A solar installation on your home or place of business is a smart, low-risk investment. And because of government support and affordable loans, investing in solar is now within reach for every household and organization.
The Federal Government, the State of Washington, and local utility providers are encouraging you to harness the power of the sun. Generous incentives are available that significantly reduce the lifetime costs of a solar installation.
In 2019, the State of Washington signed into law a sales tax exemption on the purchase and installation of solar units that are less than 100 kW in size. New solar owners now pay zero state and local sales taxes, total savings will depend on your local sales tax rate.
Every new solar owner in the US is able to recoup 26% of the total investment cost with the Federal ITC until the end of 2022. If the value of the ITC exceeds the amount you owe in federal taxes, then the credit will be rolled over to the following year.
It is often the case that solar energy production surpasses energy consumption during daytime hours. When this occurs, surplus energy is sold back to the grid at the kWh retail rate that utilities charge customers. Utilities do not send out separate “Net Metering Checks”, instead solar owners accrue a credit on their electric bill that is liquidated before additional expenses are collected by the utility. This ensures you capture the full value of your solar unit even if you do not use all the energy it generates in a particular day.
Lending institutions are making solar attainable for individuals and organizations that are unable or unwilling to pay the full cost upfront.
Solar loans now have a long and positive track record. This is attracting more credit providers into the solar market and driving down the cost of borrowing for solar customers.
Generally speaking, solar loans require no down payment and no collateral besides the panels themselves. Beyond that, there exists a range of loan options and maturities offered by different credit providers that can be adjusted to your financial priorities.
Listed below are credible lending institutions that Sphere Solar Energy has partnered with. Loans can be complicated! Contact our in-house loan professional - John Kennedy - and he will walk you through the process and pair you with a credit provider that offers loan terms aligned with your financial goals.
Our team thoroughly enjoys helping non-profits go solar. Sphere Solar Energy has launched a non-profit sister organization that focuses on solar projects in developing countries, so we appreciate other groups that are advancing mission-based work and giving back to their respective communities.
There are numerous local and national grants available to qualifying organizations that support on-site solar installations. Rarely do these grants cover the full cost of solar projects, but they can help subsidize the lifetime energy expenses of non-profits and may tip the scale in favor of sustainable energy sources.
Contact our in-house grant team - if you are a non-profit organization interested in pursuing solar energy.