Lets say that you are convinced that solar is for your home and all the economics works, but you just can’t come up with the up front money to pay for your solar installation. There are several ways to finance a solar project, here are two different way.
1) Personal unsecured loans of $1,000 to $30,000 at fixed APR not to exceed 7%.
2) Extended loan terms of one year per $1,000 up to $4,999; customer can pick term up to 10 years for loans $5,000 and higher (e.g., sample monthly payment for 3-year, $3,000 loan at 7% APR is $93; a 7-year, $6,000 loan at 7% APR is $91).
3) Loans for home improvements such as: new windows and doors; new furnace, boiler or heat pump; new appliances such as washing machines, refrigerators or ceiling fans. See the home improvements page for a full list.
4) Web and phone-based loan application system with quick decisions (within minutes) to facilitate “dinner table” sales.
6) No home equity required (unsecured loans).
7) Available for owner-occupied, single-family (1 – 4 unit) homes.
8) Qualifying energy efficiency improvements must be recommended by a comprehensive, whole-home energy assessment conducted by a certified auditor, or selected from a list of Qualified Home Improvements.
The first step when applying for a Michigan Saves Home Energy Loan is to find an authorized contractor. The contractor will help you identify qualifying improvements and initiate the loan application process.
1) No equity or appraisal required
2) No prepayment penalties
3) Flexible loan terms
4) Fixed rates
5) Interest and HUD insurance fees may be tax deductible (consult your tax advisor)
6) No seasoning requirements
7) Borrowers looking for renewable energy products may apply any tax credits and/or local incentives to request a one-time re-amortization within the first 24 months of the funding date of the loan to lower, or ‘step down,’ monthly payments, provided certain requirements are met
8) Access to a team of renewable energy financing experts.
While I have never used either of these programs, Cameron Getto used Admirals for his solar projects and was very happy. Don’t let the up front payment deter you. Install solar power on your house today.