In just its second year of providing loan services the Energize Delaware Residential Solar Loan Program has reached the significant milestone of granting over $2 million in qualified loans to Delaware homeowners. Established in June 2017, the Residential Solar Loan Program provides low-interest loans to credit-qualified Delaware homeowners of a single-family or duplex property to encourage the purchase of customer sited and owned solar electric generation.
The Energize Delaware Residential Solar Loan Program has financed work for eight different solar energy installers across Delaware. Loans are available at a 3.9% interest rate in amounts ranging from $5,000 to $30,000, for a maximum 10-year term. Loan amounts cannot exceed 70% of the total project cost.
Lyn Mox, Director of Customer Relations for Clean Energy USA, a Sussex County contractor, praised the program, by stating, “The Green Grant / Loan office is amazing to work with. The program has been a huge benefit to being able to not just offer solar to everyone in Delaware but it makes is possible for everyone in Delaware to afford it, which is huge!”
The Residential Solar Loan Program provides low-interest loans to credit-qualified homeowners in Delaware to encourage the purchase of customer-sited, customer-owned renewable generation. Loans are available to credit-qualified Delaware residents who own a single-family home or duplex.
There are many advantages of owning your solar system versus leasing one. These advantages include:
• Saving more money over the lifetime of the system (vs. leasing)
• Improving your home’s market value
• Having more control over the design of your system
• Taking advantage of incentive programs like a 30% Federal Tax Credit
• Earning extra income from the annual Solar Renewable Energy Credit (SREC) auction, which may enable you to sell excess solar energy back to Delmarva Power
To learn more on how to apply and to find a participating contractor, homeowners should visit the website www.energizedelaware.org/residential/residential-solar-loans/.
Lauren Donovan of Newark-based CMI Solar & Electric, explained, “We cannot speak highly enough of Energize Delaware’s solar loan program, as it has allowed many Delaware homeowner’s the ability to install solar technology where they had limited options in the past. Many of our customers who declined installing systems prior to the Loan Program came back only because it was made available. Delaware residents are lucky to have this fantastic program available in their efforts to Go Green.”