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.
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.
- 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).
- U.S. Department of Energy MPG ratings
- Consumer Reports list of most fuel-efficient cars
- Database for State Incentives for Renewables & Efficiency (DSIRE)
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.