DPI Solar and Sungage

Who is Sungage Financial?
Sungage Financial connects homeowners with financing to make solar easy and affordable. Sungage doesn’t lease systems. We believe in ownership and saving homeowners the most we can.

If I click on the Apply Now button, what information will I need to supply?
When you click “Apply Now”, you will be prompted to provide some basic information including your social security number. Our site is secured and encrypted with SSL. In most cases, you will receive an immediate credit decision in your web browser. The whole process typically takes less than 5 minutes.

Is the Sungage Solar Loan only for solar?
Yes, the Sungage Solar Loan is designed specifically for the purchase of photovoltaic systems. Systems must be installed by a Sungage Partner Installer on an owner-occupied, primary residence located in a market currently served by Sungage.

How Does the Tax Credit Loan Work?
You can elect to finance part of your solar energy system with a short-term, 0% APR loan that does not require any monthly payment. These deferred payment loans can be used to finance the expected tax credits associated with installing a solar energy system. Proceeds from expected tax credits can be used to pay off the loan. If you are not able pay off the full balance at the end of the term, the remaining principal will be consolidated into your Sungage Solar Loan with no penalty. In that case, your monthly payments will increase.

What are the incentives?
Your solar energy system may be eligible for federal and state incentives. Some of these incentives may come in the form of tax credits. Please consult a tax professional to determine your ability to take advantage of tax credits.
Federal Incentives: Individuals installing a solar system on their home may be eligible for a tax credit equal to 30% of the cost of the system.
State Incentives: Individuals installing a solar system on their home may be eligible for state tax credits and rebates. Rebates reduce the cost of your system and are typically paid directly to your installer.

 

Weighing Your Solar Financing Options

Now more than ever, going solar ensures a bright future for both the planet and for you. You know of the positive environmental impacts that solar energy offers, as well as the substantial reduction in your energy costs, but you may be wondering how to navigate the financial ins and outs of such a valuable investment. Within the last decade, solar electric or PV (photovoltaic) systems have dramatically decreased in price, which has led to more and more homeowners choosing solar energy over electric. As a result, homeowners across the nation are experiencing impressive savings and returns on their solar investment.

There are two main financial options when looking to convert to a solar energy system: leasing and buying. There are many solar installation companies that will tell you leasing is a better option, since this ensures the company owns the panels that are on your roof, while also profiting from your unused energy. Yes, both leasing and buying have their benefits, but more often than not buying is the superior decision for you and your savings.
Below, we explain the benefits and cautions of both, with an emphasis on showing you how buying your panels will put savings directly into your pocket and save you from future leasing headaches down the line.

 

The Problems with Leasing

 

The two key points that are often presented in favor of leasing your solar panels are avoiding a large upfront cost, as well as operation and maintenance costs. These reasons may seem enticing, but buying your solar panels through DPI Solar doesn’t require a down payment. We work closely with our partner, Sun Gage, to create a custom financial plan that’ll best suit your needs. As far as operational concerns, your solar panels will rarely need any repairs during its 30-year lifetime. The beauty of solar panels is that they are made to be extremely durable and require very little maintenance.

One of the main reasons we encourage our customers to not lease is the difficulties they run into when selling their house. Due to credit requirements and unwanted costs, buyers typically don’t qualify or are unwilling to take over the lease. This may prompt you as the seller to incur a large cost in buying out the rest of your lease before selling your property. Overall, leasing doesn’t make financial sense for most of our customers and may give you more complications than advantages.

 

Why Buying is Beneficial

 

One of the greatest benefits to buying is earning federal incentives and tax credits that help pay for your solar electrical system, generally about 30% of the total cost. Having the ability to generate your own power ensures all the savings accrued go directly to you, the owner. You will see that your utility bills noticeably decrease and after 3-5 years the system will have paid for itself.

Also, don’t let a future move deter you from making a solar panel purchase today. When you are selling your solar paneled home, the value of your property increases considerably. Even if you have a portion of a solar loan left when selling your home, the sale value of the house can help offset or completely cover the residual loan amount and even create a profit for you.
Ultimately, when buying your solar unit, it ends up being the least expensive option in terms of total dollars spent and the best way to maximize savings and returns. Buying solar is a no brainer!

Below we’ve displayed the pros and cons of buying compared to leasing for your PV system.

 

Purchase Solar Array

 

 

 

 

LEASING/PPA
SOLAR
Agreements

 

 

 

Zero Down

Low Monthly Payment

State Tax Credit

Federal Tax Credit

Energy Trust Money

Feed In Tariff


No longer available as of 4/1/14

No longer available as of 4/1/14

Depreciation of System

2 Utility Bills

Maintenence

There are no moving parts on these systems so “maintenance” is typically unnecessary unless panels have very little tilt and rain.

 

N/A

 

 

 

 

N/A

 

 

 

Warranty

Locked In Rate

Forever
Limited Term

 

Want to learn more about our financing options? Call us at 503-857-0416 or click here!

 

 

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