Financial Tips

Should You Add a Solar Battery to Your Home?

With many San Diego homes utilizing solar panels, and blackouts being more regular, it may be a good time for you to consider a solar battery system for your home. To help you decide if it’s the right time for you, we’ve put together this Solar Battery Quick Guide. (Download the Visual Quick Guide here.)

Living in the Golden State means there is an abundance of solar energy to harness. This typically results in solar panels generating more energy than you need on a day-to-day basis. This is why solar batteries are a great option for San Diegans who want to have electricity to utilize during blackouts, or “when you need more electricity than your solar panels are producing (later in the day or at nighttime).¹”

Like solar panels, solar batteries may be eligible for a federal solar tax credit (ITC). The tax credit mirrors that of the solar panels, which means the sooner you get your solar battery, the better. Systems installed in 2020 may qualify for a 26% tax credit; whereas in 2021 the ITC maxes out at 22%, and in 2022 it plummets to 0%.

In addition to the ITC, you may be able to take advantage of California’s Self-Generation Incentive Program (SGIP), which makes SDG&E customers eligible for a rebate on their energy storage system. The General Market rebate is approximately $250 per kilowatt-hour (kWh) stored in your solar battery. Some people may qualify for the Equity rebate of up to $850/kWh or the Equity Resiliency rebate of up to $1,000/kWh. For more details on the SGIP Residential Rebates, visit the SGIP website.

With more planned blackouts and unforeseen power outages, solar batteries can provide the protection and reliability you want to keep the lights on in your home. Energy storage systems also offer flexibility for you to use stored energy during costly Time-of-Use (TOU) hours, thus avoiding an expensive electric bill.

Download the Visual Solar Battery Quick Guide here

Is a 0% Auto Loan Good for You?

Crazy question, right? It sounds great. But getting a zero percent loan can actually cost you more money compared to a low interest rate loan. If the dealership gives you the option of a 0% loan or a rebate of some amount, you may end up paying less for the vehicle by taking the rebate and financing through a low-rate loan.

First, Some Math
Some dealerships are offering rebates up to $12,000 off MSRP for select vehicles.¹ That’s a lot of money you could save! Of course, a rebate of that amount is less common than a rebate of a few thousand dollars, so let’s use a more practical example:

You’re looking at a car for $24,000 and you can either take a 0% loan or receive a rebate of $5,000. If you take the 0%, you pay the $24,000 in the long run. If you take the $5,000 rebate and finance a loan for $19,000 at an interest rate of 2.69% APR* for 66-months, you will end up paying $1,461.42 in interest, or $20,461.42 total.

As you can see, in the long run, you saved a few thousand dollars by taking the rebate over the 0% loan. Of course, this won’t always be the case and the details of your circumstances will differ. The point here is to not jump in to a 0% interest loan without comparing your options.

To help you explore your options, feel free to use our “Compare Two Vehicle Loans” calculator or call one of our Member Service Representatives at 619-297-4835.

Digital Wallets: Contactless, Safe, and Secure

According to a report by the Emerging Payments Association, the pandemic has accelerated the use of contactless payments – which is helping to keep consumers safe and healthy. We have also seen a decline in cash transactions and an increase in card use overall.

To take advantage of this safe and hygienic way to make purchases, store your Wheelhouse Cards on your mobile device and conduct all of your transactions contactless moving forward.

You can add the Wheelhouse Visa^® Debit Card and Credit Card to any of the following digital wallet apps today.

Stay healthy and safe.