Sunrise now offers No-Money-Down financing for qualified homeowners for the purchase of a solar system. We combine NYSERDA’s 15 year 3.49% On Bill Recovery Financing with a Same as Cash Loan to allow you to go solar with no upfront costs. You typically see savings of 30% to 50% right from Day 1 with those savings growing each year.
The On Bill loan shows up right on your utility bill, so there’s not even another bill to pay. What’s more, you can pay off these loans any time you want, or assign them to a new home buyer as they simply stay with the utility account, allowing you complete freedom if you sell your home.
Incentives and Tax Credits
Our area pays some of the highest electric rates in the country, rising 4% to 5% a year for the past decade and over 25% in the last 3 years alone. By installing a solar electric system today, you guarantee that you will never pay more for that portion of your electric bill, no matter how high rates climb.
In New York state, NYSERDA, the state energy agency, will pay an upfront incentive equal to about 20% of the cost of your system and you will receive both a 30% federal tax credit and a 25% state tax credit. Together, this often offsets well over 65% of your costs. If you purchase your system for cash, your payback can be as low as 4 years!
Lease vs Own
You may have seen ads for the national chain solar leasing companies offering “free solar.” We believe that owning your own system makes more sense than leasing – it costs less, provides far more savings to you, and gives you much more flexibility.You’ll also have the peace of mind knowing you’re with a reputable local installer, rather than a high volume, low quality chain. Our financing gives you all the benefits of leasing – no upfront cost and low payments, without the hassle of a 20 year contract for inferior equipment, installed by crews who are being paid to just “get ‘er done!”
What if I sell my home?
A solar system is one of the few home improvements that adds value to your home without raising your property taxes (NYS property tax exemption).
Recent data from the Department of Energy also shows that for every dollar you invest in solar your house goes up in value by $2 to $3 making this a win-win.
We should mention that leased solar systems have recently been shown to make home resale more difficult. The unknown of whether the leasing company will allow your buyer to be assigned the lease or whether you’ll have to pay a punitive buyout is the main factor there.
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Start earning, even before your panels are producing power.