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Solar System Pricing: Solar Installation Pricing is only an approximation and does not include batteries. The true cost will depend on the actual size of the system needed expressed in kW (kilowatt = 1,000 watts). The size, tilt and the orientation of the roof, geographical location, weather, shading from growing trees, amount of energy that is received by the sun, and roof type (installation over a tile roof will likely increase the cost) are some of the factors which affect the size of the actual system needed. Pricing reflects the cost of labor and materials as of October 2012 and is subject to change. Our Concierge Solar Advisors will be pleased to offer you a complimentary estimate tailored to your home.
Federal Tax Credit: Homeowners and businesses of solar systems (not leased or PPA contract) qualify for a credit against their federal taxes owed equal to 30% of the total solar installation cost including solar batteries and roof repairs. This credit can be taken at the same year of installation or spread out over 5 years. Please consult your personal tax advisor to determine if this tax credit is applicable to you.
Financing Payments: Monthly payments quoted are only an approximation and directly affected by the actual price of the installation. The fixed annual percentage rate for this 25 year loan is 1.99% with no money down – subject to credit approval. Payments quoted are based on the net selling price which is equal to the installation costs subtracting an amount equal to the 30% federal tax incentive available (your tax advisor can determine if this applicable to you) Based on our example, the amount of the first 17 payments will be $145. If you make a 30% voluntary payment equal to your Federal Tax Credit of $14,700 before the due date of your 17th payment, your remaining 283 payments will remain $145. If no voluntary payment is made and you keep the Federal Tax Credit the remaining 283 payments will be adjusted to $207. This is a simple interest loan with no prepayment penalty and transferable to another owner.
Electric Rate Increases: As per the US Energy Information Administration reported by ychart.com, California Electric Utility Retail Prices have increased as follows: May 2021 – May 2022: 17.6%, May 2020 – May 2022: 13.9%, May 2018 – May 2022: 8.4%. Our example is defaulting to 8.4% which represents the average increase of the past 4 years.
Future Utility Bills: We offer calculations on how your current payment will increase throughout the years based on the historical 4 year rate increases of 8.40%. We also present the utility cost after solar installation which is calculated at 10% of the non-solar utility bill. The actual electric bill will depend on whether the size of the roof allows for a system large enough to cover the current and feature electrical needs and other factors. Our goal is to cover 100% of your electric needs but that might not be always possible.
Total Savings: It’s the difference between the total of utility payments without solar, subtracting the 10% solar bill and the solar installation payments over a 25 year period.
Return on Investment: An estimate of how many years will take for the installation cost to be covered by the savings in electricity costs. As an example: if the ROI is 7 years, it means that the system will pay itself in 7 years and after that you can enjoy the 90% projected monthly utility savings.