Financing Examples for SolarHere’s what a solar loan payment looks like. The borrowing periods include 10, 12, and 20 years.
Compare to $100/month in average net-meter credits to your utility bill. $15,900 = the cost for 5.3 kW in a community solar project (enough for an average household). $11,130 = the net cost after taking the 30% federal tax credit. |
VSECU
Example 1 VSECU ITC Loan: $15,900 borrowed / monthly payment = $114 • $4,770 federal tax credit applied to loan within 15 months • 5.65% APR (based on good credit rating) • 144-month term (12 years) Example 2 VSECU 20-Year Energy Improvement Loan: $15,900 borrowed / monthly payment = $120 • 6.65% APR (based on good credit rating) • 240-month term (20 years) Example 3 VSECU 20-Year Energy Improvement Loan: $11,130 borrowed / monthly payment = $84 • 6.65% APR (based on good credit rating) • 240-month term (20 years) Mascoma Bank Monthly payments for the 1st year are interest-only. The borrower can pay more at any time. Example 1 Mascoma Bank Solar Loan: $15,900 borrowed / monthly payment = $86 for 1st year $4,770 federal tax credit applied to loan within 1st year / monthly payment = $101 for 14 years • 6.49% APR (based on good credit rating) • 180-month term (15 years) If loan payments are deducted from a Mascoma bank account, the interest rate is reduced by 1%: $15,900 borrowed / monthly payment = $73 for 1st year $4,770 federal tax credit applied to loan within 1st year / monthly payment = $96 for 14 years • 5.49% APR (based on good credit rating) • 180-month term (15 years) Example 2 Mascoma Bank Solar Loan: $11,130 borrowed / monthly payment = $61 for 1st year monthly payment = $97 for 14 years • 6.49% APR (based on good credit rating) • 180-month term (15 years) If loan payments are deducted from a Mascoma bank account, the interest rate is reduced by 1%: $11,130 borrowed / monthly payment = $51 for 1st year / monthly payment = $96 for 14 years • 5.49% APR (based on good credit rating) • 180-month term (15 years) Neighborworks of Western Vermont Example 1 Neighborworks Solar Loan: $15,900 borrowed / monthly payment = $174.14 • 5.7% APR (based on good credit rating) • 120-month term (10 years) for qualifying households with income between $60,000-90,000, monthly payment = $153.46 • 2.99% APR • 120-month term (10 years) Example 2 Neighborworks Solar Loan: $11,130 borrowed / monthly payment = $121.90 • 5.7% APR (based on good credit rating) • 120-month term (10 years) for qualifying households with income between $60,000-90,000, monthly payment = $107.42 • 2.99% APR • 120-month term (10 years) |