Financing Solar Panels
Investing in solar is a major expense for any household. Fortunately, the numbers prove that installing a photovoltaic (PV) system will save you a lot of money in the long run. Most SolShine Energy customers pay cash for their PV systems, but occasionally our customers borrow the money for their project.
SolShine Energy has gone through an extensive vetting process with the Clean Energy Credit Union in Englewood, Colorado. We pursued this option because the Clean Energy Credit Union has a very straightforward application process, and they understand the solar industry. If you wish to finance your PV installation, SolShine Energy will initiate your application.
We have all seen interest rates rise over the past 18 months. Typically, the price of borrowing money anywhere affects the price of borrowing everywhere. Currently, rates are above 7% for solar projects. If you see a competitor offering a better rate, it means they are charging points that are folded into your quote. Basically, you pay for it one way or another.
SolShine Energy does not directly finance solar projects for customers. Some of the solar installers in our area partner with a lending organization. We have decided not to pursue this option. Some of these solar-specific lenders require that loan fees must be included in the quote and not disclosed to the customer. We are not comfortable with this approach. We do not make any money on financing so we do not push you towards any one lender. We strongly encourage you to contact a local credit union to inquire about a home equity loan.