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Financing solar panels for your home isnt cheap. The good news is that there are many options.

Based on the average house paying $75 per month for electricity, a solar system that generates that much power costs around $25,000 to $35,000, according to the Solar Power Authority.

Utility company incentives, tax breaks and other subsidies can cut the cost in half, but even then it can take years for the solar panels to pay for themselves in energy savings.

A system that costs $18,000 ” which includes installation, labor and the solar power system ” has a payback period of about 20 years, the Solar Power Authority estimates.

Here are some ways to finance solar power for your home:

Tax breaks

Tax credits, rebates and other ways to save on renewable energy can be searched by state at the U.S. Department of Energy website. County and state governments have programs to make solar power affordable, as do local utility companies.

In 2016 the federal solar tax credit, also known as the investment tax credit (ITC) was extended for five years. It allows 30 percent of the cost of installing a solar energy system to be deducted from federal taxes. There is no cap on its value.

Solar lease or power purchase agreement

For people who dont want to take out a loan or otherwise pay upfront for a solar system, leasing can be an easy way to get solar power.

A solar provider installs the system and is responsible for maintenance, monitoring and repairs. The company also gets the tax credit. Many leases have the option to buy the solar panels after the contract is up, which can be as long as 20 years.

The customer pays the company each month for the amount of solar power their system generated, usually at a lower rate than what their electric company is charging them.

Another type of solar lease, called a power purchase agreement, or PPA, requires customers to pay a set amount for every killowatt hour the solar system produces.

Home equity loan

A home equity loan or home equity line of credit uses a house as collateral. Interest rates are generally low and the loans can make sense if the homeowner will save more on their electricity bills compared to their loan payments. Mortgage interest can usually be deducted from federal taxes.

There are many home loan programs for solar power systems. Some are listed in a federal overview of how to finance solar energy systems by the U.S. Department of Energy.

Property Assessed Clean Energy Program (PACE)

Some states offer a PACE program, which allows municipalities such as a city, county or state to loan money for solar energy that is repaid by the homeowner through an additional assessment on their property taxes for 15 to 20 years.

The programs dont reduce equity in a home. If the home is sold, the tax liability is transferred to the new owner.

Feel free to contact me for more real estate information.

Published with permission from RISMedia.

Published with permission from RISMedia.

Here are five ways to bring the outdoors into your home and improve your living space.

Potted Plants and Trees

Plants can boost your immune system, decrease blood pressure and improve your sleep cycle.

Natural Materials

Organic materials, such as wood and stone, allow your home to feel at one with the outside world.

Oversized Windows and Doors

Floor-to-ceiling windows and large glass doors are excellent ways to introduce natural light and view the outdoors.

Outdoor-Inspired Decor

Decorating your home with a nature-inspired motif introduces the outdoors in areas where its less accessible.

Natural Aromas

Filling your home with fresh scents from the outdoors is a surefire way to feel more connected to nature.

Published with permission from RISMedia.

Buying title insurance is a pretty straightforward process. A title company will walk you through the process and will do almost all of the work itself. Still, there are some things to know about how to find a good title insurance company and how much the service costs.

When buying title insurance, look to your lender for the best recommendation. Its interests intersect with yours because its guaranteeing a large loan based on the property youre using as collateral. Also, your lender will likely require you to get title insurance. Never rely on a seller’s recommendation as it could be biased.

The Real Estate Settlement Procedures Act, or RESPA, prohibits a lender, real estate agent, attorney or other person or entity involved from requiring the buyer to use a particular company. Homebuyers can shop for title insurance and a provider that best fits their needs.

The price of title insurance is regulated in many states, so there shouldnt be much of a price difference between companies. The average title insurance policy has a one-time premium of about $1,000, covering all upfront work and ongoing legal and loss coverage. However, premiums can range from $200 or so to more than $2,000.

You want to find a title insurance company that has been around for a long time and will continue to be around. Verify that the underwriter is financially sound by checking financial solvency ratings at companies such as Demotech Inc. and A.M. Best Co. Also, research the underwriter and title company, or the attorney, to see what other customers have said about their service.

Homebuyers often pay for title insurance, so it’s in their interest to shop around for it. Some jurisdictions may require sellers to pay for it. Even if the buyer pays, title insurance is still an expense that can be negotiated by a real estate agent and split by both sides or paid entirely by the seller. If youre not paying for title insurance but still want to choose the company, you may have to share some of the costs.

If the seller is pushing their title company, you may want to avoid it because it could lead to the same results from when they originally bought the house. A new title insurance company could find new records or summaries that a previous search didnt unearth. This will give you a better chance of fixing any problems before you buy the home.

Published with permission from RISMedia.

Homebuyers who have a better credit history over a longer stretch of time than a shorter one may benefit by a change to the credit-scoring model used by Experian.

Up until about 2016, mortgage lenders didnt use trended credit data and didnt differentiate between types of credit usage.

What is trended credit data?” It’s the information that credit bureaus gather on how consumers manage their credit card balances, and it goes beyond paying your credit card bills on time each month.

The updated model”Trended 3D”uses trended credit data to provide information on borrowers balances and credit lines over the past 24 months. Thats a longer view of consumers’ behavior than traditional credit reports provide.

Lenders prefer transactors who pay off their credit card balances every month over revolvers who carry balances from month to month. The change is that Trended 3D makes a distinction between those types of borrowers, giving transactors a credit-scoring advantage.

Mortgage lenders prefer borrowers who pay off their credit cards each month. If not, they like to at least see borrowers carry shrinking balances because theyre paying more than the minimum payment each month. What they dont want to see is someone making the minimum payment on their credit cards and to have credit balances growing.

The number of borrowers who are eligible for the lowest mortgage rates could increase through the use of trended credit data if theyve paid off their credit card balances each month for most of the past two years.

Fannie Mae started using Trended 3D in 2016 with its automated underwriting software. The government-backed home loans are used by more than 1,800 lenders. The extra data is supposed to give some borrowers more access to credit than they would have under the old scoring models.

Fannie Mae only uses trended credit data for conventional loans. It doesnt use that information when making approval recommendations for FHA-insured or VA-backed mortgages.

Published with permission from RISMedia.