Thinking about leasing your solar power? Think again. There’s another way to get solar power with no money down and it comes with a big benefit that leasing doesn’t have: tax credits!
The new alternative to leasing comes from a national program called HERO
HERO is an acronym that stands for: Home Energy Renovation Opportunity
HERO is the #1 energy efficiency financing program in the United States. HERO partners with local governments to make energy efficient, water efficient, and renewable energy products more affordable for homeowners.
HERO is unique in that it provides financing for approved energy efficient, water efficient, and renewable energy products. HERO finances 100% of the cost to purchase and install eligible products. HERO offers low-fixed interest rates, flexible payment terms including 5/10/15/20 years for most products, and repayments are made through your property taxes. Additionally, if the property is sold before the HERO Financing is paid in full, the remaining payments can be passed on to a new property owner.
The repayment of HERO Financing is included in your property tax bill, which is delivered and collected by the County. You will see a line item titled HERO Financing on your property tax bill. If you make property tax payments through an impound escrow account, your lender will adjust your monthly payment to include the amount due for HERO Financing.
HERO Financing is available to commercial and residential property owners in many cities and counties across the State of California. To find out if HERO is available in your community please enter your zip code at www.heroprogram.com or call 1-855-HERO-411 (1-855-437-6411).
Property taxes typically stay with the property when it is sold. Under the HERO Program, when you sell or refinance your property, your remaining payments may stay with the property.
However, your lender may require you to pay off the remaining balance when you refinance or sell your home.
There are more than 900,000 products that are eligible for HERO Financing. Generally, energy and water efficient products and renewable energy systems are eligible. Please explore the list of Eligible Products at www.heroprogram.com for more information. If you wish to install a product that is not on the list contact us at 1-855-HERO-411 (1-855-437-6411) to get an application.
Mobile homes (and manufactured homes) are eligible if they are permanently attached to the real property and pay real property taxes (not DMV fees). The mobile home owner must also be the owner of the underlying land. Since an AVM value is often not available for mobile or manufactured homes, the tax assessed value or recent appraisal value may need to be used for the debt-to-value and Eligible Product costs calculation.
Commercial properties are eligible for HERO Financing. Please go to wrcog.herocommercial.com for more information about commercial financing.
Unlike leasing HERO projects are eligible for the 30% Federal Tax Credit. That’s a huge difference. T be clear, if you will owe Federal taxes this year, qualifying Federal solar Tax credit is a direct dollar for dollar offset against it. Let’s say you will owe $9,000.00 in federal tax. If you install a qualified solar power project on your qualified home this tax year, you will receive a Federal Tax Credit for 30% of what the contractor was paid for it.
In other words, if the system cost $30,000.00, HERO will finance that for you 100% by and attach it to your property tax statement AND you will receive a Federal tax credit worth $9,000.00 to use against the Federal tax you owe complete wiping out your entire Federal tax bill!
Call us to see if your project will qualify for HERO financing. In many cases, the low interest charged by HERO will make the total cost of your installation cheaper over time than the true cost of a leasing alternative.
- Alternative Energy Systems
- Electric Vehicle Charging Stations
- Fuel Cell Generation Systems
- Small Wind Turbine
- Building Envelope
- Air Sealing
- Attic Insulation
- Cool Roof – Prescriptive
- Cool Wall Coatings
- Radiant Barrier
- Under Floor Insulation
- Wall Insulation
- Custom Products
- Custom Product
- Energy Audit
- High-Efficiency HVAC
- Air Source Heat Pump
- Attic Fan
- Biomass Furnace
- Central Air Conditioner
- Duct Replacement
- Evaporative Cooler
- Geothermal Heat Pump
- Heat/Energy Recovery Ventilator
- Hydronic Radiant Heating
- Mini-Split Air Conditioner
- Mini-Split Heat Pump
- Ventilation Fans
- Whole House Fan
- High-Efficiency Lighting
- Ceiling Fan
- Lighting Controls
- Lighting Fixture
- High-Efficiency Pool Equipment
- Automatic Pool Covers
- Electric Heat Pump Pool Heater
- Natural Gas Pool Heater
- Pool Pump
- High-Efficiency Pool Products
- High-Efficiency Water Heating
- Electric Heat Pump Water Heater
- Gas Tankless Water Heater
- Natural Gas Storage Water Heater
- Indoor Water Efficiency
- High-Efficiency Faucets
- High-Efficiency Showerhead
- High-Efficiency Toilet Fixtures
- Hot Water Delivery System
- Outdoor Water Efficiency
- Artificial Turf
- Drip Irrigation
- Graywater Systems
- Rainwater Catchment System
- Rotating Sprinkler Nozzles
- Weather Based Irrigation Control Systems
- Solar Photovoltaic Systems
- Solar Inverter
- Solar Panel
- Solar Thermal
- Solar Pool Heating Collector
- Solar Water Heating System
- Windows, Doors, and Skylights
- Exterior Doors
- Exterior Window Shading Device
- Exterior Windows
- Skylights and Tubular Daylighting Devices
- Window Film