Residential Solar Financing in Kihei

xKiheiIn Kihei, on Maui, and throughout the Hawaiian Islands, as well as on the Mainland in Pacific Coast, Southwest, Mountain West and the Sunbelt states, Renewable Asset Management Company, LLC and SunLender™ provide residential solar financing directly through a network of leading Solar Power System (photovoltaic system) Installation companies. For Residential Solar Financing in Kihei and throughout Hawaii, SunLender can be counted on as your go-to provider.

Since 2011, the SunLender program has allowed Solar Power Installers to provide solar financing to their residential solar customers with a 20-year operating lease or a 10-year or 15-year loan. And Renewable Asset Management Company (RAMCO) is a proven leader in renewable energy financing, and in conjunction with affiliated companies have offered a variety of commercial and residential solar financing programs since 2008.

Residential Solar Financing in Kihei and America

The SunLender Lease and Loan programs are offered to approved Solar Power System Installers in Hawaii, Arizona, California and Nevada. The SunLender Loan solar financing program is also currently available in Alabama, Colorado, Delaware, Florida, Illinois, Louisiana, Maryland,  Michigan, Minnesota, Montana, North Carolina, New Mexico, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington and Wisconsin.

Do you want to do what’s best for your customers?

We can save your customers up to an additional $13K on a typical $20K solar system.

Since our lease term is 20 years instead of 25, with the same or lower monthly payment as other financing programs, we can generate significant savings to your customers just by financing with SunLender.

  • Same System
  • Same Monthly Payment
  • Same Utility Savings
  • Less Total Cost

Contact SunLender for your Residential Solar Financing in Kihei.

Do the right thing for your customers.
Call SunLender today.

Call Mike Thompson to secure
the shortest term for your customers:
(855) 630-0869 ext. 104
email: mthompson@sunlender.com

The SunLender Difference:

SunLender™ Residential
Solar Financing

  • Lease – The SunLender Lease is a 20-year term operating lease with zero or 2.9 percent escalator for financing the purchase and installation of a solar power system for your home. SunLender owns the system and provides a 20-year “worry-free” solar system that will save your family money.
  • Loan – The SunLender Loan is a term loan for financing the purchase and installation of a solar power system for your home with term of up to 15 years. Installing a solar power system is equivalent to pre-paying power, at less than what you currently pay. Once installed, a solar power system requires little or no maintenance and will provide electricity cleanly and quietly using the renewable energy of the sun.

SunLender Plus™

  • Energy Efficiency Financing – Our Signature Loan program allows you to purchase and install energy efficiency products that reduce the overall amount of energy your home uses. If you use less energy, you not only save money, but you also do not need to offset as much energy, and therefore you do not need as large of a solar system. Our Installer partners can show you how to lower your energy usage with energy efficiency products, before you decide to generate power with a solar system – ensuring that you get the right size solar system for your home.
  • Signature Loan – The Signature Loan is a secured term loan for financing the purchase and installation of energy-efficiency products for your home with a term up to 7 years.

SunLender Pro™

  • Our finance foundation has been built on strong, seasoned and trusting relationships that have grown from our solid financing reputation. We have expanded our commercial financing program to address demand for commercial financing energy projects through our simplified, convenient step-by-step process that funds your light-scale commercial projects.

Commercial Solar Financing

Loan – The SunLender Pro Loan is a term loan for financing the purchase and installation of a solar power system for your business with a term up to 10 years.

We are looking for quality Installers in select markets

With SunLender, You Get:

  • Cash Flow – Installer job/construction financing through SunLender provides Solar Power System Installers with needed cash as early as customer credit approval.
  • Ease of Use – The SunLender proprietary solar proposal platform is comprehensive, uncomplicated and makes closing sales easy.
  • Less Red Tape – SunLender financing requires significantly less administrative burden than other financial programs in the solar market
  • Immediate Credit Approval – With SunLender, Solar Power System Installers can offer conditional financing approval to Homeowners in minutes.
  • Total Solution – SunLender is a complete in-house one-stop solar financing program, from originations and funding to servicing, and operations and maintenance.
  • Experience – 41-year financing foundation providing Installers and their customers unique credit programs, and financing renewables since 2008

Contact us to Demo the Program and see how SunLender can help you grow your business.

