Wind & Solar Financing Options

Now is definitely the time to go green by adding a wind and solar hybrid system.

Prices are low. Federal tax credit is still in place (planned to step down to 10% on 12/31/16). There are state tax credit, utility rebates and local incentives to get you excited about making your own electricity.

Do you need help financing your solar hybrid system, what are the options?

Secured Loans for Excellent, Good & Fair Credit

Look in to a home equity loan. We see home equity loans for as little as 2.99% interests now. Start with the bank where you keep your checking account.

Check out the banks that are part of the PowerSaver Program. This is a government supported program that will guarantee loans up to $25,000 from a list of 18 banks and or credit unions. Unlike traditional loans and home equity lines of credit (HELOC) you do not need equity in your home to qualify for the Solar PowerSaver Program. Additionally, no home appraisal needs to take place. Instead, a lien will be place against the property and can be in first or second position. Borrowers must have credit scores of at least 660 and their total debt to income ratios cannot exceed 45 percent. The combined loan-to-value ratio for all loans on a home, including the PowerSaver loan, cannot exceed 100 percent.

 

 Lenders participating in PowerSaver include:

Admirals Bank AFC First Financial Corporation Bank of Colorado City of Boise, Idaho Energy Finance Solutions Enterprise Cascadia; HomeStreet Bank Neighbor’s Financial Corporation Paramount Equity Mortgage

Quicken Loans SOFCU Community Credit Union Stonegate Mortgage Corporation Sun West Mortgage Company The Bank at Broadmoor University of Virginia Community Credit Union Viewtech Financial Services WinTrust Mortgage, W. J. Bradley Mortgage Capital Corporation

 For more information on FHA’s “PowerSaver” Program.

 

We have partnered up with Admirals Bank to make financing much easier for our customers.

Introducing the Solar StepDown Loan & The SolarPlus Loan

This non-equity based loan is intended for customers seeking financing for renewable home energy projects, such as solar, energy efficiency, small wind and geothermal systems where credits, rebates and/or incentives are available. Qualifying renewable energy projects may be paired with other general home improvements, including roofing, windows, energy efficiency solutions, garages and much more.

Additionally, the Solar StepDown Loan can be combined with an exclusive unsecured loan developed by Admirals Bank which can increase the total amount borrowed to $40,000.

The Solar StepDown Loan Maximum Loan Amount: $25,000 (secured) No equity or appraisal requirements StepDown borrowers may request a one-time re-amortization within the first 24 months from the date of funding to lower their monthly payment. This allows them to pay down the loan with solar tax credits and incentives they may receive. No prepayment penalties Funds disbursed to borrower before work begins Tax deductible interest (consult your tax advisor) Access to a team of renewable energy financing experts

The SolarPlus Loan Maximum Loan Amount: $15,000 (unsecured) Qualifying Solar StepDown Loan customers now have an option to borrow up to an additional $15,000 through our exclusive unsecured “SolarPlus” Loan. This innovative program gives homeowners the ability to borrow up to $40,000 for renewable energy improvements. Allows borrower a higher loan amount while maintaining low monthly payments. Borrower is not required to make installment or interest payments for the SolarPlus Loan during the first 18 months from the date of funding. Same benefits of the Solar StepDown Loan.

 

Unsecured Loans for Excellent, Good & Fair Credit