Since 2008 SolarMax Technology has been California’s renewable energy leader. Unlike any other solar installation company, SolarMax has its own in-house finance company. In 2011 SolarMax Financial was launched and is the industry’s first in-house finance company for residential solar customers. As of today, SolarMax Financial has funded over $85 Million in solar projects here in California.
Solar Industry's First In-House Solar Financing
In-house financing was a game-changer in 2011. At the time, homeowners had very few options for solar lending other than leasing their solar panels. Leases have been very popular because most people don’t have the savings or personal line of credit available to buy their solar energy system outright. Leasing allows a homeowner to put as little as no money down to get solar installed and they can see immediate savings on their electric bill. However, there are a couple of trade-offs to leasing solar panels: homeowners do not get a 30% tax credit and they don’t have the flexibility of owning their panels.
With the creation of SolarMax In-house financing, homeowners could finally have the ability to purchase their solar panels, get the 30% tax credit and structure finance terms specifically to meet their financial needs.
In-House Financing Offers Unique Programs
In-house financing at SolarMax allows its customers to access programs that may not be available to customers of other solar companies who have to outsource their financing. For instance, SolarMax has lead the industry by creating the 13 Month Option program. This innovative program offers customers a way to have a low initial payment at a competitive rate, with the option of either keeping the tax credit amount without any interest penalty, or sending in that amount to keep the low payment the same for the remaining term.
In addition, SolarMax in-house financing does not charge any loan origination fees or hidden finance fees. Other solar companies rely solely on 3rd party lenders who have to add a finance fee to stay profitable. Since the SolarMax in-house finance department is in existence solely to support its own sales, there’s no need to add additional fees - saving the customer 12-18% on the financed amount!
Benefits of SolarMax In-House Financing
- No finance fees
- Interest rates as low as 0% APR
- 13 Month Option provides flexibility of paying or keeping tax credit without any penalty
- Terms from 12 months up to 15 years
As time goes on, SolarMax Financial continues to roll out new and innovative solar finance programs that meet the changing needs of today’s solar customer. SolarMax has installed solar on over 10,000 homes and will soon reach $100 Million in financed solar projects. That is a lot of Californian’s who can now attain energy independence.