Available Programs:

SunLender™ Zero Down
Solar Lease

SunLender™ Zero Down
Solar Loan

SunLender Plus™ Energy Efficiency Signature Loan

Contact Mike Thompson by email: mthompson@sunlender.com,
or phone: (855) 630-0869 ext. 104

If your company is based in the Kihei area, on Maui, or on the Hawaiian Islands; or you have a Mainland Pacific Coast, Southwest, Mountain West or Sunbelt client-base or a residential PV solar system to install, the SunLender program is uniquely designed to provide Solar Power System Installers with the cash flow they need to grow. For your Residential Solar Financing in Kihei, the SunLender enhanced program allows Installers to leverage the partnerships, connections and network of RAMCO, and now provides interim project financing through the Pro Power Green™ Construction Financing program, allowing Installers to get paid faster and fund growth without typical construction cash-flow constraints inherent to other finance programs and Funds. The SunLender program is tailored to help Installers grow their business and increase their sales.

The SunLender portal provides a single-source quoting platform that offers Solar Power System Installers the ability to quote Homeowners a solar loan and a solar lease within the same proposal, in approved states, thereby allowing the consumer to choose the financing product best suited to their needs; and providing Installers the tools and financing options to close more deals.

SunLender Solar Lease or Loan makes it easy to Reduce Energy Costs

Step 1 Request a free solar home evaluation

Step 2 — Fill out credit app to see how much you can save

Step 3 — Have your solar system designed and installed

Step 4 — Harvest renewable sunlight and start saving

Start the process online today.

Or Call Mike Thompson to reduce energy costs for your customers:
(855) 630-0869 ext. 104

email: mthompson@sunlender.com

About

Why SunLender?

SunLender was created top benefit Solar Power System Installers and Homeowners

 

Demand for electricity is steadily increasing causing household electricity bills to skyrocket.

 

A homeowner’s cost control of electricity is unknown. A Solar Power System allows a homeowner to set a fixed cost and drive savings for years to come. SunLender is committed to providing property owners with a simplified solar financing solution, giving you the choice of either a lease or a loan. Our network of leading Installers can draw up custom plans to match your toughest roof requirements, resulting in a system tailor-made for your home for zero out-of-pocket expense.

 

The SunLender program was developed for Solar Power System Installers.

Solar Installers across the country don’t always have the resources to find financing for customers, or the capital to provide it themselves.

For the last 40 years, we have been working with the building trades financing distributors and Installers as well as consumer home improvement projects.  We understand your business, we understand that you have to present solutions to your customers, and we have designed our finance program to specifically address your needs. Our Installer partners can reap the benefits of our industry-specific experience, connections and network.

Integrated Portal – Our pre-qualifying quote system lets Installers and homeowners know immediately if they pre-qualify for a lease or loan. This proprietary solar proposal platform enables Installers to present professional sales proposals to residential customers. The proposal offers several financing options as well as graphic representation of their solar investment.

  • Quick Quote Ability – We are focused on helping you sell more and streamlining that process with our sales tools.  The Quick Quote tool allows Installers to model a variety of products and pricing with a minimum of input, which can easily be converted to a sales proposal.
  • Easy Proposal to Signature Process – Not only do we provide financing, but we also directly service all of our consumer leases and loans.  We are a one-stop-shop and are able to serve both you the installer and your homeowner customers more effectively.
  • We can finance more than just PV – We are a finance company, not just a solar finance company.  We do not limit you to only finance solar solutions. We keep up with our Installers to provide financing for energy management solutions.

