Financing solar for your home in Washington
SPRING FINANCING SPECIAL!
Our finance partner PSCCU (local independent credit union) has a great deal for qualified Washington homeowners to go solar! You can have 0% interest and no payments for the first 90 days. Low-interest (no sneaky balloon payments) after that. We’ve had more than a thousand customers finance via PSCCU (including several of our own employees). Contact us today for a free solar evaluation and more details.
https://www.a-rsolar.com/contact/
Several financial institutions offer low-interest loans for residential and commercial solar installations. These are generally zero-down loans with no fees and the only collateral on the loan is the solar equipment.
Puget Sound Cooperative Credit Union: Best overall solar financing solution
Rates as low as 3.5% from the most experienced solar lender in the region. Apply online at psccu.org.
Verity Credit Union: Nonprofit donation with every solar loan
Fixed rates, terms up to 20 years, and $100 community giveback to your charity of choice for every solar loan. To learn more or apply, go to veritycu.com/solar.
Generations Credit Union: Best for balancing cash flow over time
Generations CU created a special “Solar Cash Flow” loan with payments timed around your federal tax credit and state incentives to reduce the principal payments and achieve small monthly loan payments. Apply online at generationscreditunion.com.
Umpqua Bank: Best for a home equity line of credit
If you want to leverage equity in your home, Umpqua has a great solution for solar combining rates as low as 3.99% and a flexible HELOC, though this option generally has more paperwork and takes longer than a term loan like PSCCU’s. Apply online at umpquabank.com.
Craft3: Best for low monthly payments or lower credit scores
Craft3 is a non-profit lender with an on-bill solar financing option for Seattle City Light customers that accommodates credit scores as low as 590 and offers special interest rates for households earning up to 80% of the area median income. Apply online at craft3.org.
Financing for putting solar on your business in Washington
Securing financing for commercial projects generally requires technical information about the solar project submitted with a loan application. As such, we are happy to work through the loan application process with you.
Things to watch for when considering solar financing: We recommend being extremely cautious about “same-as-cash” financing, especially from national solar companies. Read the fine print and go with local credit unions and banks that are independent!
Many of these “deals” are deferred interest payments. If you can pay off your loan in full within the 12 month window, that’s great. But if your finances change and you are unable to pay off your remaining balance, you will be charged interest on the full amount that you borrowed, not just your remaining balance.
These interest rates can be as high as 40 percent or more. The minimum monthly payments don’t add up to paying off the balance by the 12-month deadline, so you could find yourself with unhealthy debt if you can’t pay the full amount in the specified time period.
Here’s another tip off: Many of these same-as-cash loans require the installer to pay fixed upfront fees to the lender. You can bet those fees get passed on to you, the customer. This means that many customers will pay 5-25 percent more for solar just so the installer can offer these loans.
While we want to encourage as many people to go solar as possible, we want to do so responsibly and in the fairest way for the customer. That’s why we work with local credit unions and independent banks. Their commitment to customers and a healthy local economy help support the communities where we work and play.
“The smartest investment I’ve made in years.”
BRIAN, WOODINVILLE