Solar Electric System Loans

FINANCING THE CLEAN ENERGY MOVEMENT.

 

With our solar electric system loans, you can harness the power of the sun with no money down.

See our Rates and Terms

 

When financing your new solar electric system, you can choose one or both* of these loan types:

  • A 12– or 18–month loan that covers your solar tax credit (i.e. the Section 25D federal income tax credit that’s available for new residential solar electric systems at up to 26% of the eligible project cost in 2020 and up to 22% in 2021).
  • A 12–year, 15-year or 20-year, fixed rate loan on the remaining portion of your solar electric system cost (i.e. up to 74% of the eligible project cost in 2020 and up to 78% in 2021).

* Combining both of these loan types together is commonly called a solar electric system “combo loan.” Learn How Combo Loans Work

 

By offering up to 100% financing with no money down, our solar electric system loans allow you to swap your monthly electric bill for a monthly loan payment on a solar electric system—one which you would later own free-and-clear at the end of the loan repayment period. Apply with us or apply directly with one of our solar installation partners.

Loan Benefits:

  • Secured by the solar equipment that’s installed, not by the equity in your home
  • Loan amounts up to $90,000 per loan
  • Fixed interest rates
  • No prepayment penalties
  • Automatic electronic payments

Debt Protection Program:

You can opt in to be protected under the Clean Energy Credit Union Debt Protection program. In the event of an unexpected financial hardship event, your loan balance or monthly loan payments may be cancelled without penalty or added interest. This program provides the peace of mind that comes with knowing you and your credit rating are protected—and most importantly—that your family is protected. To learn more about the debt protection program, download our information sheet (PDF).

 

Resources:

Frequently Asked Questions (FAQs):

What additional costs can be included in a solar electric system loan?

Typically, a solar electric system loan can cover the costs of design, installation, permit, sales tax, and all solar PV system equipment (including panels, racking, wiring, batteries, etc.). Other ancillary costs can potentially be included in a solar electric system loan amount if: (1) they are necessary for the effective installation and operation of the solar electric system; and (2) if they do not exceed a total of $3,500. Some examples of what can be included are an electric service panel upgrade, tree trimming, roof vent re-routing, and minor roof repairs or roof patching. Some examples of what cannot be included are an entire roof replacement and a non-standard, specialized support structure such as a solar carport, gazebo, pavilion, etc. That being said, if you are seeking to replace your entire roof and are purchasing Energy Star rated shingles or tiles, for example, this would qualify for a green home improvement loan (which would be separate from any solar electric system loan).

Do I have to work with one of the Credit Union’s partners for my clean energy project?

No. When you apply for a clean energy loan with Clean Energy Credit Union, you can work with any contractor, vendor, or service-provider that you choose. However, the Credit Union offers special loan offerings via its partners because they, in return, provide multiple value-added services to the Credit Union that reduce our costs and overhead. Learn more about our partners.

Are the Credit Union’s solar installation partners reputable and qualified?

Yes, in order to partner with Clean Energy Credit Union, companies must have an excellent reputation and track record. Learn more about our partners.

How can I find out if there are incentives available in my area for clean energy products and services?

We recommend checking the Database for State Incentives for Renewables & Efficiency (DSIRE): dsireusa.org. We also recommend asking your clean energy contractor, vendor, or service provider as they can typically help you explore what incentives may be available in your area.

How do I join Clean Energy Credit Union?

First, you need to ensure that you’re eligible to join Clean Energy Credit Union by being in its “field of membership,” which currently includes being one of the following:

  1. A member of one of the following eight organizations:  
    1. African-American Credit Union Coalition
    2. American Solar Energy Society
    3. Association of Energy Service Professionals
    4. Colorado Renewable Energy Society
    5. Electric Auto Association
    6. Engineers for a Sustainable World
    7. Georgia Solar Energy Association
    8. Green America
    9. GreenHome Institute
    10. Midwest Renewable Energy Association
    11. RENEW Wisconsin
    12. Renewable Energy Owners Coalition of America
    13. Solar United Neighbors
    14. Texas Solar Energy Society
       
  2. An employee or volunteer of Clean Energy Credit Union
  3. A member of the immediately family or household of someone who is eligible via one of the above options or of someone who is already a member of Clean Energy Credit Union

If you’re not already eligible to join Clean Energy Credit Union, you can consider joining one of the above organizations. An individual membership in American Solar Energy Society, for example, currently costs as little as $10 (NOTE: you must enter the discount code and select a Digital-Only Basic membership). Click here to learn more about the field of membership partner organizations listed above.

After confirming your eligibility, you would then open a "share account" (i.e. savings account) with a $5 minimum deposit which would serve as your ownership share in Clean Energy Credit Union. Once someone becomes a member of the Credit Union, they are a member for life. Click here to join Clean Energy Credit Union.

In case it helps, here’s some background on what a credit union “field of membership” is: although credit unions provide similar services as banks, they are different from banks in many ways. For example, a credit union is a not-for-profit, financial services cooperative that exists solely to serve its members and to fulfill its mission, whereas a bank exists to maximize financial returns for its stockholders. Another difference is that a bank can serve the general public whereas a credit union can only serve its “field of membership,” which is defined by regulators as the people and entities that are legally eligible to join the credit union. Ultimately, a credit union’s field of membership is comprised of one or more groups of people and entities that all have something in common that binds them together in some way. Many credit unions have a field of membership that includes people who work for a certain employer, or who live in a certain geographic area, or who are members of the same professional association or religious organization.

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