Cost > New Financing Options

If you’re looking into installing a photovoltaic (PV) system, chances are you’ve already learned that they require a sizeable upfront cost: a typical system can run you $25,000 or more. You also probably know, however, that once its installed your monthly energy bill will be a fraction of what it once was—and that, in the long run, you’ll likely end up saving money. More good news: a number of lenders and companies have rolled out loans specifically designed for homeowners looking to go solar.

In July, GE Money, a consumer-financing unit of General Electric, joined forces with the Electric and Gas Industries Association (EGIA) to create their GEOSmart Sustainable Financing solutions loan program. The loans, which are available nationwide through EGIA-approved contractors, come in all shapes and sizes. For large residential PV installations, the partnership offers secured financing with terms of up to 25 years on projects from $10,000 to $500,000, with low fixed rates. For more information, visit: www.gemoney.com.

In early August 2007, California-based Akeena Solar announced a partnership with Comercia Bank. According to Akeena CEO Barry Cinnamon, the partnership was established with the intention of making financing solar installations “as easy as turning on a light switch in a solar-powered home.”

Depending on where you live, your monthly loan payment may be close to what you used to pay on your utility bill. And depending on your specific needs, these company-sponsored financing options may be preferred to tapping your home equity line of credit (HELOC).

Read here for information on other financing options, like Energy Efficient Mortgages.

New Financing Options