1. Free solar consultation
We will make a free site visit to your residence and evaluate the space needs for the solar system and give you an analysis of your energy usage. We will also do all the paperwork for obtaining state rebates, grants and solar renewable energy credits for each of our installations. Guidance for federal tax credits, depreciation will be provided to your accountant if needed.
Based on the assessment of the space and energy usage we will design a solar system that’s best for your home. The proposal will have such details as the cost of the system, how the system will be paid for, and the return on investment.
3. Financing Options
Here, you are using your savings to fund the system cost. It makes sense to do this in today’s environment, when your savings account is only earning an interest rate of less than 1%, whereas a solar system can yield you returns upwards of 20%, when all benefits and rebates are factored in. But, not everyone may be in a comfortable cash position to adopt this option.
100% bank loan finance
You can obtain a bank loan to finance the system. Due to the low interest rates, this may make sense for a number of people. SMI can assist you in this process due to their extensive contact in the lending community. Of course, the interest on the loan is tax-deductible.
Smart loan finance
This is similar to “100% bank loan finance” above, but here, you use all the incentives such as Federal tax credit, State cash grant, Solar Renewable Energy Credit etc. to pay down your loan. Thus, your solar loan will be paid off much faster in this case.
Lease purchase *Not available in Illinois
Here, you enter into a lease agreement either with SMI, or another leasing company. Your monthly payments on the lease will be less than your current electric bill. You will come up with a small down payment at the time of lease execution. At the end of a definite time period, such as 10 or 15 years, you pay a nominal amount, and take possession of your solar system.
Power Purchase Agreement (PPA), the zero cost option *Not available in Illinois
In this case, you enter into a power purchase agreement with SMI for an extended period, such as 20 or 25 years, put no money down, and still enjoy payments lower than your current electric bill.
4. Ownership Options
In this case, you as the homeowner own the entire solar system. You finance the system one hundred percent, either with your own personal cash, or bank loan. SMI can assist you in securing this loan due to its various contacts in the lending community.
Lease to own
In this case, you simply lease the solar system from us, and you do not own the system until the end of the lese period, when you pay a certain nominal amount and take possession of the system. Your lease payment will be less than our current monthly electric bill.
Power Purchase Agreement (PPA)
In this case, you never take title to the system and thus “zero ownership!” You enter into a power purchase agreement with SMI, agreeing to a long-term contract to purchase power from SMI. This rate will be less than your current electric monthly bill rate.
Each of these choices have their own advantages, and disadvantages. For instance, maximum economic benefits are derived from full ownership, but this choice also requires you to come up with all the cash needed. The lease-purchase option requires a far less cash outlay from your end, but the benefits are also a bit less, since you do not get the benefits of tax credit etc. The PPA option requires the least amount of cash from your side, but you also forego benefits such as tax credit, SRECs’ cash benefits etc.
1. System Design
Solar Micronics will take care of everything for you. The designed system will comply with the National Electric Code and conform to local rules and regulations.
Solar Micronics will obtain the permits required for completion of the job. Upon obtaining the permits, we will order the materials for the job.
3. System installation
Once the solar panels and parts arrive at the site, our professional crew will commence installing your photovoltaic solar system. Our crew will arrive each day and work in a professional manner. The installation will take 3-5 days depending on size and complexity. The system is typically roof mounted. The racking system will be attached to the roof and the solar power panels are mounted on the racking system.
4. System warranty and maintenance
Upon completion of your solar system, you will receive a “Warranty Manual” this includes system drawings, warranty information, self-maintenance instructions, product specifications, and instructions on how to inspect your solar system for the best energy generation. Solar Micronics will assist with support of your system’s ongoing operation, address concerns throughout the warranty period.
When sun’s rays strike a photovoltaic panel mounted on your roof, DC electricity is generated, which is then converted to AC electricity via an Inverter, and this AC electricity is then used for powering the loads in the house such as refrigerator, range, etc. Any excess power generated is fed back into the grid. In this case, your meter will run backwards, and credit your account for all the electricity generated by your solar panes.
By reducing monthly ownership costs, solar panels increase home value according to the Appraisal Institute, “solar electric systems increase home value by $20,000 for each $1,000 in annual reduced operating costs. Often, a solar system can recover much more than 100% of its cost and this percentage actually increase over time as electric rates rise”.