How we saved one customer $28,973 on a 10kW system.

About month ago we had a customer sign up for our Gold service. He had one bid already and wanted us to get him a few more. Based on the financial analysis he had seen from the first company, he was pretty much ready to sign on the dotted line. During our initial call, we discussed his goals, and he mentioned that he was going to retire in about 10 years. He wanted to make sure that he and his family were going to be in a good financial position for the future.

His project was put through our process and got several of the most competitive bids that I have seen in awhile. We incorporated those bids, as well as the one he had received previously, into a report and did a comprehensive financial analysis on each. After looking at the results, we figured out how to save him tens of thousands of dollars, and it was easy. We told him not to go solar. That’s right, we determined that solar wasn’t beneficial and that he would have been upside down on the payments well into his retirement.

What is scary and slightly upsetting is that the first solar contractor he spoke with sent him a financial analysis that showed a 7-year payback. They were able to conjure up this number by overstating the power rate by 20% and inflating the utility escalation rate by 500%. These are levers that most consumers just don’t know to look at when evaluating a solar install. In addition, the contractor somehow estimated that his home would now be worth $40k more than it was just by adding solar panels, which is far from the truth.

Now I don’t know if this solar contractor was being malicious in his analysis or just didn’t know any better, but either way the net effect is the same. The customer would have spent almost $30,000 on a bad investment. I wish I could say that this is first time this has happened.  Our goal at Solar Advisors is to help customers save thousands either by helping them negotiate a solar array and getting the best bang for their buck or by telling them what many will not, which is that solar doesn't always make financial sense.

Selling a Solar Home Just Got Easier

AUSTIN TX, September 4th, 2016---- In direct response to the needs of Realtors, Appraisers and potential home buyers, Solar Advisors continues to innovate with the launch of the Solar Advisors Value service. Those involved in the home buying process now have the option to get a report valuing the solar array on a property that is being bought or sold.

“There was a clear need to provide some financial clarity to those struggling to understand solar valuations,” said Alex Mendez, founder and managing director of Solar Advisors. “I’m excited that we are able to help solidify the resale value for solar.”

This service has been well received by realtors and homeowners.

Through Solar Advisors’ financial algorithms and technical evaluations, everyone from loan officers to home buyers will now be able to view the current value of a solar array. Because the business standings of the installers and manufacturers are factored into the valuation, Solar Advisors thinks it represents a more accurate number than available elsewhere.

The company’s expansion into the valuation territory represents the increase in the number of solar homes that are being bought and sold. Solar Advisors has plans to hire locally in Austin to support the service as it becomes available around the country.

Solar Advisors now services or operates in 5 states including Texas, California, Oklahoma, Massachusetts, and New Jersey. 

About Solar Advisors

Solar Advisors is a leading solar marketplace connecting consumers and installers. Their platform allows consumers to remain anonymous throughout the solar buying process until they lock in the deal terms. Solar Advisors ranks, rates and evaluates bids for consumers to ensure they get the ideal system for the best price. For more information, visit www.thesolaradvisors.com or follow @Solar_Advisors on Twitter. 

Pedernales Electric Cooperative Launches Solar On Bill Financing

Pedernales Electric Cooperative, one of the nation’s largest cooperatives, has launched a new on-bill financing program for solar energy systems. PEC will finance up to $20,000 for qualifying solar energy systems in their territory. The first step in the process is to conduct an energy audit and site assessment for the solar PV system. In order to qualify, the homeowner must be a PEC member with a minimum 12 month billing history. If the member meets the basic qualifications, then PEC will review the member’s credit score.

Credit Score            Billing History w/ one or less late payment
600 – 649                                       24mo
650 – 699                                        18mo
≥ 700                                              12mo

The member must also own the property where the system will be located and have an annual income that is three times the size of the loan. If the member meets the program qualifications (full guidelines here) as well as those set specified by the interconnection guidelines, they can apply to the PEC Empower Loans Program. The application has a fee of $150 and is hosted through a secure 3rd party site. PEC then sends out an approval or denial letter based on the program criteria. If the loan is approved, the PV system needs to be installed according to the interconnection guidelines. PEC will then inspect the system and approve it for energizing. From that point, it is simply a matter of repaying the loan on your monthly PEC bill.