Finance

Financing For Your Roof, Solar, or SunVault Battery Storage Installation, Sunnyvale, CA

Solar Financing and Roof Financing Options

HomePro is proud to partner with several finance companies to assist with levels of construction and project financing, especially  solar financing and roof financing. Many financing companies offer 100% financing for residential projects, overcoming the principal roadblock property owners face when looking to reroof or add solar or storage to their homes. HomePro believes that every homeowner should have the opportunity to upgrade their living space. Therefore, we offer various financing packages to meet almost anyone’s needs. Choose an option that works best for your project.

Traditional Home Renovation Financing and Home Remodeling Financing

We offer traditional financing with terms up to 25 years

Same as Cash Financing

Same-as-cash loans are unsecured, with maximum amounts of $25,000 to $75,000. 0% financing offers the deferred finance charge accrues from the day the customer signs the loan papers. If the loan isn’t paid off before

PACE FINANCING

Home Pro Roofing and Solar

P.A.C.E., short for Property-Assessed Clean Energy, is a unique financing model designed to encourage property owners to make energy or water-saving upgrades. These upgrades can include solar power installations, energy-efficient windows, cool roofing, attic insulation, high-efficiency HVAC systems, and drought-tolerant landscaping. Unlike traditional financing, P.A.C.E. allows homeowners to repay the funds through a special line item on their property tax bill.

Originating in Berkeley, Northern California, P.A.C.E. became a reality when homeowners petitioned the city to finance the underground placement of utility power lines, repaying the costs over time via property taxes. This concept was extended to facilitate energy-efficient home improvements. In 2008, this approach gained wider adoption when Governor Arnold Schwarzenegger signed it into law, and today, P.A.C.E. is available in several states, benefiting cities, contractors, and homeowners by promoting energy conservation and supporting local economies.

How is P.A.C.E. Financing different from traditional home improvement financing?

P.A.C.E. Financing is based on the equity in the home and the ability to repay. P.A.C.E. is NOT based on FICO scores (no minimum FICO is required). Homeowners must have equity in their home, must be current on their mortgage with no more than ONE (1) 30-day late payment in the last 12 months, must be discharged from bankruptcy more than 2 years ago, and current on their property taxes. Property owners must show proof of income to repay the loan.

How is P.A.C.E. Financing repaid?

P.A.C.E. is repaid on your property tax bill as a separate line item. If you were to look at a property tax bill there are line items that will stay on the property tax bill for the term of the loan. How you pay your property tax bill will not change, whether you pay it annually, semiannually, or through an impound account, that process will not change.

Because P.A.C.E. loans are repaid alongside your property tax bill, your first property tax payment is usually in November, the second payment is usually in February. The closing date of P.A.C.E. financing is generally in the middle of June. If a property owner were to complete a project after June the first payment would not be until November of the following year nearly 18 months away before making the first payment.

What are the terms of P.A.C.E. Financing?

Eligible products can be financed in terms of 5, 10, 15, 20, 25, and 30 years; the maximum term will be based on the life expectancy of the project. For example, a furnace has a 20-year warranty, so the maximum finance term would be 20 years. Solar and roofing, with lifetime warranties, can be financed up to the 30-year term. Property owners doing multiple projects such as roofing windows and HVAC, would be able to finance for the term that has the highest dollar amount.

Are there Fees and Interest involved?

Yes, and Yes. There are origination fees, as well as fixed competitive interest. There is also interest that accrues prior to making the first payment.

What are the PROs of P.A.C.E. Financing?

  • NO FICO requirements
  • NO UPFRONT COSTS for doing a project, and up to 18 months without payments
  • Fixed competitive rate
  • 100% financing up to $250,000 (Based on Equity)
  • Flexible repayment terms
  • House could sell for more money with the added improvements and lower utility bills
  • Potential tax benefits
  • Potentially transfers to new owners upon home sale.

What are the CONs of P.A.C.E. Financing?

  • P.A.C.E. is Not available in all communities.
  • P.A.C.E. becomes a lien (if you do not pay your property taxes)
  • It is Complicated.
  • The overall increase in your property tax bill—this does NOT increase the actual property tax bill, just the overall bill as it is added.
  • The interest rate might be higher than you can get with traditional home equity lines of credit HELOCs.
  • The P.A.C.E. loan might not transfer with the sale of the home.

