A new startup is promising to make solar panels cheaper for homeowners and may even allow a neighbor to finance the panels for you.
Mosaic, a Oakland, Calif.-based company, is proposing a new structure to help investors more easily finance solar energy. Mosaic works by allowing investors to finance solar projects that need some assistance. Those investors make money by selling the power to the solar consumer and generating interest on the investors’ loan.
The Atlantic’s Tom Woody suggests the new platform could give you the ability to hit up a (wealthier) neighbor for a solar loan. It would “give you a no-money-down, low-cost loan to put solar panels on your roof, and once you pay off that debt you’ll get essentially free electricity as long as you own your home.”
If you’re looking to add solar panels to your home with Mosaic, you have to pay a 4.99 percent interest rate and pay the 30 percent federal tax credit you’ll receive for installing the panels. If you don’t pay the tax credit, the 4.99 interest rate jumps to 10 percent after 18 months. The government is scheduled to reduce the 30 percent federal tax credit to 10 percent in a couple of years, so it behooves investors who think solar is a good deal to jump in while the practice is being federally subsidized.
Mount Pleasant has a community co-op that helps fund solar projects in the neighborhood, but it is structured differently than Mosaic. But overall solar is gaining popularity and normalcy. Tom Woody notes that obtaining financing for solar projects has gotten much easier over the last few years, though competitive interest rates are still in the 6 to 14 percent range.
Image via Flickr user rob.rudloff.
This article originally published at http://dc.urbanturf.com/articles/blog/the_dawn_of_the_solar_loan/8373
Most Popular... This Week • Last 30 Days • Ever
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The seven-bedroom home hit the market on Friday and was under contract by Sunday.... read »
Dubbed OZMA, the 13-story project will include roughly 7,900 square feet of ground fl... read »
A previous proposal for the site shared last year would have delivered 83 units and s... read »
This Week's Find is a palatial penthouse, once DC's largest, designed as its develope... read »
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
STAY DC provides rental aid and utility payment grants to at-risk District residents ... read »
The planned 8-unit development would be located on K Street right along the Potomac R... read »
Landmark Theatres is in the final stages of negotiations that would have it operating... read »
The 12,000 square foot replica of 1600 Pennsylvania Avenue went under contract last w... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro