If you own a home or business property in Sonoma County, there is a great financing option through the Sonoma County government for solar and energy storage projects, as well as other energy savings improvements. The Sonoma County Energy Independence Program (S.C.E.I.P.) allows property owners to use the equity in their property to finance these projects.
The BEST way to finance solar is using your own cash; investments in solar power routinely offer a 15 to 25% Return On Investment year after year. The next best way is to utilize a low interest Home Equity loan or line of credit. For those who can’t use cash or traditional home equity loans, S.C.E.I.P is the next best way to finance solar.
The only criteria you need to qualify for a S.C.E.I.P. loan is to have equity in the property being improved, to be in good standing with any mortgages and current on property taxes. This allows folks with credit or income verification issues that can’t use traditional Home Equity loans to be able to finance
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There are many solar financing companies out there, none can match the low cost of the S.C.E.I.P. program. To use the program, get prequalified by contacting S.C.E.I.P to find out if your property is qualified for a low $12 fee.
The loan is paid back to the county through your semi annual property tax payments, amortized over 20 years. An assessment for the loan payment is added to your tax bill. Quite often the savings from the solar system installation exceeds the cost of the loan payments, giving you the property owner a positive cash flow compared to paying your electric bill as normal, essentially you are PAID to go solar. The solar system is owned by the property owner, who can then take the sizable 30% Federal Solar Tax Credit.
Using the S.C.E.I.P. program, property owners can save thousands of dollars from their Federal Taxes and Electric Bills, with Zero cash investment, effectively using the equity in the property to fund the purchase of a clean energy factory.