PHOENIX, March 11, 2013 (GLOBE NEWSWIRE) -- Sun Valley Solar Solutions announces that they are first in Arizona to launch a new loan program making purchasing solar photo voltaic (PV) systems much more affordable to Arizona homeowners, in partnership with aleo solar, part of the Bosch Group.
PV systems can generate up to 100% of a home's yearly kilowatt hour electricity usage from solar panels, usually installed on rooftops and tied into the grid. With more than 300 days a year of sunshine in southern Arizona, solar power is an obvious renewable energy choice.
Without a lot of cash, and expensive financing plans, purchasing solar has been difficult for homeowners up until now. Solar leasing, with terms of either 20 or 25 years, have provided an affordable way for homeowners to go solar – in fact, in 2012, 81% of solar systems installed in Arizona were leased.
However, for people with a big federal tax bill, the 30% federal tax credit (which can be spread out over five years) is an attractive benefit of solar system purchase instead of a lease. (Finance companies take all the incentives as well as depreciation in the case of solar leases.) During 2012, solar lease prices for quality panel brands slowly crept up, while "prepaid" leases (paying one lump sum after installation) have been completely eliminated or virtually priced out of financial viability.
The details of the new loan include a same as cash loan1to cover up to 30% of the system cost (this is at 0% when paid off by the 365thday, and can be used to cover the federal tax credit), with the balance of payments spread out evenly, monthly, over 12 years2. However, with no prepayment penalties, a system can be paid off at any time.
And at only 2.99% interest, homeowner inquiries have been skyrocketing.
As the first provider of this exciting new plan in Arizona, Sun Valley Solar Solutions is finding that homeowners can pay as little as $90 a month for a 5kWsystem. The price depends on the system size needed, the amount of sunlight the panels get (south facing is best), what utility company area a home is in, and how much if any of the loan is taken as same-as-cash.
There are no penalties for pre-payment, no fees and no appraisal or closing costs. A phone application (even on weekends) makes this program easy to find out about.
As traditional energy costs are skyrocketing, it's now easier than ever for homeowners to use the sun to cool their homes, especially in those blazing hot summer months.
Sun Valley Solar Solutions is an Arizona-based, Arizona-only solar panel installation company started in 2006 by two former Intel engineers, Russ Patzer and Joe Messner. As one of the largest residential solar panel installers in Arizona, with one of the highest customer satisfaction scores in the nation, SVSS is constantly looking for ways to make solar more affordable and seeking the best possible technology in the market.
1 12-month Same-As-Cash Flex & 12 -Year 2.99% Reduced Interest Combo Loan
Loans provided by EnerBank USA (1245 Brickyard Rd. Suite 600, Salt Lake City, UT 84106) on approved credit, for a limited time. 12 Month Same-As-Cash Loans repayment terms vary from 24 to 132 months. Interest waived if repaid in 365 days. 16.89% fixed APR, effective as of March 2013, subject to change.
2 12-year loan repayment term is 144 months. 2.99% fixed APR, effective as of March 2013, subject to change. The first monthly payment will be due 30 days after the loan closes.
Media Contact: Pel Abbott
This information was brought to you by Cision http://news.cision.com
Source: Sun Valley Solar Solutions