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Photo credit: SolarCity
The new loan program includes fixed payments and shorter terms. It will replace SolarCity's popular MyPower product, which allowed SolarCity to provide more loans in 2015 than any other solar installer, according to a news release.
“We can now offer a loan that makes it possible for many customers to pay less for solar from day one, and still receive thousands back in tax credits on top of that," SolarCity CEO Lyndon Rive said. “This program will allow thousands of additional customers across the U.S. to install solar this year and start saving money immediately, and we expect to work with multiple lenders that will allow us to expand to several new states by the end of the month with the same great terms for our customers."
The new loans offer a range of features, including:
- 10-year loan with annual percentage rate as low as 2.99 percent.
- 20-year loan with annual percentage rate as low as 4.99 percent.
- Customers can prepay their entire balance or prepay a portion of their loan to lower their monthly payments at any time, with no fees or penalties.
- SolarCity's loans include the industry's best service package, including a 20-year warranty, production guarantee, and continuous monitoring.
- SolarCity provides the industry's best mounting system and installation aesthetics, and backs up its agreements with the largest in-house service footprint in the industry, with 90 local operations centers.
- SolarCity will provide and install a Nest Thermostat at no additional cost for qualifying customers.
SolarCity is offering the new loans in Arizona, California, Colorado, Connecticut, Delaware, Maryland, Massachusetts, New Hampshire, New Mexico, New Jersey, New York, Oregon, Rhode Island, Texas and Washington, DC. The company hopes to expand to new locations by the end of the month.
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