Installing Solar Energy? : Here’s How to Fund Your Rooftop Solar Energy System.

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Many homeowners are worried about costs as more Americans are considering switching your home to solar energy. Nowadays the cost of installing solar panels for residential homes vary from $15,000 to $35,000 dependent on the roof, your location and the amount of electricity you’d like to produce.

“Tracking the Sun Report “Tracking the Sun report” by the Lawrence Berkeley National Laboratory includes solar costs throughout the US.

Thanks to state and federal subsidies, many homeowners don’t need to cover the entire price of solar for their home. Federal solar tax credit (ITC) represents 26% of total cost of having a solar system that is installed on a home until the 31st of December, 2022. A lot of states offer incentives and tax credits to lower the cost of installing a solar system.

Find out what incentives are available for your particular state checking out the Database of State Incentives for Renewables and Efficiency (DSIRE). There are incentives available through utilities and municipalities So, look around to find out what’s available in the area you live.

If you do not have the cash to purchase a computer in full, you could opt for an installment loan or lease.

Here are some financing options for solar to think about:

PPA (power purchase arrangement)

It’s a lease with an additional name. What you pay for and the person you pay it to can make a difference. When you sign up for a solar PVPA you pay the system’s owner the predetermined amount per kilowatt hour for the power produced from your solar system. PPAs typically come without a deposit and allow you to cut down on your energy costs immediately. Ask if the PPA will increase your monthly payment as time passes, and think about the answer when you make your decision on financing.

You won’t be eligible for tax-free discounts or incentives offered to buyers who rent or are a part of a PPA however, you can save on energy bills in the long term and decrease your carbon footprint.


As with cars it is possible to contract a solar energy system to reduce the cost of initial. An installer of solar energy, financial company or another third party manages the system you put on your roof in this arrangement. The company that owns the system will be charged an agreed-upon monthly cost.

Contact your insurance provider to find out if your leased panels are covered by your insurance company. Leases typically last for between 20 and 25 years. If you decide to sell your home and leases are to be transferred, the method by which the lease is transfered to the buyer will be determined at the time of sale.


It is possible to take out a loan to buy the system. Certain institutions like banks credit unions and solar contractors offer loans which include financing with zero down. There are many kinds of loans:

Government Loans

New and existing homeowners are eligible for government-backed loans for both new and existing homeowners. If you already have a house, Fannie Mae’s HomeStyle Energy Program permits you to invest up to 15 percent of the value of your property on solar panels as well as other environmentally friendly energy-saving improvements. This program, along with the HomeStyle Energy Mortgage Program and the Federal Housing Administration’s Energy Efficient Mortgage Program can assist in the installation of solar panels in the same way when you’re purchasing or refinancing your home.

Home equity loans

They are like personal loans, in that they are backed by fixed rates of interest and monthly installments However, they also allow you to make loans against the equity of your home.

Residential properties assessed as clean energie (PACE) loans

Certain states allow the loan to be attached to your house, allowing you to repay it by paying your property taxes each year. The loan will be transferred to a homeowner if you decide to sell your house.

Credit lines for home equity credit,

As with credit cards, loans offer credit lines credit with which you are able to take out loans, however they typically are accompanied by variable interest rates, which means that your cost fluctuate with time.

Personal credit

Since personal loans are backed by fixed rates of interest and monthly installments that you’ll always know much you’ll pay. You can get a long-term loan in order to cover the costs of your solar installation over a span of years. However, it is also possible to take temporary (12-18 month) loan options, which are also referred to as bridge loans. They permit you to make use from the ITC as well as state credit as soon as possible instead of waiting until taxes are due. You may also combine the temporary credit with a longer-term loan to pay for the remaining portion of the installation cost.