Quantcast
Environmental News for a Healthier Planet and Life

Help Support EcoWatch

New Solar Loan Program Now Available in 14 States

Energy
New Solar Loan Program Now Available in 14 States

SolarCity announced June 2 a new loan program, available in 14 states, that will save customers money on solar energy bills and help them earn tax credits.

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.

YOU MIGHT ALSO LIKE:

Chile Producing So Much Solar Energy It's Giving Electricity Away for Free

This One Chart Says It All for the Future of Solar Energy

Dubai to Build World's Largest Concentrated Solar Power Plant

7 Charts Show How Renewables Broke Records Globally in 2015

Anika Chebrolu of Frisco, Texas has been named "America's Top Young Scientist" for identifying a molecule that can selectively bind to the spike protein of the SARS-CoV-2 virus. Anika Chebrolu / YouTube

Scientists at top universities searching for a coronavirus cure have just gotten help from an unexpected source: a 14-year-old from Texas.

Read More Show Less

EcoWatch Daily Newsletter

Fish exposed to endocrine-disrupting compounds, like this inland silverside fish, can pass on health problems to future generations. Bill Stagnaro / Wikimedia Commons / CC by 3.0

By Brian Bienkowski

Fish exposed to endocrine-disrupting compounds pass on health problems to future generations, including deformities, reduced survival, and reproductive problems, according to a new study.

Read More Show Less

Trending

Poor eating habits, lack of exercise, genetics, and a bunch of other things are known to be behind excessive weight gain. But, did you know that how much sleep you get each night can also determine how much weight you gain or lose?

Read More Show Less
New Zealand Prime Minister Jacinda Ardern declares victory during the Labor Party Election Night Function at Auckland Town Hall on Oct. 17, 2020 in Auckland, New Zealand. Hannah Peters / Getty Images

Jacinda Ardern, the New Zealand Prime Minister who has emerged as a leader on the climate crisis and the coronavirus pandemic, has won a second term in office.

Read More Show Less
A woman holds a handful of vitamin C. VO IMAGES / Getty Images

By Laura Beil

Consumers have long turned to vitamins and herbs to try to protect themselves from disease. This pandemic is no different — especially with headlines that scream "This supplement could save you from coronavirus."

Read More Show Less

Support Ecowatch