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RMSWI’S Transparent Solar Financing  

The real cost of solar financing is often hidden from the customer because solar companies tend to have two prices. They offer a price for customers that want to pay cash and a higher price for customers that want a loan. Rocky Mountain Solar & Wind, Inc. (RMSWI) offers financing using one solar system price: the lower price. Solar financing companies that offer quick financing and charge the “lowest” interest rates usually have the highest origination (contractor) fees. However, you will not see these charges because they are added into the total price of the solar system that the solar company quotes you. Other solar companies usually charge an origination fee of 10-16% of the loan value. RMSWI offers financing through four different companies.

We have ranked them generally according to desirability or best deal, especially lowest interest rates, although each customer’s situation is unique:

1. Green Bank of Colorado (located in Colorado Springs)

  • https://greenbankofco.com/
  • $100 in loan fees, low interest rates
  • Loan pre-approval usually 1-2 days, final approval usually 3-4 days

2. RENU Loan (Colorado Energy Office and Elevations CU)

  • https://www.colorado.gov/pacific/energyoffice/colorado-renu-loan and https://www.elevationscu.com/personal/loans/energy-loans
  • Approximately $100 in loan fees, low interest rates for those with poor credit
  • No pre-approval, final approval usually 2-3 days.

3. Generations Credit Union Summer Solar Loan

  • https://www.generationscreditunion.com/
  • $256 in loan fees, offers delayed payments plan, reasonable interest rates
  • Loan pre-approval usually 1-2 days, final approval usually 2-4 days

4. Home Loan Investment Bank

  • https://www.homeloanbank.com/
  • Loan fees are likely to be higher than the 3 companies above, but generally far less than other solar finance companies, low interest rates for people with good credit, offer 20-year loan option
  • Get pre-approval the same day you apply, cash in hand in 11 days. Home Loan Investment Bank is the only company with significant loan fees, but none of these loan fees are hidden in the total price of the solar system. Instead, these fees are shown so that you know exactly what you are paying for the loan.

If you called a solar company other than RMSWI, and wanted to buy a 5 kW solar electric system with cash, they might quote you $20,000 (before incentives); however, if you called the same solar company and asked for a zero-down solar loan then they would likely quote you a system price of $23,000. Other solar companies will quote you a monthly repayment amount on the loan rather than tell you the total price of the system including the price of the loan, since the total price of a financed solar system is much higher than a system paid for with cash. These solar loans from other companies sometimes advertise rates of 2.99%, which sounds very attractive, but the real cost is much higher because the system cost has been inflated by 10-16%. A financed solar system can still be economically feasible if it has enough of a return on investment.

For example, and IRR of 8-15% is a fantastic return. The return on your solar investment could be better if you are able to finance the solar system based on the equity in your home. Then, it’s possible to pay the solar company the cash price for the solar system.

For more information on solar financing please email: info@rockymtnsolar.com

Additional information: Solar Loans: Everything You Need to Know (solarreviews.com)