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October 3, 2022   •   News  

SAFE Expert: Know Your Purchasing Power Options Before Going Green

Folsom, Calif. – (Oct. 3, 2022) – On the heels of the passage of President Biden’s climate bill and the recent push for Californians to buy electric cars, it is in consumers' best interest to know their purchasing power and the different financing options and programs available to them when going green, explains SAFE Credit Union lending expert Lawrence Lomeli.

“Switching to solar for your home doesn’t mean purchasing or leasing solar panels alone,” says Lomeli, SAFE Assistant Vice President, Consumer Lending. “And buying an electric car is just the first step.”

Along with initial purchases, Lomeli explains, consumers can expect to pay additional costs in the thousands of dollars for chargers, components, and appliances to get the most out of their new engines, equipment, and utilities.  

Government assistance programs and tax incentives are available to offset additional costs. Another expedient option for consumers are green energy loans and promotions, Lomeli explains. “Oftentimes with these loans, homeowners and car buyers can reduce their monthly utility bills and car payments,” he says.

In August, Biden signed the Inflation Reduction Act. The climate change, health, and tax law provides incentives to manufacturers of green energy products, boosting availability. California’s Air Resources Board also recently approved new regulations requiring all new cars sold in the state to be electric vehicles by the year 2035.

SAFE Credit Union lending expert Lawrence
Lomeli

SAFE Credit Union Assistant Vice President, Consumer Lending Lawrence Lomeli

With these initiatives come new green energy expenses. For example, electric vehicle charging stations can cost between $500 and $1,200 with an average cost of a little more than $800 for a Level 1 station and $1,300 for a Level 2 station, according to HomeAdvisor.com. In addition, paying an electrician to install them can cost between $1,200 and $2,000. Consumers may also have to pay for local permits. Electric cars themselves range between $27,000 and $120,000.

Switching to a solar panel-powered home can cost between $16,000 and $21,000, according to the Solar Energy Industries Association. Consumers are also advised to buy solar storage systems in order to reserve power. These batteries can cost from $7,000 to $30,000, according to SolarReviews.

SAFE Credit Union members can apply for a green energy loan of up to $25,000 to help pay for such added expenses. The loan can be used for solar and solar storage systems, as well as other green energy improvements such as dual pane windows, home insulation, whole house and attic fans, and electric water heaters.

With inflation, new electric car prices are trending higher resulting in a more demand for state energy-savings programs

SAFE also offers a green energy “down payment” loan of up to $10,000 for borrowers purchasing plug-in electric passenger cars, pickup trucks or SUVs. The loan can help buyers fully finance a new electric car loan.

“The advantage of this loan is you can finance 100% of the vehicle using a traditional auto loan plus the down payment option,” Lomeli says.

Lomeli encourages consumers to also research public programs. They include:

Whether borrowing or taking advantage of government assistance, Lomeli says there are many avenues consumers can take to avoid hitting roadblocks when going green. “There are lot of subtleties to keep in mind,” he says. “You need to know what you need to buy and where to look, and then move forward quickly on the opportunities to save or invest in green energy while they last.”

To interview SAFE Credit Union Assistant Vice President for Consumer Lending Lawrence Lomeli regarding green energy and electric vehicle loans and trends, contact SAFE Public Relations and Communications Specialist Robyn Eifertsen at [email protected], or (916) 792-1284.

About SAFE

SAFE Credit Union has made members an integral part of its vision since 1940. Over the years the credit union has kept the focus on what really matters, putting members first, a formula that has seen SAFE grow into a leading financial institution in Northern California with $4.5 billion in assets and about 246,000 members. SAFE crafts every cutting-edge product and sterling service with members’ needs foremost in mind. In addition to banking services conveniently available through online, chat, mobile, or phone options, SAFE offers in-person services for members and small businesses at service centers across the Greater Sacramento region. SAFE is a not-for-profit, state-chartered credit union with membership open to businesses and individuals living or working in Sacramento, Placer, Yolo, El Dorado, Sutter, Butte, Nevada, Solano, San Joaquin, Contra Costa, Yuba, Amador, and Alameda counties. Insured by NCUA. www.safecu.org

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