Oh, how the solar industry has changed
This is the industry on a coaster, all hanging on for dear life!
I have been in the solar industry going on 4 years now and it seems to change all the time. For people who don't like change and constant structure, run as far away as you can. This is not the place for you.
If you like that challenge of change, this is change for the better. Every year the panels get cheaper, better financing becomes available and strong competition makes it cheap.
The only thing that separates companies today is contract/warranty. For the most part they use similar panels, inverters, racking etc.. A lot will use "superior panels" but the company behind them is failing. Take Solar World as an example. They have recently filed for Insolvency. I feel they have been over charging home owners for their panels. Yes, they are good panels. Great panels. But in the solar world as today, price beats quality.
The market has been screaming that for awhile now. Companies will come in and preach that they have the best panels and charge $5.50+ per watt for high end panels. Their competitor will come in and charge $3.75 per watt for something slightly less in quality. Now, let's look at the system cost between the 2 with average system size being 5KW or 5,000 watts.
$27,500 for "high end" panels
$18,750 for average panels.
And when I say average don't get scared. They are still really good panels. They are close in quality to the so called high end ones. Where the expensive panels justify their panels is in their warranty. But it's like buying a warranty on a brand new car. You spend a couple extra grand on something that will most likely never use. Solar is great due to the no moving parts in the equipments. That's a win for consumers because it is less likely something will happen.
Financing for solar has gotten a lot better. A LOT better. Few years ago the best option for solar was leasing the panels and paying the company for the power the panels produced. That is how Sunrun and SolarCity grew so fast. Why own equipment when you can lease it for less then what you're currently spending for dirty power? Makes sense. Right?
Welcome to 2017. You can now own your panels for less then what you're currently paying and likely less than leasing. Now, not all customers will qualify for owning the system due to tax liability and tax credits. Make sure you know if you do or not before deciding which option to choose. Don't trust the salesman.
The interest has gone down and loans are easier to come by then years past. My favorite option for financing is PACE (Property Assessment Clean Energy). There are a handful of PACE finance companies out there. HERO, Renew Financial, YGrene and my favorite is E3 (Energy Efficient Equity).
I like PACE programs for multiple reasons. The main one is it isn't based off your credit score. You could have a 450 and they wouldn't care. What they do care about is equity in the home. As long as you have 10% equity, you have a good chance at qualifying. Another benefit is it doesn't show as a loan on your credit. That's because you're not pulling out a loan on you, you are pulling it out on your home. So if you go to buy another house or car or whatever, this loan won't affect your debt to income ratio. Since it is attached to your home, your payments are made through your property tax and have the ability to be tax deductible. Amazing right!
This program has changed greatly over the years. Before you couldn't of had a bankruptcy in 7 years, no foreclosures, no missed mortgage payments, no missed property tax payments. Now, with companies like CalFirst ( Renew Financial ), none of that matters. If you got out of bankruptcy yesterday, they don't care. Just have equity. Simple right!?
So what is the point to all of this? Cool, new panels. More finance options. But what does all the matter to me? Because if you are one of the home owners who feel solar is no right for you because of a consultation you've had in the past or a crappy deal a friend got or you've never sat with anyone because you're one of those that waits for the next thing.... we are in the next thing. Cheap financing through E3 PACE program, check. Top tier panels with long warranty, check. Panels that look like roof tiles with battery backup, check.
There is no more waiting. Take advantage of the programs available now. NEM is changing. It's not as lucrative to have solar as before. Don't wait for something else to change and miss out on the benefits solar can provide you. If you wait for the best then you'll be waiting forever. And when I say forever I mean forever. Technology changes. What makes you think that you will sign up at the right time and never miss out on something? You miss out on lots the more you wait.
Sign up today for a consultation and see if it makes sense for you. Doesn't matter if this is the first or fifth consultation. Have it. Ask a ton of questions. It's what we are here for.