Financing - How did I pay for Solar?

After doing the math, it totally made sense to GO SOLAR. Now where to get the money for the up front costs?

Today I got approved for a Home Equity Loan through my local credit union -YES!

I was fortunate enough to have a good amount of equity in my home and good credit. However, coming to the decision to GO SOLAR was complicated by the fact that my PV Panels will be roof mounted. The problem is that if you roof mount your system on a flat roof like I have, you want to make sure that your roof is in good condition and won't need replacing for a long time. Otherwise, if you need a new roof, I was told that you have to re-install the entire system and I certainly don't want to do that. My roof was already at least 10 years old so I got a quote for a membrane roof with a lifetime warranty from BAC roofing here in Albuquerque. Two of my work colleagues recommended BAC and so we decided to roll the additional cost of the roof into the home equity loan. This added a considerable expense to the project but we were due for a new roof anyway and it didn't make sense to GO SOLAR on an old tar and gravel roof.

Terms for the loan are a 15 year fixed rate at 6.25% with no closing costs. With the $20,738 expense to GO SOLAR and the additional expenses for the new roof my expected monthly payment will be $301 a month.

Yea, I know... this is A LOT more than the $46 average electric bill I was paying, but I'm committed to doing this both for the financial incentives i will incur over the long haul and for the environment. I don't want to finance this thing over 20 or 30 years and there is the added expense for the new roof in there. The bottom line is that I CAN afford this, its a financially sound decision, and its something I'm passionate about. I'm thinking about the satisfaction I'll
get from knowing I'm doing my part to save our planet from global warming and waiting for the day that I can buy a plug-in electic vehicle (PLEV).

You might think I'm crazy now, but in 10 years (2019) when I'm driving to work on pennies a day and powering my home for almost nothing because my PV system has already paid for itself, I'll be glad I did it!