More efficient than other programs – When you offer multiple residential solar finance solutions you can tailor your sales pitch to your customer’s needs and close more deals.  With one approval you can offer your customer:

  • SunLender™ Zero Down Solar Lease – The homeowner leases the solar PV equipment and makes a low monthly payment for the length of the contract term.
  • SunLender™ Zero Down Solar Loan – A fully amortized loan that provides a low monthly payment and path to ownership. The homeowner keeps the rebates and tax credits and increases the value of their home.
  • SunLender Plus™ Energy Efficiency Signature Loan – An unsecured loan that provides financing for energy efficiency solutions and can be approved simultaneously with a solar lease or loan.

Program tailored to Installer’s business – we only partner with the best and we trust our Installers

  • Easier program management – We developed our process given our 40-year experience working with the building trades.  Financing is a solution, but it should not overly burden your organization.
  • Faster payment – Experience gives us the insight to know that sales are important, but Cash Flow is more important.  Our program is tailored to help you grow your business and increase your origination.
  • Cash Flow – Interim Jobs/Construction financing provided by ProPower Construction allows you to grow sales and perpetuate deal flow.
  • Program is set up to scale with growth – Using online systems and tools, we are built for growth and have the ability to scale with you.

For Homeowners who want to go green, while saving green … SunLender is here to help you install and save

Every home is unique. There is no ‘one size fits all’ solar residential finance solution out there, contrary to what much of the industry might say. That’s why we offer both a lease and a loan – so that your Installer can design the best system, with the best financing, with the longest warranty, for the best price, guaranteed. Your family has unique needs and we want to provide the right solution for you. We have designed residential solar financing solutions that require little or no money down, and have positive impact to your monthly cash flow.

Our Installer partners can show you how your new solar power system will pay for itself right away, by funding the monthly financing payment with the savings from your electricity bill. By combining federal and local rebates and incentives and using our innovative financing solutions, you can install a solar power system that will save you tens of thousands of dollars over its life, without requiring cash outlays at the time of installation!

Why SunLender?

  • Flexible Financing with little to no money down.
  • Rent or Own your equipment – the choice is yours.
  • Do the right thing! – Replace dirty grid power with clean renewable energy and save your family money.
  • Increase the value of your home – The Department of Energy completed a study in April 2011 that concluded a home seller who invested in solar panels could expect to capture a premium of $18,600-$23,870 versus comparable homes without solar panels,

Available programs:

SunLender

Loan or lease

$0 Down

Zero-Down Loan or Lease

No money up front, complete solar satisfaction.

Loan or Lease

You decide what is best for you

Clear comparison in the same proposal.

Worry Free

Extended Warranty for Peace of mind

24/7 system monitoring is comprehensive.

Easy Process

Quick, Simple & thorough

Uncomplicated steps put solar in your home

Start the process today …

Begin online

Or Call Mike Thompson to reduce energy costs for your customers:
(855) 630-0869 ext. 104
email: mthompson@sunlender.com

Kihei

Kihei is a census-designated place in Maui County Hawaii. The population was 20,881 at the 2010 U.S. census.

As with most of Hawaii, Kihei has a fascinating history. According to legend, two cloud warriors, one from the north and one from the south, battled one another until a truce was called.  When the warriors separated, the piece of blue sky left between them was called Alanui o Lani (Highway to Heaven), and the area beneath that sky is now known as Kihei.

The battle theme seems to have carried over into local history, as Kihei, and the entire South Maui region, was the site of a fierce battle against conqueror Kamehameha I in 1790.   Kamehameha burned his soldier’s canoes in order to prevent them from retreating, and forced them to march to Wailuku, where they defeated the remaining Maui warriors in a final confrontation in the Iao Valley.

The first inhabitants of Kihei were fishermen, and throughout the early 20th century, Kihei maintained a small population of fishermen and mesquite harvesters (Kiawe).  In 1932, the government tried to attract people to the area and offered 11 beach-front lots for sale, but only 6 of these were sold, and until the early 1950s, land prices in Kihei were the cheapest on the island. In the years since then, an increase in tourism has brought more permanent residents to Kihei.  The area maintains a population of about  20,000 year round, and that number tends to double during tourist season.

