Solar Loan Program by SolarTown

Ever since we created the SolarTown community, our customers have complained that the financial burden of going solar was simply too great for them to embark on the journey. Starting today, we are offering our customers some relief: a solar loan program with one year of no payments and no interest.

If you are a DIYer, you now have this solar loan program as an option so that you have time to receive your economic incentives and you don’t have to go out and get a home loan or put the entire purchase on your credit card. If you are an installer who has in the past had to advance the cost of the equipment for your customers, you can now have your customer place an order for a solar energy system with SolarTown. You will of course still do the installation—but without having to come out of pocket for the solar energy equipment.

Economic Incentives Make Solar Energy Systems Affordable

The problem has been that the gross cost of solar energy systems is prohibitive. The system cost even without installation could easily run $25,000. To support this fledgling industry, the federal, state and local governments, and even utilities have stepped in with economic incentives. Depending on which state you live in, of that $25,000, you might get back $10,000 or even $15,000 in tax credits and rebates. But you might have to wait until the next tax season or wait in a long line for months before you get the money.

No Payments and No Interest for One Year

We have often heard from installers who want SolarTown to “float the rebate.” Up until now the answer has been no. That has now changed with the solar loan program that we are announcing today. Under this solar loan program, qualified residential customers who purchase their solar energy products from SolarTown will have no payments and no interest for up to one year.

This is how it will work. The SolarTown customer will select his or her solar energy products from SolarTown. Most probably, these will be home solar panels, solar water pump systems or other large purchases. The minimum amount to qualify for this program is $1,000 and the maximum, $45,000.

Quick Application for the Loan

Once the order has been prepared, the customer will talk with a Bank representative. To maintain confidentiality of your consumer information, we will not stay on the line as the Bank representative takes your application over the phone. Of course, you will not qualify if you have a bad credit score. The Bank will give an answer within about ten minutes.

Application Approved and Solar Energy System is Shipped

Once your application has been approved, we are able to finalize the order and prepare the order for shipping. Once the order has been completed, you will send us the approval.

No Payments and No Interest for One Year

You can immediately start enjoying solar energy from your solar energy system and sit back and wait for your rebates and tax credits. You have up to one year to pay off the loan with no interest.

Our solar loan program is not the panacea for all residential customers who want to install a solar energy system, but it is a huge leap forward. We look forward to your visiting us at SolarTown and taking advantage of the new solar loan program.