Solar loans

[josefontao]

What's a good company to get a loan with? I don't have HERO in my city

[thejq]

What's a good company to get a loan with? I don't have HERO in my city

Normally the first and foremost financing option is HELOC (@ 1% + prime) which has a draw period of 10 yrs (when you only have to pay the interest) and after which the repayment period starts. The interest payment is also tax deductible under itemized deduction. If HELOC is not available, a good sized installer might have loans that might fit, eg. my installer offered 8% solar loan compared to the 10% loan from SunPower. If you're an high net worth individual, talk to your bank. They sometimes offer very attractive collateral based loans.

[tatumjonj]

We just got approved with Matador Credit Union (MCCU) at 3.99%. 12 year term, we'll have it paid off in 4. And a one time principal reduction in the first 18 months. So after you get your Federal Tax credit, you can pay down the principal and they'll adjust the loan payment. No pre payment penalty. Seems like a pretty good deal if you don't want to do cash for the entire thing today.

[josefontao]

Was this through your contractor or directly with the credit union?

[tatumjonj]

I went through my installer, but I believe they will do a loan for just about anybody wanting solar. I got the impression from corresponding directly with them that they really didn't even know who my installer was.

[tatumjonj]

According to their website, which I looked at for the first time out of curiosity, they do loans only through their approved dealers. Not sure where you're located, but I used Triple Line Solar in Temecula. The guy that owns it is ThatSolarGuy on youtube.

[thejq]

3.99% sounds like a great deal for a solar loan. While not trying to be opinionated, a common practice in the solar industry is to offer super low rates but jacking up the installation price. Essentially you're buying down the rate up front. Sunpower dealers do this all the time, by offering 1.99% loan but at significantly higher installation cost. Just a word of caution. Some times, it's better to negotiate and compare prices independently from financing options.

[tatumjonj]

3.99% sounds like a great deal for a solar loan. While not trying to be opinionated, a common practice in the solar industry is to offer super low rates but jacking up the installation price. Essentially you're buying down the rate up front. Sunpower dealers do this all the time, by offering 1.99% loan but at significantly higher installation cost. Just a word of caution. Some times, it's better to negotiate and compare prices independently from financing options.

I'm paying $3.51/watt before tax credit.

[tatumjonj]

Oh, and I did compare pricing before discussing financing as I told all four dealers that provided bids that I was probably paying cash.

[thejq]

Oh, and I did compare pricing before discussing financing as I told all four dealers that provided bids that I was probably paying cash.

Good for you!

[J.P.M.]

Oh, and I did compare pricing before discussing financing as I told all four dealers that provided bids that I was probably paying cash.

+1. Due diligence and heads' up ball can pay dividends.

[tatumjonj]

+1. Due diligence and heads' up ball can pay dividends.

I learned a lot of lessons before I even proceeded just by reading through this forum.

[J.P.M.]

I learned a lot of lessons before I even proceeded just by reading through this forum.

You are, IMO, part of a minority. The more common situation is folks often show up here after varying amounts of money and time spent, looking for what often seems (to me at least) positive feedback and reinforcement. Then, they get all pissed off and rancorous at all of us pompous, condescending, arrogant but sometimes knowledgeable and experienced types If/when it is suggested or implied, or downright stated they might have made a mistake.

Often called the "ready, fire, aim" approach to solar energy utilization.

It gets old and discouraging. Not a complaint. Just a comment. Participation is optional.

I, for one, and no more than FWIW, appreciate your comment.

[tatumjonj]

You are, IMO, part of a minority. The more common situation is folks often show up here after varying amounts of money and time spent, looking for what often seems (to me at least) positive feedback and reinforcement. Then, they get all pissed off and rancorous at all of us pompous, condescending, arrogant but sometimes knowledgeable and experienced types If/when it is suggested or implied, or downright stated they might have made a mistake.

Often called the "ready, fire, aim" approach to solar energy utilization.

It gets old and discouraging. Not a complaint. Just a comment. Participation is optional.

I, for one, and no more than FWIW, appreciate your comment.

There's no way I'm spending my hard earned $$$$ without doing a lot of homework first. I don't necessarily need to know how the sausage is made like some people, but I at least like to know the sausage I'm buying is fairly priced and good quality.

[HX_Guy]

3.99% sounds like a great deal for a solar loan. While not trying to be opinionated, a common practice in the solar industry is to offer super low rates but jacking up the installation price. Essentially you're buying down the rate up front. Sunpower dealers do this all the time, by offering 1.99% loan but at significantly higher installation cost. Just a word of caution. Some times, it's better to negotiate and compare prices independently from financing options.

It's not that the installers are jacking up the installation prices...it's that these super low interst rate loan have very high loan fees. There are many solar finance companies out there...Green Sky, Enerbank, and Mosaic to name a few and their fees are 15% - 19% of the total price.