financing - Renova | Solar Power Installation Coachella Valley

The Renova Lease

$0 down. Free installation.

We offer the Renova Solar lease for our Valley customers who have electricity bills that are consistently $150 or greater. Our program benefits:

Immediate return on your investment as you save money from day 1 with our $0 down option
Lease-to-Own-Option to buy your system after six years or at the end of your lease term
Flexible End-of-Lease options - Renew the lease, purchase the system or request removal at no cost
Fix your cost for electricy using solar while watching your utility's electric costs increase by 6% or more per year
You know what you are putting on your roof, backed by a financially sound, stable company that is the number one choice of Coachella Valley homeowners and businesses
Add an assumable lease to your property and get the benefit directly to you at point of sale without the upfront cost
A professionally installed Renova Solar system withe FREE 24 / 7, web based monitoring
Most offer the ability to expand your system later to meet your future energy needs (electric vehicles, home addition, etc.)
Join the Solar Generation...offsetting dangerous, harmful carbon gases, ensuring dependable electricity to control brown and black outs, say "No" to foreign oil...without lifting a finger!

Solar leasing is now the NUMBER ONE way to afford solar in the State of California and soon the United States. And if you don't qualify or prefer to take advantage of the Federal Tax Incentive we can offer you the highest quality system with the lowest out of pocket cost.

Call 760-568-3413 to speak to one of our

Renova Solar Lease Consultants

for a free and immediate lease analysis!

Other Finance Methods for Residential Solar Systems:

Self-Financing

When going solar with the intent to own.for a speedy ROI.the best method, second to cash, is through a mortgage loan which includes a primary mortgage, second mortgage or home equity line (HELOC) that is secured by your property.

We have found that solar systems purchased for businesses are best financed through a company's existing sources of funds for capital purchases -- usually Small Business Administration loans or conventional bank loans.

How Much Does it Cost?

These numbers are ballpark costs from our experience.

Photovoltaics (PV): Equipment and installation costs are based on the number of watts in the PV array. The larger the system, the less per watt (in the PV array). Assuming an uncomplicated installation:

Grid-tied, no battery backup $5.00 - $7.00/watt installed
Grid-tied, with battery backup $7.50 - $12.50/watt installed
Stand Alone (off grid) $10.00 - $20.00/watt installed

Equipment and installation costs are based on the expected average monthly kWh output (in Southern California): this is a good way of estimating the cost of a system if you don't know how many watts you need in your PV array because you can get an idea of cost based on the average monthly output of the system. The larger the system, the lower the equipment costs per monthly output. Assuming an uncomplicated installation:

Grid-tied, no battery backup $40 - $67 kWh output / month
Grid-tied, with battery backup $60 - $119 kWh output / month
Stand Alone (off grid) $80 - $190 kWh output / month

Return on Investment (ROI)

Off-grid applications of photovoltaics that are a mile or more from the nearest utility tie-in pay for themselves instantly because of the savings from not tying into the grid.

On-grid applications are dependent upon the local utility rates and areas.

Remember also that aside from the monetary return on investment there are the enormous benefits of lessening our impact on the earth, making way for cleaner air and cleaner living, and enjoying the personal satisfaction that comes with your installation.

For Commercial Building Owners, Non-Profits, Educational Institutions and Municipalities

We want to present visitors to our site with an overview of the four (4) possible financing tools currently available in the marketplace finishing up with Power Purchase Agreements which we at Renova feel will become the most effective, most used method of financing in the solar future.

In the Coachella Valley we live within the perfect storm when determining if there is clear benefit to installing a solar system on a commercial structure(s) as the alternative to using it for common area electric or for providing utility generated energy to the building's tenants:

Established State rebates;

State and local policy supporting the installation of alternative electric energy generators;

Utilities that allow grid connection (net metering);

High (and climbing) energy costs.

In our opinion there are four (4) realistic methods for commercial building owners, non-profits, educational institutions and municipalities alike to add the benefit of solar investment to their property while taking advantage of ALL incentives available to mitigate prohibitive upfront costs.

Self-Financing;

Lease Agreement;

Local Municipal Bond Loan (Assembly Bill 811, PACE);

Power Purchase Agreements.

Self-Financing will, of course, give you the best return on your investment because IF you can afford the capital expense then combining the strength of State rebates and Federal tax incentives and accelerated depreciation can cause that advanced capital paid to be bought down by nearly 70% of the original cost and thereby bringing the payback to within the magic 5 year mark. That is a big IF for most owners, non-profits and public companies.

Lease Agreements have been used to fund commercial projects and are now being rolled out in the residential installation market through our Renova Solar Lease for example. With a down-payment and monthly payments a commercial property or home-owner can enter into the world of solar and take advantage of the benefits of immediate utility savings but do not get the rebate, tax incentives, and are personally responsible to guarantee monthly payments on the system. In the event that you sell your property the new owner must also have an ample credit rating to assume your Lease Agreement or you may have to continue making payments until the term (usually 15 years) is paid up. And at the end of fifteen (15) years you will not even have ownership and will have to buy the system out at more than 10% of its original value. Also, no maintenance is included in the current leasing programs available.

Local Municipal Bond Loan (Assembly Bill 811, PACE) With the passage of AB 811 property owners within a municipalities borders are able to finance the installation of distributed generation, renewable energy sources that are permanently fixed to their real property with market rate loans which can be repaid in up to 20 years through their property taxes. All rebates and tax incentives remain with the property owner though because of the fixed interest rate and amortization term offered by the municipality most property owners can obtain better financing. Thus far only property owners within the City of Palm Desert are the first to be offered this program with multiple California cities following suit to spur both residential and commercial installations within their city limits.

Power Purchase Agreements, simply put, is similar to a Lease arrangement though the Customer (Host) pays only for the kilowatt hours that are generated from the solar power plant. Essentially you, the building owner, agree to allow Renova to install a system on your property designed with the intent to power only that property's energy needs. Renova, through its relationship with various financiers interested in renewable energy investment, then takes on all upfront costs including design, materials and labor, permitting, utility agreements and installation and interconnection within the grid.

You then enter into a term agreement to purchase the resulting electricity from the Renova partnership at an agreed-upon rate for a period of time. The rate (cost per kilowatt hour) will increase at between 1% & 4% annually. This is a full 2%-5% less than historical annual average utility increases. You will cut more than a few cents per kilowatt hour off of your consumption cost and hedge against the probability of far greater annual increases.

In addition you are not responsible for the monitoring and maintenance of the solar power system. As the installer, owner partner and manager of the system Renova assumes all risk and responsibility including the 24/7 monitoring for system efficiency, cleaning of the modules and any risk of theft or vandalism. The incentive is Renova's for keeping the system in tip top shape throughout the term of the Agreement.

At the end of the term with most financing arrangements you can usually take one of three directions with your solar system:

Renew the term Agreement with Renova;

Dissolve the Agreement and Renova will remove the system from the site;

Purchase the system outright for fair market value (usually estimated at 10% of original value)

As property owner, non-profit or municipality the option is yours. Even in situations where you are leasing and don't own the structure, have Tenants with terms longer than five (5) years in your building or are seeking to entice a Tenant to sign a multi-year Lease, a PPA offers fiscal logic that the other financing options lack.

At the moment, in our Coachella Valley region, the financial incentive to install a solar system comes in two (2) forms. One form is a through a Utility program (SCE & IID) and the other is a (Investment Tax Credit) through the Federal Government's Investment Tax Credit.