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December 2008 Newsletter
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Allsolar Service Company Newsletter
Harnessing the Sun's Energy Since 1974
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Featured Article
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"Solar architecture is not about fashion, it is about survival'' (Sir Norman Foster)
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Dear Solar Enthusiasts,
This newsletter is designed to educate and demistify solar technology for both builders and consumers. Our goal is to assist builders and consumers in making informed decisions regarding the usage of solar technology.
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David Bessette Elected President of
FL Solar Energy Industry Association
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David Bessette, President of Allsolar Service Co., was recently elected president of Florida's Solar Energy Industry Association. This will be his third term as president. The Solar Energy Industry Association played an instrumental role in extending the 30% federal tax credit for 8 more years to 2016 and eliminating the residential cap of $2,000. This now gives residential homeowners a true 30% tax credit.
As President, David is working with fellow members to save our rebate program by implementing a "public benefits fund". Almost half of all states have funds, often called "public benefit funds," dedicated to supporting energy efficiency and renewable energy projects. The funds are collected either through a small charge on the bill of every electric customer or through specified contributions from utilities. The charge ensures that money is available to fund these projects. FlaSEIA conducted a Mason-Dixon Poll and discovered 79% of Florida voters support this type of investment in solar energy.
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Financing Solar
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There are three types of common financing for solar energy. The most common is a standard loan. The second most common is leasing a solar array. The third and most complex is referred to as a solar service agreement.
Loans for residential installations are home equity loans that can be financed through any lending bank. Also there are "Green" home loans such as the Orlando Utilities Commission residential solar loan program. Regional banks offer renewable energy loans as well. Wells Fargo offers a '203k' loan program through FHA up to $35,000. Solar Financing, LLC also offers great programs through Allsolar. The advantages of buying over leasing is that you own the system forever and althought there are higher payments, this is only until the loan is paid off and you own the tax credits and rebates.
Leases for residential installations have grown in popularity. Leases are more complex than loans. These programs have 10-15 year terms just like leasing a car. They require small down payments up front, or sometimes none. Payments are typically lower than utility bills and there is a buyout option at the end. The disadvantage of leasing is that you don't own the tax credits and rebates.
Solar service agreements are for very large installations, only 300kW due to the high fixed costs of setting it up. There is no cash outlay, no debt, and the system is owned by investors. Discounted electricity is -5 to 10% with a buyout option beginning in year 7. The advantages of SSA are hosts get reduced costs of electricty plus green bragging rights. Investors get rebates, tax credits, RECs and long term revenue stream and the installer gets the revenue. A true win-win!
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For more information on the benifits of solar please go to www.allsolarflorida.com or contact me for a free consultation.
Sincerely,
Scott Carpenter
Allsolar Service Company
scott@allsolarflorida.com
1507 Damon Av
Kissimmee, FL 34744
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