Today we’re going to talk about how you can bundle in your solar project into your mortgage and the amazing benefits that it can have.
Now, every single situation is going to be different. And just like any mortgage, it’s going to depend on your credit score, equity in the home, as well as a lot of different factors.
I’m going to talk very generally about why this is something to consider if you’re looking at taking advantage of the current mortgage refinance rates.
Let’s just give you a generic example:
Let’s say you have a $2,000 mortgage and your electricity bill is $150. Well, that mortgage, assuming you have a fixed mortgage, is going to stay the same. However, that electricity bill will go up reliably pretty much every single year.
For example, in Denver Xcel Energy went up 6.5% at the beginning of 2020. And in 2021, they’re looking at going to time of use which is going to likely increase the change from that $150/month average bill. And the rates they charge are going to grow consistently every single year.
To put it in perspective, since Xcel took over as the Public Utility Commission in Denver in 2000, their rates have increased by over 65%. That is almost twice the rate of inflation over that timeframe.
So that $150/month every single year is going to raise. So not only do you have a $2,000 mortgage, that electricity bill is going to go up every single year. And since your home is going to get less efficient every single year, which it does, the amount of energy needed will also increase every single year.
Which is why when you’re looking to either refi or buy a home, it will be one of the best times you’ll ever have to be able to bundle the cost and the investment of solar into your home.
Instead of paying a monthly $2,000 mortgage and $150 electric bill, imagine you pay $130/month above that towards your mortgage to pay for the systems; now you have a $2,130 mortgage. Yes, it’s more than just your mortgage, but you’re going to have that expense every single month no matter what.
And that’s why I wrote this because I want people to wrap your head around this one fact: you’re going to be paying that electric bill every single month, no matter what. The only difference is by bundling it into your mortgage payment, you’re locking not only your mortgage rate in but also your monthly electric bill at that rate, as long as the system is sized properly to cover your consumption.
Now, in 5-10 years that current $150/month can easily increase up to $180 and even $200. By bundling it into your mortgage it is essentially paid for, you own the system outright. So when moving it is not a complicated transfer to the next homeowner. And having “paid off solar” as a marketing benefit, a good realtor should be able to convey the increase in equity, the value and difference that makes for a home.
It really does turn out to be a no brainer.
On top of that, because of the federal tax credits are available for going solar in 2020, which is 26% of the total project cost, and is 22% if installed in 2021. Which means you’re going to get that money back on the taxes you paid on top of everything else when you choose to go solar.
This is why bundling and solar into your mortgage is something I highly consider you looking at. And we do have loan experts on staff here at Conscious Energy Consultants specifically to look at how to do this for you and your situation.
There are very few companies in the country that know how to do this, including mortgage companies. We’re one of maybe a few of anybody that can actually do both of the mortgage and the solar for you and figure out the best solution.
We would love the opportunity to show you what it would look like and what it would take for yourself, If you are interested. You can go to www.ConsciousEC.com and click the get a quote now icon or fill out the contact us form and we’re happy to look at how they can solve this for you and see whether or not it’s financially feasible.
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