Renew Financial

Renew Financial PACE is an easy-to-use financing solution that allows you to make home improvements with no money down.

Financing is paid back over time as part of your property taxes and qualification is not based on your credit score. PACE features a speedy approval process, flexible payment terms, and

  • No FICO requirements.
  • Flexible repayment terms.
  • No upfront fees.
  • 100% financing (up to $250,000)
  • Fixed, competitive rates.
  • Supports environmental health.

HomeRun PACE Financing 

If you’re planning to make energy-efficient and/or water-saving upgrades to your home, then you can apply for a PACE loan through HomeRun and get approval within minutes. No more waiting weeks to determine if you’ll have the funding needed to start your energy-efficient upgrade. The plans are flexible, with terms of 5-10-15-20-25-30 years. Payments are made through property taxes and there might be some tax benefits as well. You can learn more about HomeRun financing here.

OTHER SOLAR FINANCING OPTIONS

The Solar Lease: No up-front cost, no debt, and no worries.

Switching to solar has never been easier with a solar lease from HomePro through SunPower, the premier solar panel manufacturer. With zero upfront costs, no debt, and SunPower taking financial responsibility for the system, a solar lease lets you produce electricity on your own roof at a fraction of the cost you’d pay your utility. Say goodbye to your utility’s monopoly and hello to significant savings on every kilowatt-hour you generate. Plus, a solar lease protects you against utility rate hikes, giving you stable, predictable energy costs.

A solar lease is perfect if you can’t use the federal solar tax credit, such as retirees or those with reduced tax liabilities. With SunPower owning the system and receiving the tax benefits, you enjoy low electricity rates and worry-free energy production. Like a car lease, there’s a fixed term (20-25 years) and low or zero upfront payment. You get guaranteed power output, insurance, maintenance, and repairs. Embrace the future of energy with a HomePro solar lease and enjoy hassle-free, affordable solar power.

Advantages of Leasing

  • No Large Upfront Capital: One of the biggest benefits of a solar lease is that you don’t need to come up with a large upfront capital to purchase the system. Often, we can provide a lease with zero down payment, and your monthly payments are lower than your current utility bill, so each month you actually save money without any initial investment.

  • Maintenance and Insurance Included: In many instances, the lessor is responsible for maintaining the system, providing insurance, and ensuring the panels produce energy as outlined in the lease agreement.

Disadvantages of Leasing

Long-Term Contracts: One potential disadvantage of a solar lease is the long-term contracts, which means you’ll be committed to making monthly payments to the lessor for the duration of the lease.

Resale Complications: A solar lease can create issues if you plan to sell your home during the lease term. Typically, the lessor requires the new buyer to take over the solar lease. However, problems can arise if the current cost of power or solar panels has decreased, making the lease terms less attractive to potential buyers.

Solar Power Purchase Agreement PPA

PPA stands for Power Purchase Agreement, where a third party purchases and installs the solar system, and the property owner pays for the power generated over a fixed period, typically 25 years. 

Similar to a lease, there is usually zero upfront payment. The third party handles monitoring, maintenance, and insurance. Many people compare a PPA to using a local utility company, as you pay only for the power you use, with higher bills in summer due to increased energy consumption. The third party owns the system and benefits from any tax advantages

Advantages of a solar PPA

Zero Upfront Costs: Similar to a solar lease, a solar PPA requires zero upfront payment.

Pay for Power Produced: With a PPA, you only pay for the power your system generates. If the system goes down for any reason, the third-party provider is responsible for fixing it at their expense.

Slower Rate Increases: If your PPA includes an escalator, the rate will generally increase more slowly than your local utility provider’s rates.

Additional Protection: Unlike a lease, where you rent the equipment, a PPA offers additional protection by only charging you for the power produced, not the equipment itself.

Disadvantages of a solar PPA

Long-Term Agreements: Similar to a solar lease, a solar PPA involves long-term agreements that a potential homebuyer might not want to take over.

Variable Costs: A challenge with a solar PPA is that the cost of the power produced can be high in the summer and low in the winter. This variability can be difficult for those who prefer a levelized payment system like the one offered by some local utility companies.

Contact Home Pro Today!

We’re confident Home Pro, Professional Home Improvement, Inc. is the right contractor for you. We would be pleased to offer an estimate for your solar project. Call (800) 650-3134 or fill out the online form to schedule an appointment.

We also offer roofing financing, to make your home upgrades more affordable.

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