Finance

How can you finance your renewable energy system? There are multiple avenues you can pursue as follows

1. Grants, rebates, incentives, tax credits: These opportunities do exist and should be utilized when available to reduce your out-of-pocket expense. Read more about these options under our "Fund" category or call and we’ll walk you through the opportunities available to you.
2. Refinance your mortgage: Renewable energy systems increase the value of your home. Talk to your banker about the possibility of refinancing your first mortgage or simply adding a second mortgage for the cost of your renewable project after the application of all grants, rebates and incentives. Take the money that you save each and every month from your power bill and use it to pay your loan. Also remember, mortgage interest is tax deductible! Once your loan is paid off (generally between five to ten years), that monthly payment is yours to keep. Although your renewable system will increase the value of your home, your Illinois property taxes will not be increased beyond the value of a traditional energy system. Click here for more information on the "Special Assessment for Solar Energy Systems".
3. PACE Program: Property-Assessed Clean Energy (PACE) financing effectively allows property owners to borrow money to pay for energy improvements. The amount borrowed is typically repaid via a special assessment on the property over a period of years. Illinois has authorized certain local governments to establish such programs, as described below: Illinois has authorized municipalities -- cities, villages and incorporated towns -- and counties to enter into voluntary agreements with property owners to provide for contractual assessments. These assessments will provide financing to the property owner to install renewable energy technologies or energy efficiency upgrades that are permanently fixed to the property. The property owner then repays the assessments via his/her property taxes. Talk to your local government or legislator about providing this already authorized opportunity to your community or call us and we'll get the conversation started for you!
4. Self-finance: Renewable energy projects provide a great return on investment! If you have funds available to invest in your own clean energy system, you should consider doing so. Not only will your system pay for itself, but it will also create a positive cash flow for you for the balance of your system's lifetime.