Understanding HRM’s Solar City Program
If you’re following us on Facebook and Instagram, you’ve probably heard us talk about the amazing solar energy rebates and incentive programs available to Nova Scotians. A couple of weeks ago, we broke down the details of Efficiency Nova Scotia’s SolarHomes rebate program, which helps make a solar energy system affordable and financially beneficial, and today we’re taking a closer look at the Solar City financing program, which is available to residents of HRM. What does the program offer? Solar City is a program funded by the municipal government, which pays for your solar energy installation cost up front, so you can have your system installed for $0 down. You then have a full 10 years to pay this loan back, at 4.75% fixed interest, alongside your annual property tax bill. At any point during the 10 years, you can choose to pay off your balance in full without penalty.
Benefits The major benefit of this program is that it helps to make solar energy a financial option for homeowners. Rather than having to foot the bill upfront, you can enjoy manageable payments over the next 10 years. Another great benefit is that the program is tied to your home, not to you. This means that if you sell your home at any point during the 10 years, the payments will become the responsibility of the new home owner. (Keep in mind too that a solar energy system increases the value of your home by at least the cost of the system, so after the 10 years, you’ll have increased your home value). An average system can save you $57 000 over a 25-year period, so after you’ve paid off the 10 year loan, you’ll enjoy nothing but savings (check out our post here for more about the financial benefits of solar energy). Are there other ways to save? All Nova Scotia homeowners are eligible for the SolarHomes rebate program. There is only enough funding to cover approximately 2000 homes in NS, so now is the time to take advantage of the savings! For more information about Solar Homes, check out our blog post on it or reach out to us with any questions.
What’s the next step? At Solar Ascent, we don’t just install solar panels. We’re here to walk you through switching to solar every step of the way. Get started now with your free customized assessment, and we’ll guide you through the entire rebate process, so you ensure you’re getting the most value from the programs. To get started with your solar energy system, get your FREE customized assessment today!
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