Climate

Leeward Haleakala consists of South Maui and most of Up Country Maui. South Maui is home to Kihei, Wailea, and Makena. These areas get the least amount of rain on the island.  Kihei’s climate is warm during summer and winter as temperatures tend to be in the 70s throughout the year. The warmest month of the year is September with an average maximum temperature of 88.10 degrees Fahrenheit, while the coldest month of the year is February with an average minimum temperature of 63.10 degrees Fahrenheit.

Days of sunshine are abundant in Kihei, getting about 276 sunny days per year sunny days annually, and some areas on Maui see more than 300 sunny days per year. This high-sunshine rate makes Kihei the perfect application for solar power and residential solar PV systems.

Households

As of the 2010 U.S. Census, the population of Kihei was 20,881, with about 6500 households, and 4,000 families residing in the CDP. The population density was about 1700 people per square mile. There were about 9500 housing units at an average density of more than 900 per square mile.

In the households, 32.0 percent had children under the age of 18 living with them, 45.7 percent were married couples living together, and 38.2 percent were non-families. The average household size was 2.70 and the average family size was 3.31.

The median income for a household in the CDP was $46,215, and the median income for a family was $50,738.

Solar Energy

Hawaii solar industry facts:

  • There are currently more than 115 solar companies at work throughout the value chain in Hawaii, employing 2,200 people.
  • In 2014, Hawaii installed 107 MW of solar electric capacity, ranking it 9th nationally.
  • The 497 MW of solar energy currently installed in Hawaii ranks the state seventh in the country in installed solar capacity.  There is enough solar energy installed in the state to power 129,000 homes.
  • In 2014, $322 million was invested on solar installations in Hawaii.
  • Installed solar photovoltaic system prices in the U.S. have dropped steadily– by 6 percent from last year and 53 percent from 2010.

Notable Solar Installations in Hawaii

Grove Farm on Kauai Island was completed in 2014.  This photovoltaic project has the capacity to generate 12 MW of electricity — enough to power over 2,400 Hawaii homes.

Several large retailers in Hawaii have gone solar, including Macy’s, Target and Walmart. Safeway has installed one of the largest corporate photovoltaic systems in the state with 332 kW of solar capacity at their location in Ewa.

At 6 MW, Port Allen Solar Farm is among the largest solar installations in Hawaii. Completed in 2013, this photovoltaic project has enough electric capacity to power more than 1,500 homes.

Solar Companies in Hawaii

There are currently more than 115 solar companies at work throughout the value chain in Hawaii.  These companies provide a wide variety of solar products and services ranging from solar system installations to the manufacturing of components used in photovoltaic panels.  These companies can be broken down across the following categories: 3 manufacturers, 079 contractor/installers, 8 project developers, 10 distributors and 15 engaged in other solar activities including financing, engineering and legal support.

As costs have come down in the solar PV market, Hawaii’s solar capacity has exploded in recent years. This is not surprising as the state receives bountiful sunshine making it an ideal location for the capture of solar energy.

Hawaii Ranks in Top-10 in U.S. Solar Installations

Hawaii moved back into the top 10 in the United States when it came to solar photovoltaic installation rankings in the second quarter, according to a new report.

In the first quarter of 2014, the Aloha State finished in 11th place in the nation, according to a report by the Solar Energy Industries Association and GTM Research.

Hawaii filled the 9th spot in the country in the second quarter of 2014, and ranked eighth in terms of cumulative installations.

The slight move up in the rankings is likely due to Hawaii Electric Co.’s  approval of thousands of rooftop solar PV systems that were stuck in the queue because of a change in interconnection rules by the utility.

Oahu’s rooftop solar PV industry saw the number of permits issued, rising for the fifth straight month in July when comparing year-over-year data.

