happy family in front of home with solar

Solar PV System Loans

Fight climate change and gain energy independence.

Harness the Power of the Sun to Reduce Your Carbon Footprint

When you finance a Solar PV System Loan with us, you offset your monthly energy bill with a fixed loan payment, reducing your monthly costs. Then, once you repay the loan, you’ll own the entire system to use for years to come. While you save more, you support our mission to help protect the planet.

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Finance More

Around 40% of the U.S. carbon emissions come from our homes and the vehicles we drive. In addition to your solar PV system, you can add in batteries or an EV charger to maximize your carbon offset.

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Affordable Loans

We believe making clean energy affordable and accessible to all, meaning you can get a loan anywhere from $3,000 to $90,000 for the equipment and to install your solar PV system.

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Fixed Rates

We offer 12, 15, or 20-year fixed rates on loans so you don’t have to worry about rising rates for the duration of your term.

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No Prepayment Penalties

Interested in paying off your loan sooner rather than later? No worries — we’ll never penalize you for doing just that.

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Automatic Payments

Never miss another payment again when you set up automatic loan payments from your checking account or credit card.

Solar PV Loans

We offer two solar loan options, allowing you to choose the loan that best fits your finances.

This 12, 15, or 20-year fixed rate loan covers up to 100% of your solar project costs with no money down. You’ll make reduced monthly payments during the 15-month introductory payment period and will have the flexibility to either keep your federal income tax credit or pay down your loan, as you see fit. 

Please see this one page overview for more details

A solar PV combo loan is actually two separate loans that, when combined, provide you with an optimized, no-money-down finance strategy for your solar PV system installation. Here’s how the two parts work.

  1. Short Term Loan: This “balloon” loan is meant to cover the federal income tax credit that’s available for new residential solar PV systems at up to 30% of the eligible project cost.
  2. Fixed-Rate Long Term Loan: This is a 12, 15, or 20-year fixed rate, fully amortizing loan for the remaining 70% of the eligible project cost.

This loan is best suited for individuals that qualify for the 30% federal income tax credit and plan to apply it towards their loan balance. Please consult your tax advisor to see if you qualify.

Please see this one page overview for more details

How to Apply

Go solar with confidence by working with a Registered Dealer.

Choose a Solar PV Contractor

To provide you better service and an easier install, we require all applicants to work with a Registered Dealer (contractor) who will set up your solar project the right way. Complete this form to request information on a Registered Dealers in your area.

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Initiate a Loan Application

Once you’ve chosen your contractor, ask them to initiate a loan application for you. Once they’ve done so, you will receive a custom link to apply and instructions on how to complete the loan process.

family standing in front of home with solar

Interested in becoming a Registered Dealer?

If you’re looking to become a Registered Dealer or want to recommend that your contractor becomes one, learn more about our process.

man installing solar panels
family with their solar system

We have been wanting to go solar for many years now to reduce our electric bill, reduce our carbon footprint, and because solar panels are just cool! We’ve seen about a 65% reduction in our electric bill. Our experience with getting a solar PV loan through Clean Energy Credit Union was super easy and everyone I dealt with was very friendly and professional.

— The Villa Family

Today’s Rates

Solar PV System Loans

Loan Type

Min/Max Loan Amount

Term

APR as low as

1 Secured via a UCC-1 filing on any repossessable equipment; you will be charged a flat filing fee that depends on the number of filings required, FICO score, loan amount, and project location which shall be either $100 or $250 (or $350 in CA, FL, IL, MD, PA, and TN).
2 Loan processing fee: $150 due at funding.
3 The combined amounts of a short-term and long-term loan cannot exceed 100% of the project cost. The short-term loan amount is typically 30% of the project cost, and the long-term loan amount is typically for the remaining balance (70% ). In certain instances, the member may choose to go above 30% for the short-term loan or 70% for long-term loans.
4 Rate shown assumes that the short-term loan balloon payment is fully repaid at maturity; if not, the interest rate is 17.99%.
5 Clean Energy Credit Union’s solar contractor partners may offer lower rates with modified terms.
6 Rates shown include a 2.00% discount for automatic loan payments.
7 Rates shown are the lowest possible rates for qualified buyers. Rates may change dependent on credit qualifications, underwriting factors, and loan characteristics.
8 Loan proceeds must be used for new equipment.
9 Residences in certain counties and states may be eligible for a 0.50% rate discount after providing proof of registration in the following programs:
a New York State NYSERDA program: 0.50%
b Colorado State RENU program: 0.50%
c Clean Energy Advantage “CEA” program in Montgomery County (MD) and Washington DC: 0.50% (d) City of Bloomington Green Home Improvement program: 0.50%

