What additional costs can be included in a solar electric system loan?
Up to 45% of a solar PV loan proceeds can be used to finance non-solar PV, “mission-aligned project scope” items such as:
- Batteries
- Electric Vehicle Chargers
- Roofs – Roofing requests must be reviewed by Clean Energy CU prior to approval. A list of rated materials can be found at this website: https://coolroofs.org/directory/roof.
- Heat Pumps
- SPAN/Smart Panel
- Other Eligible Products – See our list of Eligible Products for all qualifying items.
Included in this 45% limit, up to $4,000 can be use for other “ancillary costs” if they are necessary for the effective installation and operation of the solar PV system. These can be items such as:
- Main service panel upgrade
- Minor roof repairs – such as roof vent rerouting, rafter upgrades, ect.
- Tree trimming
- For any other items you may have questions on, please reach out to dealers@cleanenergycu.org
For project scope that may exceed the 45% limit, or for batteries-only projects (e.g. adding batteries to a previously installed solar PV system), these may be financed via a green home improvement loan (which would be separate from the solar PV system loan). Please see the graphic below which helps illustrate the 45% limit versus the $4,000 limit.
Example: If you’re utilizing a $50,000 solar PV loan, that means up to $22,500 (45%) can be used for other qualifying items. The $4,000 ancillary costs would be a part of the $22,500 “Scope Flexibility” allowance.
What documentation does the credit union need to approve the “mission-aligned project scope” and/or the “ancillary costs?”
- The borrower’s purchase/installation contract should include an itemized list of costs for the solar PV work scope versus all other work scopes, equipment, etc. It should include sufficient descriptions (e.g. Equipment manufacturer and model, description of each task/service, etc.) and be self-explanatory in complying with the requirements described above.