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Residential Solar Financing &

Commercial Solar Financing

 

DO YOU NEED A SOLAR FINANCING BROKER?

Complete the form below to offer more financing options to your customers today.

RESIDENTIAL SOLAR FINANCING

  • Available for those with a FICO score 670+ and income documentation
  • The following payments are based on a $25,000 solar installation
  • Funded after financing approved and contracts are signed

Unsecured Solar Loan Program

  • Sample rate & requirements as of 4/30/10
  • Maximum $50,000 - Minimum $5,000
  • Less than $20,000, 5 years maximum term
  • 5 years - FICO 670 = 8.25%
  • 5 years - FICO 730 = 5.25%
  • 10 years - FICO 730 = 5.75%
  • 15 years - FICO 730 = 6.25%
  • Guideline for debt to equity ratio is 35% or less
  • A signed Solar Purchase Contract is required prior to funding
  • Initial disbursement to be made to Solar Contractor only
  • Financing not available with FICO below 670 at this time

Solar Advantage Loan Program

  • California only
  • Sample rate & requirements as of 4/1/10
  • Rates with automatic transfer, add 2% to mail payments with payment coupon
  • Maximum $35,000 - Minimum $20,000
  • 12 - 180 Months - FICO 680+ = 6.875%
  • 181 - 240 Months - FICO 720+ = 6.875%
  • UCC-1 fixture filing required to secure solar equipment
  • Guideline for debt to equity ratio is 35% or less
  • A signed Solar Purchase Contract is required prior to funding
  • Initial disbursement to be made to Solar Contractor only
  • Financing not available with FICO below 680 at this time

Home Equity Line of Credit

  • Maximum $250,000
  • Interest-only at 4% = $83 per month

Fixed Second Mortgages

Make a phone call to convert interest-only Home Equity Line of Credit after homeowner realizes tax credits.

10 year fixed at 6.75% = $283 per month
15 year fixed at 7.00% = $224 per month
20 year fixed at 7.25% = $197 per month

Unsecured Personal Line of Credit

  • Revolving line of credit up to $100,000 = $505

Stock and CD Secured Loans

  • 12 year term
  • As low as 3.25% depending on FICO score = $209 per month

Assembly Bill 811 – PACE Program

  • California only, specific counties
  • 20 year term
  • Fixed at 7% = $193

FHA Insured Home Improvement Loan

  • Not available if there is an existing second mortgage
  • $25,000 max loan amount with all terms FIXED
  • 5 year fixed at 6.95% = $494
  • 10 year fixed at 6.95% = $289
  • 15 year fixed at 8.95% = $252
  • 20 year fixed at 8.95% = $224
  • No value restrictions
  • No loan-to-value requirement
  • There are no prepayment penalties
  • No out-of-pocket costs

COMMERCIAL SOLAR FINANCING - Commercial Solar Loans

SBA 7a Solar Equipment Loan Program

  • Monthly payment on gross system cost: $4,152 (the client keeps $225,000 in grants and rebates)
  • Monthly payment after the $105,000 DOE grant has been applied towards the balance: $3,280
  • Monthly payment after the first year’s rebate of $30,000 and depreciation of $80,000 (est.) have been applied towards the balance: $2,366 END OF FIRST YEAR
  • Monthly payment after the remaining rebate of $120,000 has been applied to the balance:$1,370 END OF YEAR 5
  • You will have the remaining depreciation to work with, so please speak with your CPA to determine how best to realize this additional benefit

SBA 7a Features:

  • 100% financing
  • 15 year term FIXED at 7% or prime based at 5.75% (as quoted above)
  • NO prepayment penalty (if term is 14 years or less)
  • Maximum loan amount $2,000,000, minimum $100,000
  • Terms from 10 to 15 years
  • The customer keeps the state rebates and DOE grant, if they choose

SBA 504 Solar Equipment Loan Program

This program is amortized over 10 to 20 years with rates as low as 4.625%. The maximum loan amount is $10,000,000.

sba 504 solar equipment loan program

SBA 504 Features:

  • Nothing out of pocket. 100% financing using the 30% DOE grant as the down payment
  • Bridge loan for grant processing
  • The CDC second can be fixed for as long as 20 years
  • 100% financing using 50% bank loan, 20% CDC loan, and 30% down payment coming from the DOE grant
  • The 50% bank loan can be as low as 4.625% on a 15 year term
  • The 20% CDC loan is currently fixed at 5.29% over a 20 year term
  • Loan amounts to $10,000,000 (system cost) with a minimum loan amount of $250,000

USDA Solar Financing

USDA offers a 25% grant that can be used to supplement the 30% Department of Energy grant, for a total cash grant amount of 55% of the gross system cost, PLUS state and utility company rebates.

The customer doesn't need to be farm or ag related, as long as they lie in the 'rural footprint' of USDA.

Small Business Green Energy Loan (California ONLY)

Eligible Projects Include:

  • Non-profits
  • Churches
  • Private Schools
  • HOAs
  • Apartment buildings

This program is amortized over 12 years and fixed at 6% for the duration. The maximum loan amount is $500,000.

Payment examples:
$500,000 amortized over 12 years at 6% = $4,879 per month
$400,000 amortized over 12 years at 6% = $3,903 per month
$300,000 amortized over 12 years at 6% = $2,927 per month
$200,000 amortized over 12 years at 6% = $1,951 per month
$100,000 amortized over 12 years at 6% = $975 per month

The solar system is the collateral. Loans can be used for retrofits or added energy-efficiency measures in existing facilities, or to acquire certain equipment for a new facility.

- All rates and terms are subject to change based on market conditions - Examples as of 4/1/10

DO YOU NEED A SOLAR FINANCING BROKER?

  • Complete the form to receive an email with a Broker Fee Agreement.
  • Return the signed Broker Fee Agreement to download applications and receive estimates.

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