Below are two examples of a solar loan offer. They come from Admirals Bank, which offers a standard loan product for solar projects to homeowners. They offer both secured and unsecured loan packages with terms of up to 20 years. We have provided a summary of general information regarding finance options and procedures. MD SUN isn’t affiliated with Admirals and makes no endorsement of any product they offer. We are using their loan as an example. We can help you connect with a variety of solar financing companies to learn more if you’re interested.
|Solar Step Down Loan||Solar Plus Combination Loan|
|Amount||Up to $25, 000 for a single family home||Combines up to $25,000 Solar Step Down loan with a second unsecured loan of $15,000 into one loan package|
|Loan type||A federally-backed FHA Title One Loan||Unsecured, same as cash value loan is matched to 30% of system value|
|Interest rate||Fixed between 4.95%- 9.95% (depending on applicant’s credit score)||No interest and no payments on this portion for 18 months|
|Qualification criteria||Minimum FICO credit score of 650 and debt to income ratio of 45% or less||Minimum FICO Credit Score of 700|
Many applicants use the $0 interest portion of the Solar Plus Combination Loan to cover the portion of their solar project cost that they will receive back as a federal tax credit.