Looking ahead, the report expected another record year for the U.S. solar PV market in 2015, with installations reaching 7.7 gigawatts, a 24 percent increase over 2014.

The fastest growth will come from the residential segment, which is on pace to add more than 2 gigawatts for the first time ever, following a year in which the segment installed more than 1 gigawatt for the first time as well.

The non-residential solar PV market will grow by 8 percent and utility solar PV will grow by 16 percent, the report said.

Typical Solar System in Hawaii Pays for Itself in Only 4 Years

Hawaii has a renewable portfolio standard of 40 percent renewable energy by 2030. Hawaii had almost 200 MW of grid-connected photovoltaics in 2012. Looking back, 16 MW of PV were installed in 2010, 40 MW in 2011, and 109 MW in 2012. The largest solar project in Hawaii, the 12MW Grove Farm, opened in July 2014 on Kauai. It has 45,000 panels on 67 acres of land and can provide 5.5 percent of the island’s electricity.

In 2014, there were over 40,000 rooftop systems, representing more than 10 percent of the state’s energy customers. On August 31, 2014, during daytime hours, 57 percent of power on Kauai was from renewable sources. A proposed grid interconnection between Oahu and Maui would allow more renewable energy.

According to reports, a typical solar system in Hawaii pays for itself in only 4 years, and returns a profit of over 4 times the cost over its life. Hawaii’s 35 percent ($5000 Maximum) state tax credit is the second highest in the country, behind Louisiana. Hawaii offers a feed-in tariff, but it does not meet the normal definition of a feed-in tariff, as it is less than the retail cost of electricity, and is therefore simply a Power Purchase Agreement. The Oahu Wind Integration Study released a report detailing the impact on the Oahu grid and found that 500 MW of wind and 100 MW of solar power could provide Oahu up to 25 percent of its electricity while eliminating the need to burn approximately 2.8 million barrels of low sulfur fuel oil and 132,000 tons of coal each year

Maui Electric Proposes to Buy Low-Cost Renewable Energy from Maui’s First Large Solar Projects

Maui Electric Company is proposing to buy electricity from two large solar projects, the first of their kind on Maui. The contracts were filed today with the Hawaii Public Utilities Commission for review and approval. If the contracts are approved by the Commission, South Maui Renewable Resources, a Maui-based developer, would build a 2.87-megawatt photovoltaic (PV) project near the Maui Research & Technology Park in Kihei, and Kuia Solar would build a 2.87-megawatt PV project in Lahaina near Lahainaluna School.

These projects are expected to offer up to 5.7 megawatts of solar power to Maui Electric’s grid at the low price of 11.06 cents per kilowatt-hour. Maui Electric does not mark up or take a profit from purchased power, passing the savings directly to Maui customers.

Residential Rooftop Solar Demand Increases in Hawaii

Rooftop systems now sit atop roughly 12 percent of Hawaii’s homes, according to the federal Energy Information Administration, by far the highest proportion in the nation.

“Hawaii is a postcard from the future,” said Adam Browning, executive director of Vote Solar, a policy and advocacy group based in California.

Other states and countries, including California, Arizona, Japan and Germany, are struggling to adapt to the growing popularity of making electricity at home, which puts new pressures on old infrastructure like circuits and power lines and cuts into electric company revenue.

Over all, demand for electricity from utilities is softening while home solar is rapidly spreading across the country. There are now about 600,000 installed systems, nationwide, and the number is expected to reach 3.3 million by 2020, according to the Solar Energy Industries Association.

In Hawaii, Hawaiian Electric is scrambling to accede to that demand, approving thousands of applications in recent weeks. It is also upgrading its circuits and meters to better regulate the flow of electricity. Rooftop solar makes far more power than any other single source, said Colton Ching, vice president for energy delivery at Hawaiian Electric, but the utility can neither control nor predict the output.

