SAN JOSE, CA - SunWize Residential Power Systems, the premier installation division of SunWize Technologies, Inc., has made available to its customers a financing program that effectively overcomes one of the biggest barriers to the widespread adoption of solar: the upfront cost of the system. With this program, SunWize is now offering homeowners a higher level of flexibility, convenience, and affordability when going solar.
Available to SunWize's residential customers in California and Oregon upon approved credit, the program offers an unsecured, same-as-cash loan of up to $45,000 for solar installations. With no principal payments or interest for up to 12 months, the financing provides homeowners sufficient time to realize the 30-percent federal tax credit for residential solar energy systems and apply it toward the loan*.
"While a SunWize Solar Electric Solution dramatically reduces electricity bills and saves thousands of dollars, many people do not have an easy, cost-effective option for the initial cash outlay," explains David Kaltsas, Executive Vice President at SunWize. "In addition to offering one of the highest limit solar loans in the market, the program gives homeowners a year without payments and interest to realize the savings of their system and receive their tax credit. Unlike many other programs, funds are readily available with applications taken over the phone and credit decisions typically made in minutes. SunWize listened closely to the needs of homeowners and developed this program so more homeowners can take full advantage of the federal solar incentives."
The Energy Improvement and Extension Act of 2008 entitles buyers of residential solar electric systems to a tax credit of up to 30-percent of the net installation cost. While a substantial incentive, most homeowners will not realize the tax savings until 2010, when they file their 2009 taxes. SunWize customers who participate in the residential solar financing program have up to 12 months without payments or interest accruing, during which they can realize the tax credit and apply it toward the loan*. At the end of the year, homeowners can either pay off the loan in full or convert it to a fixed interest installment loan.
The financing program is administered by Lyon Financial Services, a leader in home improvement loans and funded by EnerBank USA.
SunWize Technologies, Inc., a subsidiary of Mitsui & Co. (U.S.A), Inc., offers superior solar energy solutions to homes and businesses in the U.S. and abroad. The SunWize advantage is complete commitment to the customer's satisfaction. Founded in 1992, SunWize is a pioneering solar distributor delivering top-tier products to the North American marketplace. The company manufactures a full line of best-in-class engineered solutions. In addition, SunWize continues to build on its reputation for high-quality residential, commercial, public sector, and industrial installations. The company operates manufacturing and distribution facilities on the east and west coasts and sales offices throughout the U.S. and Canada.
Source: SunWize Technologies, Inc.