Loan Type

Short-Term Solar Electric System Loan (i.e. Solar Tax Credit Loan)1 2

Min/Max Loan Amount

$3,000 to $90,000 Typically 30% Loan-to-Value3

Term

12 or 18 months

APR as low as

7.99%4 5 6 7 8

Loan Type

Long-Term Solar Electric System Loan1 2

Min/Max Loan Amount

$3,000 to $90,000 Typically 70% Loan-to-Value3

Term

12 years

APR as low as

7.99%5 6 7 8 9

Loan Type

Long-Term Solar Electric System Loan1 2

Min/Max Loan Amount

$3,000 to $90,000 Typically 70% Loan-to-Value3

Term

15 years

APR as low as

8.49%5 6 7 8 9

Loan Type

Long-Term Solar Electric System Loan1 2

Min/Max Loan Amount

$3,000 to $90,000 Typically 70% Loan-to-Value3

Term

20 years

APR as low as

8.74%5 6 7 8 9

Got Questions? We’ve Got Answers.

A solar PV combo loan is actually two separate loans that, when combined, provide homeowners with an
optimized, no-money-down finance strategy for their solar PV system installation. Here’s how the two parts
work.

PART 1 OF 2: Short-Term Balloon Loan for 12 or 18 Months
You may be eligible for a federal income tax credit equal to 30% of the cost of your solar PV system installation
(NOTE: please consult your tax advisor). The intention of this short-term balloon loan is to float the amount of this
30% tax credit until after your next annual tax filing. As a result, the principal and interest from this short-term
loan MUST be repaid in full within 12 or 18 months of your solar PV system installation. Significant penalties apply
for late repayment (17.99% interest over your full loan term). As such, this loan is best fit for homeowners
who are able to use the full 30% tax credit to pay off their loan on time. This short-term loan can be prepaid at any
time without penalty and homeowners are encouraged to schedule a one-time, automatic balloon payment on or
before their loan maturity date.

PART 2 OF 2: Long-Term Loan for 12, 15, or 20 Years
The remaining 70% of the cost of your solar PV system installation is covered in the form of a long-term loan
subject to a fixed interest rate and payable in identical monthly installments of principal and interest for a
period of either 12, 15, or 20 years. This long-term loan can be prepaid at any time without penalty, and
homeowners are encouraged to schedule automatic monthly payments.

See an example here.

No. Instead, all “do it yourself” (DIY), self-installed, or self-managed solar projects are only eligible to be financed by an Unsecured Green Home Improvement Loan. For DIY solar projects, we consider the Borrower to be the General Contractor for the project. As such, loan proceeds will be disbursed directly to Borrower after the project is completed, and it is the Borrower’s responsibility to pay any subcontractors, labor providers, and/or equipment suppliers directly. Please contact us for more details about DIY solar projects.

Up to 45% of a solar PV loan proceeds can be used to finance non-solar PV, “mission-aligned project scope” such as batteries, an electric vehicle charger, a heat pump, an entirely new roof using Energy Star-rated shingles, and other eligible products and services that generate clean energy, conserve energy, or improve energy efficiency. Included in this 45% limit, other “ancillary costs” can also be financed if: (1) they are necessary for the effective installation and operation of the solar PV system, and (2) they do not exceed a total of $4,000 (which counts towards the 45% limit). Some examples of “ancillary costs” that can be included in the $4,000 limit are: an electric service panel upgrade, tree trimming, roof vent re-routing, and minor roof repairs or roof patching. An example of what cannot be included is a non-standard, specialized support structure such as a solar carport, gazebo, pavilion, etc. 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.

graph displaying what can be financed with a solar loan

Can electrical service panel upgrades be included?

