battindown
12-17-2009, 09:15 PM
Have you used this program and, if so, what was your experience? Please reply directly to me or on WaccoBB. Many thanks for your kind consideration.:):
View Full Version : Sonoma County Energy Independenc Program
MichaelK
12-18-2009, 08:15 PM
Have you used this program and, if so, what was your experience? Please reply directly to me or on WaccoBB. Many thanks for your kind consideration.:):
I have not used the program myself but have several clients who have. There are both advantages and disadvantages to the program. These vary based on whether you are a residential or commercial entity.
The interest rate is 7% and because of the structure of the payments, twice a year, the rate will probably be higher. If you are a residential entity you can probably get a better rate. On the other hand SCIEP is not a loan, it is an assesment and does not show up on your credit rating.
For residential loans (it is not really a loan) there is a limit of 10% of the assessed value of the property. You can also use the appraised value. For commercial loans your are required to have the bank sign off on the loan, this can be a pain and sometimes impossible.
If you are a high electricty user it is possible to use SCIEP financing to install a PV system and never have any out of pocket expences. If you are a commercial entity with tax liabilities you may make money from day one.
Michael Kyes
Sebastopol Heat & Cool, Inc.
I have not used the program myself but have several clients who have. There are both advantages and disadvantages to the program. These vary based on whether you are a residential or commercial entity.
The interest rate is 7% and because of the structure of the payments, twice a year, the rate will probably be higher. If you are a residential entity you can probably get a better rate. On the other hand SCIEP is not a loan, it is an assesment and does not show up on your credit rating.
For residential loans (it is not really a loan) there is a limit of 10% of the assessed value of the property. You can also use the appraised value. For commercial loans your are required to have the bank sign off on the loan, this can be a pain and sometimes impossible.
If you are a high electricty user it is possible to use SCIEP financing to install a PV system and never have any out of pocket expences. If you are a commercial entity with tax liabilities you may make money from day one.
Michael Kyes
Sebastopol Heat & Cool, Inc.