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Although there is not a single "best answer" for how to finance renewable energy systems, there are usually some significant benefits to using longer term (more than 10 year) financing. By using a longer-term loan you will often end up with a lower monthly payment, and this often provides a better match with the savings produced by your renewable energy system. Secured loans (most commonly mortgage and home equity loans) also often allow you to take advantage of tax deductions for interest payments. These tax savings can significantly improve the economics of your solar electric or hot water system over the full term of your loan Local
Bank offers financing for renewables: The program offers a reduced interest rate home equity loan when used for renewable energy purposes such as solar hot water installation, solar panels for electricity generation, residential wind turbines, etc. Starting October 1st, 2003 and running for 6 months, the interest rate on five-year home equity loans will be discounted 1.00% when the loan is used for renewable energy systems. The minimum loan amount is $5,000 and the maximum amount is $50,000. For
more information: Another source for information on mortgage programs supporting renewable energy systems is the Green Energy Finance site (www.energyfinance.org). |
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The
Benefits of Long Term Financing