Best place to get a loan for solar systems

[Joe Blow]

I live in Staten Island NY

Any special low interest solar loans?

My Bank is offering me a home equity loan for around 7%

Thank you!

[HX_Guy]

Look into Mosaic solar loans, they have 1.99% for 12 years and 3.99% for 20 years, but there is a pretty hefty loan fee...however you may find that the total you end up paying is less than a loan with little or no loan fee but higher interest.

[Joe Blow]

Look into Mosaic solar loans, they have 1.99% for 12 years and 3.99% for 20 years, but there is a pretty hefty loan fee...however you may find that the total you end up paying is less than a loan with little or no loan fee but higher interest.

Thank you HX Guy.I will look into them 1st thing in the morning

Any others?

[lkruper]

Thank you HX Guy.I will look into them 1st thing in the morning

Any others?

What is your motivation for getting solar?

[Joe Blow]

Well here in NYC.The city gives you 20% of the system back.This comes off you property tax,spread out over 4 years.That along with the 30% tax credit.It seems like a no brainer to me.I was looking into leasing,but the leasing companies.I spoke to two sunpower and sun run keep your tax credit..I figured that buying is the way to go.
I have very good credit,but i am having a hard time getting a home equity loan because i really have very little equity in my home.

[lkruper]

Well here in NYC.The city gives you 20% of the system back.This comes off you property tax,spread out over 4 years.That along with the 30% tax credit.It seems like a no brainer to me.I was looking into leasing,but the leasing companies.I spoke to two sunpower and sun run keep your tax credit..I figured that buying is the way to go.
I have very good credit,but i am having a hard time getting a home equity loan because i really have very little equity in my home.

If you have run the numbers, I am interested in seeing how systems like this are cost-justified. I am still in the early stages of learning about solar. Is your utility rate and your usage fairly high?

[Joe Blow]

21c and i need around a 10k system.

Sun run states that they can only get me around 70% coverage.Sunpower can get me 100% coverage.I was going to lease from sunpower,but they keep the federal tax credit.

So i plan to buy .I just don't know from you or where i am going to borrow for the system yet.Other than that i am all set to go

[Joe Blow]

Look into Mosaic solar loans, they have 1.99% for 12 years and 3.99% for 20 years, but there is a pretty hefty loan fee...however you may find that the total you end up paying is less than a loan with little or no loan fee but higher interest.

Do you have a link showing those rates.I will call tomorrow[it's sunday] but this is what is on there web site:

"In Mosaic’s model, homeowners can choose to apply their tax credit to pay down a portion of their 20-year loan. Interest rates will depend on borrower’s creditworthiness but are expected to hover around 8% to 10%".

[lkruper]

21c and i need around a 10k system.

Sun run states that they can only get me around 70% coverage.Sunpower can get me 100% coverage.I was going to lease from sunpower,but they keep the federal tax credit.

So i plan to buy .I just don't know from you or where i am going to borrow for the system yet.Other than that i am all set to go

I see 5200 w systems for about $9,900. I cannot remember the link for purchases from this site and don't want to advertise a competitor, but just for ball-park, will this give you 100%. And just to be clear, you are helping me here, not the other way around as I am totally new to this.

If you get 5200 w and 4 hours of insolation per day on the average in NYC that comes out to 20.8 kW per day , with inverter losses, etc, perhaps 17. At 21c per kW that gives $105 per month in electricity. Does your POCO pay you 21c per kW?

Since you are getting back 50% of the 10K, then looking at 5K + installation (WAG of 7K total) you will get back 7K / 120 months + 10% financing or 8K / 120 = $67 / month. (Beware, I am not a financial wizard!)

This back of the napkin calc looks amazing to me, but then I really am not an expert. If someone else can either validate this or correct me, I would be grateful.

[J.P.M.]

21c and i need around a 10k system. Sun run states that they can only get me around 70% coverage.Sunpower can get me 100% coverage.I was going to lease from sunpower,but they keep the federal tax credit. So i plan to buy .I just don't know from you or where i am going to borrow for the system yet.Other than that i am all set to go

Have you confirmed vendor's estimates of production by running PVWatts ?

[bradykp]

PNC has better rates and lets you go up to 89% equity to borrow a HELOC.

[acamato]

I am considering installing solar panels myself. I am not elgible for the NY-sun financing http://ny-sun.ny.gov/Get-Solar/NY-Sun-Financing. One option I am looking at is Admirals bank. https://www.admiralsbank.com/renewable-energy-lending I want to contact them for their rates.

[Joe Blow]

I am considering installing solar panels myself. I am not elgible for the NY-sun financing. One option I am looking at is Admirals bank. https://www.admiralsbank.com/renewable-energy-lending I want to contact them for their rates.

Thanks alot for that info

Let us know what rates admiral has.I have a brother that lives in NJ and is looking into solar

[bradykp]

Thanks alot for that info

Let us know what rates admiral has.I have a brother that lives in NJ and is looking into solar

Joe - I'm in NJ and doing it now. PNC was 3.89%. Investor's was even better but their appraisal of my home (paper appraisal) came in low. TD Bank also had competitive rates. My install should be in about 4-6 weeks.

[Joe Blow]

Joe - I'm in NJ and doing it now. PNC was 3.89%. Investor's was even better but their appraisal of my home (paper appraisal) came in low. TD Bank also had competitive rates. My install should be in about 4-6 weeks.

Nice brady..I don't think you beat that deal.

Did you have to re finance your home and take out a new 1st mortgage? Or was that a home equity loan? I am sure PNC is not killing you with big fees either.

I am going to PNC myself

Thank you very much for the info!