Going Solar Can Be Affordable

Date April 1, 2016

 alt=Are you secretly watching with envy as your neighbors and friends install solar panels on their home, saving energy and ultimately, money?

You may be thinking: I wish I could afford solar panels for my home. Good news – with a loan from Matadors Community Credit Union, going solar may be more affordable than you think! Regardless of how you finance your solar installation, the number one thing you want to be sure of is that your monthly payment will be less that what you are paying your utility company now.

You’ve probably seen those little vans driving around and leaflets left at your doorstep touting low-cost leases for solar. But by purchasing your solar system, you have an advantage. You own your panels, not some leasing company. According to energysage.com, both $0-down solar loans and $0-down solar leases/PPAs result in immediate savings, with no money out-of-pocket, because your monthly loan or lease/PPA payment will be less than your current monthly utility bill. The monthly savings from a solar loan, however, are likely to be higher than the savings from a solar lease or PPA. This is because solar loans are typically paid down in 7 to 15 years, whereas leases require regular payments over the term of the agreement.

Plus, when you purchase your system, you have access to the Federal Tax Credit, and can get 30% of your total cost back! With leasing, you won’t be able to get the tax credit.

When you finance your solar installation with MCCU, you’ll get:

  • Rates as low as 2.99% APR¹
  • No money down
  • No payment due for 90 days²
  • Terms as long as 20 years, keeping payments low
  • Access to our top solar contractors, who we vet for you

MCCU has an experienced team of solar financing experts, ready to help you through the process! Contact us today for more information and we’ll help you get started!

1 APR=Annual Percentage Rate. Rates as of 2/04/16 and are subject to change at any time. Must meet credit and income criteria. Rate quoted is the preferred rate with a minimum 720 FICO. Subject to credit approval and membership eligibility. Other rates and terms available. Sample Payment: $206.84 (based on 144 month term, $25,000, 2.99% APR). Rate reflects Automatic Payment of .50%. UCC1 lien will be recorded on property. We finance single family homes in all of California, except San Diego County. Restrictions may apply. Membership required.
2 Interest accrues from date of funding.

Comments are closed.