Flexible Financing Options Make Solar Affordable.
Cash or financing? Many customers choose to pay for their solar system with cash or use a home equity loan. However, there are many other options available today that make going solar a smart financial decision.
Ask your solar installer about no-money down loan options that let you pay on a schedule that’s best for you. Often, a loan spread over a 20 year term will produce a monthly loan payment that is equivalent or less than what you are now paying for your electric bill. Over time, the cost of electricity will increase, but your solar loan payment will remain the same – saving you thousands of dollars over the next 25 to 30 years or more.
Talk to your solar installer about what’s important to you and learn about the flexible financing programs available to help you go solar. Some grant and loan programs that are available to help you go solar include:
- LOAN: For City of Pittsburgh Residents Only – The Pittsburgh Urban Redevelopment Authority offers the Pittsburgh Home Rehabilitation Program (PHRP) and PHRP PLUS for Energy Efficiency to residents with qualifying incomes. PHRP provides a 0% fixed interest rate for up to 20 years with no money down for home improvements, including solar and energy efficiency. With the new PHRP Plus, you receive the added benefit of an Energy Efficiency Loan Program with a grant of up to $2,500. This loan would produce a monthly payment that is much less than your current electric bill.
- LOAN: For Allegheny County Residents Only (outside of Pittsburgh) – The Redevelopment Authority of Allegheny County provides the Allegheny Home Improvement Loan Program to residents with qualifying incomes at a low 1% interest rate with no money down for a maximum of $23,000 up to 20 years. This loan, when used to buy solar, would likely produce a monthly payment that is much less than your current electric bill. For more information: http://www.alleghenycounty.us/economic/residents/homeimproveloan.aspx
- LOAN: Admiral Bank’s Solar Step Down Loan – For more information: https://www.admiralsbank.com/renewable-energy-lending/loan-programs/solar-step-down
- GRANT: For All Allegheny County Residents – The Allegheny Health Department has created the Healthy Homes Improvement Program (HHIP), which is managed by GTECH Strategies. HHIP will provide up to $2,500 in funds to the first 100 qualified applicants who invest at least $5,000 in whole-home energy upgrades. There is a possibility that a portion of this grant could be used for solar if the energy audit suggests solar energy in the recommendations. For more information: www.healthyhomespgh.org.