Solar Electric System Loans
Fight climate change and gain energy independence.
Affordable Financing for a Clean Energy Home
Ready to gain energy independence and reduce your carbon footprint? Our Solar Electric System Loans are designed specifically to make installing residential solar panels affordable and accessible.
Our mission at Clean Energy Credit Union is to promote clean energy and environmental stewardship through specialized financial services. Consequently, every loan we offer, including our solar PV system financing, is a direct investment in a more sustainable economy. Moreover, we offer flexible terms, competitive fixed rates, and loans up to $125,000, ensuring your transition to clean energy is seamless and secure.
Unlock the Power: Benefits of Solar Electric Systems
Solar Electric Systems, commonly known as solar panels, offer a wide range of significant benefits—both financial and environmental—for homeowners seeking to reduce costs and fight climate change. By generating your own clean power, you achieve greater energy independence and reduce your carbon footprint. In fact, installing residential solar is one of the most impactful ways to secure long-term utility savings while actively contributing to a more sustainable planet.
Reduce or Eliminate Electric Bills
By generating your own electricity, you drastically reduce your reliance on the utility company. This can result in lower monthly bills or, with net metering, even credits for excess power sent back to the grid.
Protection Against Rising Costs
Solar fixes your energy costs. By investing in a solar system now, you lock in your rate for the 25-30+ year lifespan of the system, shielding you from unpredictable utility price hikes.
Reduce Reliance on Finite Resources
Generating your own power reduces your reliance on the centralized utility grid. When paired with battery storage, solar can provide backup power during grid outages, increasing your household’s energy security.
Why Choose Clean Energy CU for Solar Panel Financing?
As a mission-driven, not-for-profit financial cooperative, we are committed to making clean energy accessible to everyone. Furthermore, we prioritize your long-term success with features designed to provide security and transparency.
We offer fixed rates and have no prepayment penalties, allowing you to pay off your solar loan early without fees. Crucially, we also provide a Rate Promise, which guarantees that your rate can only go down, never up, before your loan closes.
Finally, we require you to work with one of our vetted Registered Dealers, ensuring a high-quality installation from a trusted contractor.
— The Villa FamilyWe 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.
When you choose our Solar Electric Systems Loans, you get more than just financing—you gain a mission-driven partner committed to making clean energy accessible and affordable for all.
Our loans include competitive, fixed rates for up to 20 years, safeguarding your investment against market changes. Crucially, we offer no prepayment penalties, allowing you to use tax credits or savings to pay down your balance early without incurring fees. Furthermore, you can finance up to 100% of your total project cost, including solar panels, battery storage, and EV chargers, making this the most comprehensive and socially responsible solar loan available.
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.
Affordable Loans
We believe making clean energy affordable and accessible to all, meaning you can get a loan anywhere from $3,000 to $125,000 for the equipment and to install your solar PV system.
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.
No Prepayment Penalties
Interested in paying off your loan sooner rather than later? No worries — we’ll never penalize you for doing just that.
Automatic Payments
Never miss another payment again when you set up automatic loan payments from your checking account or credit card.
Choose the Best Solar Loan Option for Your Needs
We understand that every homeowner’s financial situation is unique. Therefore, we offer the following solar loan options to best suit your project and tax planning strategy.
Both options allow you to finance up to 100% of your project cost, from the panels themselves to the installation fees.
Our Everyday Solar Loan offers a simple, straightforward structure with 60 days of no payments and no interest, giving you time to start enjoying your utility savings before your payments begin. After the 60-day grace period, your loan is repaid in equal monthly installments at a fixed interest rate, so your payments stay the same each month. There are no hidden fees or surprises.
The Single Solar Loan covers up to 100% of your total project costs with one fixed-rate loan; requiring no money down. This loan includes a reduced payment period for the first 15 months. Ultimately, this reduced payment gives you flexibility. You can use this time to keep your federal income tax credit funds or apply them toward your loan balance—the choice is completely yours.
Our Solar Combo Loan is a popular choice for homeowners who qualify for the federal income tax credit. Specifically, it consists of two separate loans combined into one strategic financing package.
- Short Term Loan: This single payment, 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.
- 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. Requiring monthly payments beginning approximately 30 days after loan closing.
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.
Streamlined Solar Installation with Vetted Contractors: How to Apply
Starting your solar project is simple, secure, and fully aligned with your values when you finance with us. We’ve streamlined the entire process, moving quickly from application to installation so you can start generating clean energy and saving money faster.
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.
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.
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.
Today’s Rates
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Loan Type |
Min/Max Loan Amount |
Term |
APR9 as low as |
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1 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. See “loan fees” tab for associated fees. |
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Loan Type Short-Term Solar Electric System Loan (i.e. Solar Tax Credit Loan) |
Min/Max Loan Amount $3,000 to $125,000 Typically 30% Loan-to-Value1 |
Term 12 or 18 months |
APR9 as low as 7.50% 2 3 4 5 6 7 |
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Loan Type Single, Everyday, or Long-Term Solar Electric System Loan |
Min/Max Loan Amount $3,000 to $125,000 Typically 70% Loan-to-Value1 |
Term 12 years |
APR9 as low as 7.50% 3 4 5 6 7 8 |
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Loan Type Single, Everyday, or Long-Term Solar Electric System Loan |
Min/Max Loan Amount $3,000 to $125,000 Typically 70% Loan-to-Value1 |
Term 15 years |
APR9 as low as 8.00% 3 4 5 6 7 8 |
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Loan Type Single, Everyday, or Long-Term Solar Electric System Loan |
Min/Max Loan Amount $3,000 to $125,000 Typically 70% Loan-to-Value1 |
Term 20 years |
APR9 as low as 8.25% 3 4 5 6 7 8 |
Concerned about loan rates dropping? We’ve got you covered! With Clean Energy Credit Union’s Rate Promise you can rest easy knowing you’re getting the best possible rate, even if the market changes. How? Before your loan closes, we’ll review your rate, and if it’s decreased in your loan tier, we’ll automatically adjust it! And don’t worry—your rate is locked in for 6 months, so it can only go down, never up! There’s no need to wait—start enjoying the benefits of clean energy now, worry-free.
Resources & News
Read more about how solar helps protect the planet.
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” items such as:
- 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.
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:
- A member of one of the following organizations:
- African-American Credit Union Coalition
- American Solar Energy Society
- Association of Energy Service Professionals
- Colorado Renewable Energy Society
- Denver Electric Vehicle Council
- Electric Auto Association
- Engineers for a Sustainable World
- EVHybridNoire
- Georgia Solar Energy Association
- Green America
- GreenHome Institute
- Illinois Solar Energy Association
- Midwest Renewable Energy Association
- Northeast Sustainable Energy Association
- Polar Bear Sustainable Energy Co-op
- RENEW Wisconsin
- Renewable Energy Owners Coalition of America
- Solar United Neighbors
- Texas Solar Energy Society
- Women of Renewable Industries and Sustainable Energy
- An employee or volunteer of one of the following organizations:
- 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.
- 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.
- 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.
- 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)
- Phone: A telephone payment/payoff for you with a $10.00 processing fee
- Mail in payment: Mail check to Clean Energy Credit Union, P.O. Box 4233, Englewood CO 80155. Please do not mail cash.
- 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.