of your solar PV installation.
For example, instead of paying SDG&E $200 every month, you pay the bank $199 (or less). Already, you’re saving at least $1 every month – sometimes more.
And once you reach the payback period for your installation (about 4 to 6 years), you have no more payments at all. Just 100% clean and free electricity for decades.
At Sunline Energy, we have a solid network of lending partners. But if you go through San Diego’s PACE program, you’ll probably deal with Western Riverside Coalition of Governments or the California Enterprise Development Authority.
These loans work a little differently, but the basic idea remains the same:
“homeowners can now secure private loans from lenders participating in the program and then pay the money back over several years as a surcharge on their property tax bills…. City officials said reductions in utility bills will often be larger than the property tax surcharges.”
Why We’re So Excited about San Diego’s Expanded Solar Loan Program
As local solar installers, we couldn’t be more thrilled about this expansion. With better access to debt and financing, it’ll be much easier for homeowners of all financial backgrounds to pay for and receive high-quality solar installations.
Councilwoman Marti Emerald said it best when she described the expansion as a “slam-dunk kind of economic stimulus.”
We couldn’t agree more.
If you’d like to learn more about solar loans in San Diego – or if you’re in the market for a new PV installation – we encourage you to contact us directly. All Sunline Energy consultations are 100% free of charge.