Solar Friendly BanksAdmirals Bank and many others offer up to 20 year loans for solar installation. DT Solar will gladly refer you to a bank if you need one.
Home Equity / Line of Credit
We’ve had quite a few customers go with a line of credit from a local bank to finance their solar projects. It seems to be the most popular route. Bank usually go around 7 years.
Refinancing your home
Not very common but this is the best way to finance solar. The interest rate is low and many times only minimal fee’s are required. Why is it the best way?
Pre-solar electric bill $100 and house payment $300 ($400)
Post-solar electric bill $5 and house payment $370 ($375)
Most home loans are fixed. So this means that whether electricity rates go up at an 8% inflation rate or not you’ll still be at $375. So imagine 25 years from the date of purchase the difference in what you pay vs without going solar. AFTER 25 YEARS: (3% inflation rate) 25th year electric bill $283 and house payment $300 ($583) Post-solar electric bill $5 and house payment $370 ($375) DT Solar isnt a lender so the actual loan payment is not accurate but its meant to show you how solar will still save you money through a refinance.