Solarida’s Solar loan financing programs eliminate your upfront cost of going solar and leverage the value of your 30% solar tax credit. Most financing programs do not require any cash down payment.

Loan financing specially designed for home solar power is usually structured as two separate loans:

Loan #1 is for 30% of the purchase price (the same amount as the tax credit). This loan is a 12 month “same as cash,” or zero interest, loan. The homeowner has 1 year to pay off the ‘same as cash’ loan using the extra personal income received as a result of the 30% solar tax credit (Remember that a tax credit is subtracted from the tax you owe, so it’s worth the full amount of the credit.) Due to the tax credit, this part of the solar system price costs you nothing as long as the ‘same as cash loan’ is paid off within one year.

Loan #2 is for the remaining 70% of the purchase price This loan is a conventional unsecured installment loan. The most popular interest rate and terms are 3.24% for 144 months (12 years), or,  6.24% for 240 months (20 years). Your yearly electric bill savings provided by the solar power system should be greater than the loan payments thus offsetting the entire cost of your solar power system.

One of our solar advisors can provide specific numbers based upon your particular energy use, available roof area and utility company.