Hawaii Solar Rebates and Incentives

An average residential solar system costs between $15,000-$25,000 after solar rebates and solar incentives. Considering that you will probably spend over $72,000 in electrical bills over the next 25 years, this can be a small price to pay. Some companies even offer solar lease options in which you pay no out-of-pocket expenses for the installation.

The exact cost of your solar system will depend on the applicable Hawaii solar rebates and utility incentives available in your area and the type of solar installation you chose. Using a qualified installer who is familiar with the local incentives and permitting process will ensure that you get the most from your investment.

Are there any government tax incentives or rebates?

One of the great elements of solar power in the U.S. is that there are large number of tax incentives and rebate programs that exist to make it easier to afford solar power for your home. The solar installer that you select will be up to date on all of the applicable incentives based on where you live but below are some of the basics:

Federal Tax Credit: Investment Tax Credit (ITC) allows individuals to deduct 30 percent of the cost of a solar system from individual federal income taxes;

Individual State Rebates: Many states offer cash rebates that are either flat amount or are based on the size of your solar power system – check out the U.S. government’s Database of State Incentives for Renewables & Efficiency for more information on the rebates in a particular area.

Property Tax Exemptions: Many states also specifically exclude the value a solar energy system from your annual property taxes… for example, if a new solar power system adds $30,000 to the value of your home, that $30,000 will be exempted from the total assessed value and your property taxes will not increase as a result of the new system.

Rebate and incentive programs:

 

The Hawaii Energy Efficiency Program  offers a package of standard and custom rebates on items such as high efficiency lighting, air conditioning, and electric motors. We strongly encourage you to participate in this program if you will be upgrading an existing facility or building a new one.

Once you have implemented proven and cost effective steps such as upgrading your lighting and HVAC systems, it then makes sense to look at producing some or all of your own electricity. Currently there are two standard programs available through Maui Electric Co. Ltd. (“MECO”).

Net Energy Metering (NEM) is available for both residential and commercial applications on Maui. Under this program, your electric meter runs both ways. When you generate more electricity than you are using, the excess power flows to the grid where it is available for everyone to use. MECO will credit you with the amount of electricity you generate in excess of your own use. At nighttime (for a solar system) or other times when you are not generating as much power as you are using you draw electricity from MECO. At the end of each month you will receive a printout from MECO showing your “net” energy use.

The advantage of the NEM program is that the electricity you generate can be “wholesale” under the FIT program discussed below. The disadvantage of the NEW program is that excess power is only carried forward for a 12 month period. If at the end of that time you still show a surplus of energy generated that surplus is lost. NEM systems are currently limited in size to 100kW (100,000 watts peak power).

Feed in Tariff
The Feed In Tariff (FIT) program is a newer program approved by the Hawaii Public Utility Commission (PUC) in late 2010.  The first FIT system went online in January, 2011. Under this program, MECO actually purchases the electricity you generate using renewable energy. You are still allowed to use part of the power yourself, but you cannot sell power to a third party. The FIT program allows larger sized systems than the NEM program, but the rate you receive from MECO is a lower “wholesale” rate. The exact rate depends on both the size of the system and the type of technology used (solar PV, wind, etc).

Currently renewable energy systems are eligible for both State of Hawaii and federal tax credits. This is true regardless of whether you participate in the NEM or FIT program. For example, a solar photovoltaic (“solar PV”) system would qualify for both a 30 percent federal credit and a 35 percent State of Hawaii credit.

As things stand now, the tax credit for residential projects is quite a bit lower than for projects on commercial buildings. There is an annual cap of $ 5,000 for solar PV

Hawaii Energy Residential Rebates
On July 1, 2009, Hawaii Energy was selected by the Hawaii Public Utilities Commission as the energy efficiency program for the state. While this does not exclude all programs previous to this, they are responsible for the following rebates and services. For residential customer on The Big Island of Hawaii, Lanai, Maui, Molokai and Oahu, this includes compact fluorescent light in-store rebates, Energy Star appliance rebates, high efficiency water heater rebates, central air maintenance rebates and solar water heating rebates and free inspection. For business, commercial or industrial utility customers on Hawaii Island, Lanai, Maui, Molokai and Oahu, rebates include standard and custom rebates for qualified energy-efficient technologies. Once requested and approved, rebates will typically arrive in six to eight weeks.

