Sun Depot

01/17/2021

Let us calculate your energy savings and answer all your questions so you know the truth about predatory solar loans.

The truth is, solar should be bundled with the home like any home renovation upgrade is treated like a roof or new kitchen.

Instead, they are treated separately from 3rd party solar loan companies leading to disasters down the road.

For example, if you want to sell your house, the solar panel lender now has to approve who you sell your home for.

Often times, they demand you pay back the entire loan before selling the house.

Here at Sun Depot, we bake in the solar purchase into your home's mortgage.

Resulting in one payment using traditional financing.

Speak with a consultant today to learn if our energy savings program is right for your home.

01/17/2021

The Florida Renewable Energy Technologies and Energy Efficiency Act

The 2006 Florida Renewable Energy Technologies and Energy Efficiency Act, signed into law on June 19, 2006, provides consumers with rebates and tax credits for photovoltaic systems.

The purchase of photovoltaic systems covered under the Florida Renewable Energy Technologies and Energy Efficiency Act qualifies the consumer to receive a substantial rebate. The rebate is based on the manufacturer’s power output rating of the modules. The amount is $4.00 per Watt with a cap of $20,000 for residential photovoltaic systems and a $100,000 cap for commercial, publicly owned, or private not-for-profit photovoltaic systems.

Information on the renewable energy and energy efficiency research, education, training, and certification activities of the Florida Solar Energy Center (FSEC)

01/05/2021

PROBLEMS WITH LEASING SOLAR PANELS

While leasing a solar panel system may seem like a great idea, it can create an awkward situation when you decide to sell your home. Breaking your lease with a solar panel company will usually result in you being charged the full bill for the 15 years of usage the homeowner agreed to. The only options you are left with are pay the rest of the bill off or transfer the lease to the buyer of your home.

Unfortunately most buyers are hesitant to take over a 15 year lease. Committing to a long-term agreement as well as worrying about the credit requirements of the solar company, most buyers can not go through with the sale. As the owner and a seller it is important to be aware of these potential issues before leasing or attempting to sell your home after signing a contract. An appraiser will NOT add any value to a property that has leased solar panels. Since the panels are not permanent to the structure appraisers can not increase the value.

REFINANCING

Since there are very little up front costs for leased solar panels, solar companies will place a lien against the homeowner’s property as a means of security. This lien poses a challenge when a homeowner wants to refinance their home. Most of these liens cannot be subordinated, which unfortunately makes refinancing almost impossible. If a homeowner chooses to refianance their home they will need to pay off the solar loan otherwise your chance for refinancing may not be possible.

While solar panels may not seem like a good fit for most, if a homeowner is planning on staying in their home for the long haul it may be a good idea to install solar panels. Either way, it is always best to look into any major decisions when it comes to your home.

The Chapman Lending Team at HomeBridge Financial is honored to help many veterans utilize their VA home loan benefit each and every year. We ARE NOT a call center. Our goal is to provide the best customer service in the industry along with the most competitive rates and fees.

Check out our article "How Solar Affects Buying, Selling and Refinancing a House" by Chapman Lending Team and get more interesting and insightful blog posts from the team at Homebridge Financial Services

01/03/2021

Solar Tax Credit has been extended!

Extended renewable energy tax credits have been included in a $1.4 trillion federal spending package alongside a $900 billion COVID-19 virus relief spending bill. The solar investment tax credit (ITC), which was scheduled to drop from 26% to 22% in 2021, will stay at 26% for two more years. The wind industry also received a limited extension of its production tax credit.

This means that solar projects in all market segments — residential, commercial, industrial, utility-scale — that begin construction in 2021 and 2022 will still be able to receive a tax credit at 26%. All markets will drop to a 22% tax credit in 2023, and the residential market will drop to 0% while the commercial and utility markets will sit at a permanent 10% credit beginning in 2024.

Dec. 28 update: The President has passed the federal spending package and all solar aspects are still intact. Extended renewable energy tax credits have