Yes, electrical service panel upgrades or other electrical work can be included and can receive up to $4,000 in funding. The exception is a SPAN panel which is on our list of eligible products and services and can therefore be included in the 45% limit (without counting towards the $4,000 limit).

Can roof work be included?

Yes. For minor roof repairs, rafter upgrades, and roof vent re-routing, those costs can be included in the $4,000 limit. For a full roof replacement, this can be included in the 45% limit (without counting towards the $4,000 limit), but the roofing materials must comply with the specifications in our list of eligible products and services (e.g. via Energy Star certification).

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.

If you are applying for a non-solar clean energy loan, there is no requirement to work with a Registered Dealer. Please note: For Green Home Improvement projects, your contractor must have at least a 1 year workmanship warranty.

If you are applying for a solar loan, please ask your solar contractor (aka dealer) if they are a Registered Dealer with Clean Energy CU before you apply. Click here for more details about our Registered Dealer requirement.

Yes, in order to become a Registered Dealer for our solar loans, they must go through a formal application, evaluation, and selection process. Our intention with this vetting process is to help improve the quality, longevity, and customer experience for our Members’ solar projects. That being said, Registered Dealers are independent contractors and are not affiliated with Clean Energy Credit Union. Clean Energy Credit Union does not endorse or make any representations or warranties with respect to the quality of work provided by Registered Dealers, and it is the responsibility of our Members and prospective Members to interview and select a solar dealer that meets their needs.

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.

First, see if you’re already eligible to join Clean Energy Credit Union by being a part of our “field of membership,” which currently includes:

  1. A member of one of the following organizations:  
    1. African-American Credit Union Coalition
    2. American Solar Energy Society
    3. Association of Energy Service Professionals
    4. Colorado Renewable Energy Society
    5. Denver Electric Vehicle Council
    6. Electric Auto Association
    7. Engineers for a Sustainable World
    8. EVHybridNoire
    9. Georgia Solar Energy Association
    10. Green America
    11. GreenHome Institute
    12. Illinois Solar Energy Association
    13. Midwest Renewable Energy Association
    14. Northeast Sustainable Energy Association
    15. Polar Bear Sustainable Energy Co-op
    16. RENEW Wisconsin
    17. Renewable Energy Owners Coalition of America
    18. Solar United Neighbors
    19. Texas Solar Energy Society
    20. Women of Renewable Industries and Sustainable Energy
  2. An employee or volunteer of one of the following organizations:  
    1. Clean Energy Credit Union
    2. Our Climate
    3. 350 Colorado
  3. A member of the immediate 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. On your membership application, you can request that Clean Energy Credit Union sign you up for a membership with the Solar United Neighbors free of charge or request that Clean Energy Credit Union sign you up for a one-year membership with the- American Solar Energy Society and deduct the associated $10 membership fee from your opening account balance. 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.

There are a number of ways you can make payments or pay off your short-term loan. The key when paying towards this loan is that we need to make the payment in-house once you get the funds into your savings account. The reason is that this loan is a balloon loan, so it is looking for a payment from you ONLY on the due date and not before. We can circumvent this in-house once you take one of the following steps to make the funds available.

  1. Mobile Deposit via our app: You can deposit a check via the mobile deposit feature within our app and note in the memo section “short-term loan payment”.  There is a $5,000 limit on these deposits, if you’d like to deposit more please reach out and we can increase the limit for you.
  2. Bill Pay: You Can make a payment by using bill pay from a different financial institution, just be sure to indicate you want the funds applied to your short-term loan and we will apply upon receiving payment.
  3. External Transfer: You can transfer funds to your savings through external transfer via online banking (the funds would be deposited into your savings account and can be moved per your request via email, phone, or chat)
  4. Phone: A telephone payment/payoff for you with a $10.00 processing fee
  5. Mail in payment: Mail check to Clean Energy Credit Union, P.O. Box 4233, Englewood CO 80155. Please do not mail cash.
  6. Shared Branch: Visit one of our shared branch locations in your area to make a deposit in person. Use this link to find one in your area.

You can make payments to your long-term loan at any time by transferring money to your loan from your Clean Energy savings or checking account in online banking. For information on ways to fund your Clean Energy checking or savings account see our “Funding Your Account Guide”.

No. Solar PV equipment must be new to qualify for a solar loan.