HECO – Energy$olutions for the Home Rebates
Through Energy$olutions program Hawaiian Electric Company (HECO) started offering various incentives mainly for their residential customers. These rebates can be availed against the purchase of solar water heaters, heat pump water heaters, and high efficiency electric water heaters from a participating solar contractor.

HECO, MECO, HELCO – Energy$olutions Water Heater Rebate
HECO, MECO and Hawaii Electric Light Company Inc. (HELCO) jointly approved rebates for solar water heaters, Heat pump water heater and high efficiency Electric Water Heaters under Energy$olutions programs. Funding is available only for retrofitting purposes. Applicants must be a permanent resident for more than year and they must purchase a program-approved model. An amount up to $1,000 can be availed under this utility rebate program. HECO itself provides the list of the contractors participating in the program and its 100-point inspection ensures the HECO’s stringent standards.

HECO, MECO, HELCO – Energy$olutions Business Appliance Rebates and Customized Incentives Program
Commercial and business customers can apply for this utility rebate program which incorporates energy efficiency technologies like solar water heaters, lighting, heat pumps, lighting controls/sensors, heat recovery etc. Rebate amount is calculated on a case-by-case basis and greatly depends on the energy savings of the system and also whether the purchase being made is for retrofitting or new construction. Technologies that do not fit the program’s specific guidelines may fall into the Customized Incentives area, which includes window tinting or air conditioner improvements.

Municipal and Utility Rebates: In addition to the federal and state incentives, many local municipalities and utilities will offer rebates on top of everything else…please check out Database of State Incentives for Renewables & Efficiency for any incentives in your specific area.

What are the current Hawaii solar rebates and solar tax credits and how do they work?

Hawaii has implemented a number of rebates and financial incentives to help promote the adoption of Hawaii solar energy. Depending on whether you are looking for a solar thermal system or a full solar panel system, there will be a solar rebate, solar tax credit or both for you. For example, there are a number of rebates throughout Hawaii for solar thermal systems (solar waters heaters):

The Hawaii Energy Efficiency Fund, a public benefit fund, offers residential rebates of $750 for solar water heaters;

Residents who install a solar water heat system can receive a one-time, $1,000 rebate from the Hawaii Electric Company (HECO) Energy Solutions Program as well as from HELCO and Maui Electric Company (MECO); and

Furthermore, Hawaii has adopted a strong tax credit incentive to help people afford the cost of different types of solar products for their home or business:

For solar panel systems – a tax credit of 35 percent of project costs or $5,000 (whichever is less) for single family residences; a tax credit of 35 percent of project costs or $350 per unit (whichever is less) for multifamily residences; and a tax credit of 35 percent of project costs or $500,000 per unit (whichever is less) for commercial properties.

For solar thermal systems – a tax credit of 35 percent of project costs or $2,250 (whichever is less) for single family residences; a tax credit of 35 percent of project costs or $350 per unit (whichever is less) for multifamily residences; and a tax credit of 35 percent of project costs or $250,000 per unit (whichever is less) for commercial properties.

What’s great about Hawaii’s solar tax credit system is that it may be used in conjunction with the federal renewable tax credit (which not all states allow) which can further reduce a potential consumer’s tax liability thereby making solar more affordable. And recently, Hawaii amended its tax credit incentive program providing the option for Hawaiian taxpayers to claim a refund instead of a tax credit for the purchase of a solar water heater or solar panel system (if you meet certain criteria). When Hawaiian consumers were only allowed to make these solar purchases using a tax credit as an incentive, some taxpayers were not able to take advantage of the financial incentive if they had no tax liabilities. So, those consumers on a fixed income or those consumers that did not owe taxes were precluded from taking advantage of the tax credit. With a refundable tax credit, more consumers may be able to purchase and install these renewable energy systems which will reduce their monthly utility bills and reduce Hawaii’s dependence on imported fossil fuels.

