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TrueHomeX can save your customers thousands with a Solar-Assisted Mortgage, join our growing list of participating Lenders or schedule a call with one of our Solar Professionals and learn more.
Solar-assisted mortgages are a growing trend as more people look to incorporate sustainable energy solutions into their homes. Here are the top 5 questions people commonly ask about solar-assisted mortgages:
A Solar-Assisted Mortgage is a type of home loan that incorporates the cost of solar energy systems into the mortgage itself. This allows homeowners to finance solar panels alongside their home purchase, spreading the cost over the life of the mortgage. By bundling solar energy systems with the mortgage, homeowners save on energy costs and benefit from any available tax incentives or rebates, making solar energy more accessible and affordable as part of their home investment.
Very similar to a typical mortgage process with a few steps added. Depending on where you are in the homebuying process will determine which step comes first. Typically, a first call with a TrueHomeX Professional Solar Advisor to confirm: a specific home is Solar Ready, the system cost, discuss any need for closing cost assistance. Next, meet with a trusted TrueHomeX Professional Mortgage Partner or, if you’re already working with a Lender, we’ll just need to confirm they may offer you the specific mortgage program. Next, we’ll connect you with a trusted TrueHomeX Real Estate Professional, again, ok if you are already working with a Real Estate Agent, we’ll be happy to walk them through the process. For the most part, business as usual, Solar installation occurs after the close of escrow.
The financial benefits of a Solar-Assisted Mortgage include no out of pocket cost for solar installation, expense is spread over the life of the mortgage with a minimal impact on monthly payment. Solar Energy offers savings from reduced utility bills, which offsets monthly mortgage payments. Additionally, mortgage loans offer tax deductible interest, while the cost of a Solar System offers a 30% Federal Tax credit, further enhancing savings. On average, a Solar System adds 5% in property value in addition to the adding to long-term financial gains.
As with every loan program, there are various requirements and qualifications for a Solar-Assisted Mortgage. These may include meeting standard mortgage eligibility criteria, such as a credit score and income requirements. Additionally, the property itself may have solar ready eligibility requirements, such as meeting an energy-efficiency rating or in a location suitable for solar energy production. Depending on the loan type, the final maximum appraised value may exceed the initial assessed value to accommodate the solar system.
As with any purchase, there may always be a risk or perceived downside, the Department of Energy encourages homeowners to reduce the strain of the power grid by installing roof top Solar Systems. Federal Housing Agencies offer unique mortgage programs to attract homebuyers to include green energy with their home purchase or refinance, helping to reduce our carbon footprint. Despite such attractive programs, a Solar System may not be for every home purchase or refinance scenario.
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