Admirals Bank's Solar Loans
These non-equity based solar loans are intended for customers seeking financing for renewable energy projects, such as solar, energy efficiency upgrades, small wind and geothermal systems where credits, rebates and/or incentives are available. Qualifying renewable energy projects may be paired with other general home improvements, including roofing, window, energy efficiency solutions, garages and much more.
Call Admirals Bank today at 1-800-715-8472 to find out more about these programs.
Benefits of The Solar StepDown Loan:
No equity or appraisal required
No prepayment penalties
Flexible loan terms
Interest and HUD insurance fees may be tax deductible (consult your tax advisor)
Incentives and Regulation
State legislatures and public utilities commissions enact rules that affect the accessibility of solar. These public policies, rules and economic incentives will drastically impact the cost of a solar system and must be considered in the engineering, planning, and installation of any system.
Below is a summary of some of the programs that will affect the cost and implementation of a solar power system. This list is not exhaustive and generally does not include local incentives. AES Solar can help you design a solar power system and incorporate the appropriate incentives for your specific installation.
Renewable Energy Tax Credits
Federal 30% Solar Investment Tax Credit – When you install solar-power systems before the end of 2019, you can claim 30 percent of the cost as a tax credit for the year you installed it. As a credit, you take the amount directly off your tax payment, rather than as a deduction from your taxable income.
Under the Bipartisan Budget Act of 2018, the renewable energy tax credits for fuel cells, small wind turbines, and geothermal heat pumps now feature a gradual step down in the credit value, the same as those for solar energy systems.
- 30% for systems placed in service by 12/31/2019
- 26% for systems placed in service after 12/31/2019 and before 01/01/2021
- 22% for systems placed in service after 12/31/2020 and before 01/01/2022
Expires: December 31, 2021
Details: Existing homes and new construction qualify. Both principal residences and second homes qualify. Rentals do not qualify.
What are Solar Renewable Energy Certificates (SRECs)? – Renewable energy certificates, or RECs, are tradeable commodities that represent the green attributes associated with energy generated from renewable energy resources, such as sunlight, wind, or water. One REC is generated every time one megawatt-hour (MWh) of clean, renewable electricity is produced. Solar renewable energy certificates or “SRECs” are simply RECs generated from solar power.
Renewable Portfolio Standard (RPS) – An RPS law is the way a state legislature mandates that a certain percentage of all energy generation comes from renewable sources by a certain date. Utilities must meet the standards by generating renewable energy or buying it from customers. If they don’t meet the standards, they must pay fees. Utilities in strong RPS states offer solar incentives to solar PV owners because it’s cheaper than paying the fees. Eight states have mandated 100% renewables by 2045.
RPS Solar Carve Out – States with solar carve-outs in their RPS require electric utilities to generate some power from the sun.
Electric Rates – The power your solar panels produce reduces your electric bill. The higher the price of power, the more you save by generating your own, and the higher your IRR.
Net Metering – Net metering is the billing arrangement where you can sell excess electricity back to your utility for equal the amount you are charged to consume it. Factors that affect the Net Metering Agreement include individual solar system capacity, caps on program capacity limits, restrictions on “rollover” of kWh from one month to the next, new meter charge, Renewable Energy Credit (REC) ownership, eligible customers and technology (the more renewables the better), being able to aggregate meters across the property for net metering, and safe harbor provisions to protect customers from solar tariff changes.
Interconnection Rules – Interconnection rules regulate how you connect to the electric grid with the solar panels on your roof.
Solar Power Performance Payments – They are either per-kWh bonuses or Solar Renewable Energy Certificates (SRECs).
Property Tax Exemption – Installation of a Solar PV system adds value to a property. Many jurisdictions equate the increase in value to about 20 times the solar PV system annual energy production. The Property Tax Exemption eliminates taxes on that portion of the value of the property.