Home Expansion Plans Aided by Solar Savings

Pulling into Eric Luchetti’s driveway, the first thing you see are giant palettes of cement blocks. In those stacks of blocks are his plans. Plans to build a garage big enough to house his Harley Davidson, his pickup truck, and have enough room for a workshop. Eric likes to build and fix things. Since buying his home, he’s already added on another bedroom and a front porch. Another major improvement he’s made is adding solar panels to his roof.

Eric wanted to go solar primarily to save money on his electric bill and take advantage of tax credits. After his first month on solar, he saw not only significant savings on his bill, but actually got a $5 check back from PNM. Eric’s plan is to use the money he saves on his electric bill to save up for all electric appliances. “Right now my appliances run on propane, and it costs over $1,000 each time I fill the propane tank. When I switch to electric appliances I’ll be able to use solar energy to power them too, and save even more money!”

Eric started his switch to solar by going online to do his research. After learning as much as he could about the process and costs, he decided to go with Consolidated Solar Technologies (CST), a local New Mexico company. CST recommended he give Homewise a call to find out how we could help him finance his solar project. That’s when he heard about the Homewise Solar Opportunity Loan fund, a special program that offers affordable, fixed-rate financing to low-to-moderate income households throughout New Mexico. Just two days after making the call, Eric’s solar loan was approved and he was ready to make the switch.

After Eric replaces his appliances, his next big project will be to build that garage he’s been planning. And with the money he’ll keep saving, he’ll keep adding more plans to improve and expand his home for years to come. Eric isn’t shy about his advice for anyone who is considering going solar

About the Author:
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Homewise helps create successful homeowners and strengthen neighborhoods in New Mexico. We do this through our comprehensive real estate and lending services designed to support working families and individuals. We are a nonprofit lender, also known as a Community Development Finance Institution (CDFI).