As with other types of financing, there’s often a lot of jargony documentation to decipher when it comes to evaluating and getting a solar loan. We break down some of the common terms you’ll see when comparing solar financing and loan options for you here.
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Although there is growing interest in policies and programs to ensure that the benefits of solar power are equitably reaching households of all income levels, lower income households are still less likely to go solar.
Some of the causes for this are well-documented and unsurprising. Income is unequally distributed among households, low and moderate income (LMI) households have less cash, are less able to finance installations, are less likely to own their home, and are less aware of the opportunity.
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As more and more homeowners and businesses go solar, it’s important that we increase the accessibility of solar financing to reach more groups of people. For example, while nonprofits aren’t able to directly benefit from the investment tax credit (ITC) or other tax based solar incentives, there are still companies that can help them maximize their solar savings. CollectiveSun is one such company – in fact, they work exclusively with nonprofits and tax exempt organizations to help make solar more financially accessible, providing a 12 percent discount on solar on projects 50 kilowatts (kW) or greater. We sat down with CollectiveSun to learn more about their company and their financial offerings.
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In this week’s news round up, we’re discussing a proposed new federal incentive and an important update in solar financing.
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