Many homeowners refinance their homes to receive a lower interest rate or better loan terms. North Carolina-based Cape Fear Solar Systems is now working with mortgage lenders to give their customers the option to refinance and include their solar projects.
Before making this mortgage refinancing an option for solar customers, Cape Fear Solar first tested the process with one of its employees who were ready to add solar to his home.
“I bought my home two years ago with the intention of adding solar panels. This has been a dream of mine since I started working in the solar industry,” said Robert Parker, senior project manager for Cape Fear Solar Systems. “I noticed mortgage rates were dropping and inquired about refinancing to include my solar project. The mortgage lender worked with me, and my interest rate is now lower by a whole percent point. I was able to add the cost of my solar panels directly into the loan.
“My monthly mortgage payments are now slightly higher, but I was cash positive on day one with the amount of money I’m saving on electric cost, not to mention I am looking forward to claiming the 26% Federal Solar Tax Credit,” Parker said.
There has been some recent attention to the housing market and that includes dropping mortgage loan rates. Consumers living in Southeastern, North Carolina can now contact Cape Fear Solar Systems to be connected with a solar-friendly mortgage lender. Solar customers that are not interested in refinancing their mortgage have other financing options as well.
“These are uncertain times, so homeowners want to make sure they keep power in the event the grid experiences any outages,” said Gabe Amey, Brunswick County’s residential solar project developer for Cape Fear Solar. “Hurricane season is looming near and financing options such as mortgage refinancing make solar affordable for everyone, so solar demand is currently high.”
Cape Fear Solar Systems is now offering free virtual solar consultations to support social distancing efforts.
News item from Cape Fear Solar Systems