Your Solar PV Loan can fund more than just your panels
We know that additional expenses can pop up when installing solar on your home which is why up to 45% of a solar PV loan’s proceeds can be used to finance non-solar PV, “mission-aligned project scope” 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.
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 55% 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 energyteam@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.
FAQ
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).
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).
The borrower’s purchase/installation contract should include an itemized list of costs for the solar PV work scope versus all other work scope, 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.