Financing
Financing Options
Attractive financing options are available for all our customers
For 8.4kW system, you need to borrow $21,000, assuming system cost $2.50/watt, before applying for 26% solar tax credit and getting back, most of our customer makes this incentive payment towards their loan as lump sum payment which reduce the loan amount. If you have home equity line of credit $21,000, at the rate of 4.5% over 20 years, this loan will cost you roughly $1200.00 per year in total loan payments.
A 8.4kw system should eliminate a power bill of up to $1,200 per year and so this creates opportunities for either taking some short term monthly savings or paying the system down quickly to maximize the number of years of free energy you get at the end.
Below is the example of 20kW system 25 years cash flow analysis with total financing of $45,888.00 at 4.9% interest rate with “0” down.
You can also refinance your entire home loan and add a solar system to the balance.
You can calculate this these numbers for yourself with our partner Puget Sound Credit Union https://www.psccu.org/Borrow/Energy-Smart-Loans.aspx
Refinance your entire home loan and add a solar system to the balance as Unsecured solar loans. Our Partner Puget Sound Credit Union offers this type of solar loans, secured against your solar panels rather than secured against your home.
These loans typically carry a higher interest rate in the range of 5.5% to 10.5% but can be easier to arrange than loans secured against property.
Solar loans offered by utilities
There are some utilities in Washington States that offer low interest solar loans in their service territory by offering low interest solar loans an on bill solar loan repayments rather than offering cash rebates as other utilities have done, such as Clark Public Utilities in Washington.
Our Financing Partners;
Puget Sound Cooperative Credit Union
Terri Buttki
425.777.9801
teresab@psccu.org
Tri-Cu Credit Union
Trevor Galey
509.735.8331 X106
trevor@tri-cu.com
Umpqua Bank
Heather Ussery
VP, Community Manager
O (206) 749-7343
M (206) 637-4527
heatherussery@umpquabank.com