Solar Plans & Pricing
Frequently Asked Questions
How do I apply for a payment plan?
At Isaksen Solar, you will immediately be paired with a Project Manager who will analyze your case and work with you choose the best payment plan for you. When you sign your contract you will essentially be applying for that payment plan. Once you are approved, you’ll move into the next phase of the solar installation process.
Are there specified leasing options?
Yes, there are multiple leasing options that you may choose from including a PPA, a Flex PPA, or a prepaid PPA. Learn about the different leasing options here.
Which bank provides my loan?
We work with two financing companies, Dividend and Sunnova. You can receive quotes from both and which one you’d like to work with. You are also welcome to source your own loan as well if there is another compay you’d prefer to work with.
Is solar loan interest tax deductible?
Solar loan interest is tax-deductible only if you’re contracted with a secured loan. Interest of unsecured solar loans is not tax-deductible.
Review your contract to confirm your solar loan interest is tax deductible as all terms may not allow this.
Am I always guaranteed a warranty?
Isaksen Solar only installs warrantied solar equipment. Most of our panels come with a 25 year warranty and other devices like our inverters are set with a 10 year warranty.
What’s the difference between a lease and a loan?
The greatest difference between a lease and a loan is the ownership structure of the system.
In a lease, the homeowner does not own the panels and subsequently does not need to maintain them. They make payments to the solar installer or a third party entity like a bank who claims full ownership of the panels. However, the homeowner is still entitled to 100% of the energy produced by the panels.
With a loan, the homeowner does take ownership of the panels. Therefore, they are able to claim tax credits and increase their property’s value. Payments are sent to a bank and equity is built with each pay period. In this case, the homeowner is responsible for maintaining the system and is entitled to 100% of the produced energy.
How do monthly loan payments compare to my current electricity bill?
Typically, your monthly loan payments will be very similar, if not less, than your current electricity bill. This is dependent on the size of your system, your payment plan, and the electric rates in your area.
The main reason why paying a comparable monthly solar loan payment is more beneficial than regular electric bills is that you will be building equity on your system and eventually take full ownership. At that point, your energy will essentially be free and your traditional electric subscription will no longer be necessary.
What are the terms and interest rates for solar loans?
The terms and interest rates of your solar loan will vary based on your lender, credit profile, location, and market conditions. Most solar loan terms range from 5 to 25 years and interest rates can span from 3% and 8%. Some loans offer a fixed rate for the entire loan term while others have variable rates which change based on market conditions.
Review your contract thoroughly and reach out to your lender or solar installer with any questions before signing.
How is the price of a solar system calculated?
The price of a solar system is calculated based on its size, complexity, and quality of equipment. Other costs are factored in like labor, additional devices such as a battery storage system, and financing fees or interest rates. Incentives and rebates are discounted from the initial price of the system and the payment plan is constructed following this.
Are there any discounts for full upfront payments?
Yes, paying in full typically offers the buyer the greatest discount. In addition to avoiding interest, a cash purchase or a prepaid PPA usually offers a percentage off the total cost of a what you’d pay for the system over a traditional term.
What happens to my payment plan if I decide to sell my house before the pay period is up?
If you decide to sell your home before your solar pay period is up, you will need to either pay off the remainder of the plan or transfer the payment to the new homeowner. This is a negotiable decision that will come into play when your home is put on the market.
Do my payments change with changes in energy prices?
Your payments may change with fluctuations in energy prices but this is dependent on the terms of your contract. If your interest rate is fixed, then it should not change with energy prices. But if your interest rate is variable, then it may vary based on market conditions.
Review your contract thoroughly and reach out to your provider or lender with any questions before signing.
Can I make adjustments to my payment plan after starting it?
Whether you can make adjustments to your payment plan after you’ve already started it depends on the terms and conditions set by your solar provider or the financial institution.
Review your contract and contact your lender to learn about available options or potential fees of changing your plan.
How long will it take for a solar system to pay for itself through energy savings?
Payback periods and return on investment of your solar energy system varies based on your system’s size and cost, your electricity rate, your system’s energy production and your home’s consumption.
As a ballpark estimate, the payback period of solar panels is typically between five and fifteen years. Your Project Manager will be able to give you a more accurate estimate based on your specific system and payment plan.
Which plans require no money down?
A solar lease or PPA typically requires no money down. Depending on your loan provider, you may not have to put money down on a loan payment plan as well.