Solar Financing Allows Homeowner to Benefit from Solar at No Upfront Cost
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With an ideal south-facing roof on his Newburyport, MA home, Ian Gershuny started researching solar options in 2012, seeking to make both a sound environmental and economic investment.
It wasn’t long before Ian’s 23 and 25-year-old sons Kyle and Josh got involved, researching companies in the area and trying to find out the best way to go solar (lease? own? what kind of panels? what type of equipment?).
The first company they spoke to only offered solar leasing. Ian ruled out this option since to him, the point of going solar was to get rid of a monthly bill (they were paying close to $3,600/yr for electricity), and under a lease he saw that the leasing company would benefit from all the incentives. Still, a cash purchase was not an option either so they needed to find a company that could point them to a loan product that would be affordable, easy, and provide a path to solar ownership.
His son Josh found ReVision Energy on the internet and stopped by our Brentwood, NH solar showroom to discuss possibilities. This led to a free on-site evaluation with our solar design specialist Jeff Cantara and, soon after, the installation of the Gershuny’s solar electric array.
Ian, who is a Business Intelligence Architect and spends his days working with numbers, says that he couldn’t believe the economics of his proposed array at first and that “the numbers seemed too good to be true.”
Their 12.29-kilowatt solar electric array is estimated to produce 16,461 kilowatt hours per year. Thanks to a combination of reducing electric payments and state incentives, the value of their solar electricity will average $4,000+ per year, a complete reversal from the $3,600/yr they were paying on their electric bill.
Thanks to the Mass Solar Loan (ReVision Energy is a qualified vendor with the State of Massachusetts), monthly cash flow will be positive almost immediately. Owning the system, Ian says, offers a powerful 25-year revenue generation opportunity.
Homeowners outside of Massachusetts can still benefit from affordable, zero-down financing thanks to ReVision’s “Own Your Power” loan program.
Ian says, “Financing made this project possible. We wouldn’t have been able to afford the system if I had to pay cash, so the solar loan made a big difference and allowed me to put the panels up.”
After five months of solar electric production, what’s the best part? Ian says, “The installation team did a great job, and basically I haven’t paid an electric bill since.”