Rhode Island homeowners, you now have another way to pay for solar electric systems that does not require money down, but allows you to own the system and benefit from the financial incentives available in the Ocean State. The Mosaic solar loan offered by New England Clean Energy is the best deal yet for our customers in Rhode Island.
In many cases, according to my calculations,the amount National Grid pays you for your solar production each month could be more than your monthly loan payment to the bank, if you opt for the 15-year REG program and the 15-year loan. (It depends on a few variables like roof direction and amount of shade.) Because you get more than you give, you’re essentially “in the black” from the start, which is like being paid to install solar.
The Mosaic loan has very competitive rates and is available for 10, 15 and 20 years. It gives you 18 months to pay back the 30% federal Investment Tax Credit (ITC) amount. Let me back up. When you go solar, the federal government pays you 30% of the system price in the form of a tax credit, assuming you have the tax liability. The payment comes after your next tax return filing. So if you install solar in December 2017, you get your tax credit after your next tax filing in April 2018. Mosaic gives you 18 months, or two tax cycles, to pay them the ITC amount.
Plus, if you decide you want to pay off more than the ITC amount at that time, Mosaic will lower your monthly loan payments accordingly.
The Mosaic loan can be used for roof improvements and tree trimming or removal needed in conjunction with the solar energy system.
Here are a few other nice features:
- All the paperwork is completed online, as long as you have an email address.
- There is no lien on the property like you get with a home equity loan. Your house is not considered to be collateral — the loan is secured by the solar equipment itself.
- There are no pre-payment or early payment penalties.
- They have a simple transfer process should you sell your home.
- Mosaic has a high rate of loan approvals and a generous credit policy, in line with their mission of 100% Clean Energy for All.
If you’re ready to shift your electricity budget dollars from National Grid to your own solar, and save some money in the process, give me or Todd a call and we’ll see how the numbers work for you.
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