Federal Tax Credits and Accelerated Depreciation

A 30 percent federal tax credit is offered for the installation of both residential and corporate solar energy systems. The tax credit is applied to the net cost after other rebates or grants have reduced the initial system cost. The current federal tax credit program is available through 2016.

Residential Renewable Energy Tax Credit: Homeowners installing new solar PV and solar water heating systems are eligible for his 30 percent tax credit. Download IRS Form 5695.

Residential Solar Energy System

Also known as a grid-connected photovoltaic system, a typical residential solar energy system is what will be discussed on this page.

One of the great things about PV systems is how simple they actually are. There are only a few components involved and the system is basically maintenance-free once it is installed.

While there are many different types and brands of products that are available that solar contractors use in their installations, the basic idea remains the same.

Basic Residential PV System Set Up

  1. A PV system starts with solar panels that are mounted to a roof using stainless steel mounting hardware and racks. The panels use the suns light to create DC (direct current) energy.
  2. Wiring takes the DC electricity to an inverter placed on the side of the house. The inverter converts the DC electricity to AC (alternating current) electricity that homes are wired to use.
  3. From the inverter, electricity is sent to the main breaker box. Energy is then sent to both your smart meter and the appliances in your home.
  4. Excess energy is sent to the grid. This energy powers homes nearby. The owner of the PV system gets credit for this extra energy through net metering.

SunLender serves all of Hawaii and has special programs for cities including:

Honolulu

Kailua-Kona

Kihei

LaHaina

To take advantage of Residential Solar PV Systems for your home or your customers’ homes … SunLender makes sense …

SunLender programs include:

SunLender™ Residential Solar Financing

  • Lease – The SunLender Lease is a 20-year term operating lease with zero or 2.9 percent escalator for financing the purchase and installation of a solar power system for your home.  SunLender owns the system and provides a 20-year “worry-free” solar system that will save your family money.
  • Loan – The SunLender Loan is a term loan for financing the purchase and installation of a solar power system for your home with term of up to 15 years. Installing a solar power system is equivalent to pre-paying power, at less than what you currently pay. Once installed, a solar power system requires little or no maintenance and will provide electricity cleanly and quietly using the renewable energy of the sun.

SunLender Plus™

  • Energy Efficiency Financing – Our Installer partners can show you how to “reduce” your energy usage with energy efficiency products, before you decide to “produce” with a solar system – ensuring that you get the right size system for your home. Our Signature Loan program allows you to purchase and install energy efficiency products that reduce the overall amount of energy your home uses.  If you use less energy, you not only save money, but you also do not need to offset as much energy, and therefore you do not need as large of a solar system. The Signature Loan is a secured term loan for financing the purchase and installation of energy efficiency products for your home with a term up to 7 years.

SunLender Pro™ Commercial Solar Financing

Our finance foundation has been built on strong, seasoned and trusting relationships that have grown from our solid financing reputation. We have expanded our commercial financing program to address demand for commercial financing energy projects through our simplified, convenient step-by-step process that funds your light-scale commercial projects. The SunLender Pro Loan is a term loan for financing the purchase and installation of a solar power system for your business with a term up to 15 years.

Pro Power Construction Interim Job Financing

One of the biggest challenges for Installers is cash flow during the construction phase of a project. Ramco/SunLender solves all that with ProPower Construction. Interim milestone payments are available to Installers from the beginning of a project. Greater Installer cash flow allows faster Installer growth and deal flow.

Start the process today, for your own home or for your customers’ homes …

Contact Mike Thompson by email: mthompson@sunlender.com,
or phone: (855) 630-0869 ext. 104