Financing Options for Solar Systems

NEW Financing:
Same-as-Cash, on projects between $1,000 and $30,000 with terms up to 6 years with no money down. Terms based on credit score. Call us for details.

Manufacturers

SunPower is the leader in high efficiency solar panels with 19% + efficiency and they want to make it easy and trouble free for you to add solar to your home or commercial energy source. SunPower has three loan programs that are designed to empower your building improvement and take control of your energy bills. Install SunPower panels and choose from:

SunPower Loans

SolarNow Same-As-Cash (SAC) Program

  • No Money Down, Borrow up to $45,000.
  • No Payments for 3, 6, or 12 months.
  • No Interest (if paid in full during the SAC period).

Addison Avenue Low Interest Non-Secured Loan

  • Low interest financing based on credit.
  • You set your terms depending on the # of years you want to borrow.
  • Non-secured option with no lien against your property.
  • Payments should be less than your current energy bill (depends on system size).

Addison Avenue Low Interest Secured Equity Loan

  • Borrow unlimited amount of funds based on home or building equity.
  • Low interest depending on credit (2-7%).
  • Bank guides customer on payment terms (5,10, 15+ years).

City Incentives

Commercial Solar Installations

The city of Ann Arbor defines commercial properties as any property that is not a single family home, duplex, or certain townhouses. Projects must demonstrate that energy savings will be greater than the cost of the project. Interested residents should contact Wendy Barrott at wbarrott@a2gov.org.(734) 794-6430 x43714

  • Installation of solar panels: thermal (hot water or space heating) and solar PV including parking structures
  • Projects from $10,000 - $350,000
  • Low interest rates – backed by Municipal bonds
  • Tax Deductible Interest
  • Loan secured by assessment / property tax lien
  • Transferable if building is sold

State Incentives

Michigan Saves - Low Interest Program Funded by Michigan Credit Unions & Backed By the State.

  • Borrow up to $20,000 at a low interest rate for 5, 10, or 15 years
  • Interest rate based on credit history, FICO scores,
  • Can be combined with other financing to meet total need
  • Can be used to finance solar electric, solar water heating, high efficiency furnaces and air conditioners

Financial Institutions

Fifth Third Bank- No Interest Revolving Credit Program

  • Borrow up to $25,000 for 12 months with No Interest
  • Amount based on credit history (Non-Secured)
  • After 12 month period interest will be applied

PNC Bank- Non-Secured Low Interest Loan

  • Borrow up to $25,000 Non-Secured at Low Interest (4-7% depending on credit)
  • You set your terms depending on the # of years you want to borrow

PNC Bank- Secured Low Interest Equity Loan

  • Borrow unlimited amount of funds based on home or building equity
  • Low interest depending on credit (4-7%)

Your Own Bank

  • Credit Unions are a favorite choice for energy loans and mortgages
  • Your banking history and relationship can make a difference.

Michigan Solar Renewable Energy Credits (MIRECS)

Bundle your kW's into Energy Credits and sell them on the stock market to states looking to meet their renewable energy portfolio deadlines. States like Ohio, Pennsylvania, New Jersey and many others have a required ratio that they must meet. This ratio is the percent of renewable energy to fossil fuel energy to power the grid in that state.

Sell your solar generated electricity on the public market through SRECS. Determine your sell rate minimum and hold until that price is reached. Control your SREC's from your computer account.

  • There is no assigned value to an SREC.
  • Prices are influenced by supply and demand. The supply is determined by the number of solar installations producing SRECs and trading them. The demand is determined by individual state RPS solar requirements and the Solar Alternative Compliance Penalty (SACP) set by the state.
  • The RPS solar requirement represents the number of SRECs that the electric suppliers are required to collect each year.
  • The SACP represents a theoretical maximum value of an SREC, since it is the amount paid per SREC by the electric suppliers if they do not collect enough SRECs.
  • Michigan's best prospects change constantly.

Energy Efficient Mortgages

Homeowners can take advantage of energy efficient mortgages (EEM) to either finance energy efficiency improvements to existing homes, including renewable energy technologies, or to increase their home buying power with the purchase of a new energy efficient home. The U.S. federal government supports these loans by insuring them through Federal Housing Authority (FHA) or Veterans Affairs (VA) programs. This allows borrowers who might otherwise be denied loans to pursue energy efficiency, and it secures lenders against loan default.