Solar Financing

For customers looking for long-term solar financing competitive with leasing or power purchase agreements, Switch to Solar offers a number of solar financing products that offer our customers superior net cash flows on your solar energy investment.

We work with two solar energy financing programs to provide you these options:

  • Admirals Bank Title 1 Plus 1 Home Improvement Loan Program
  • GEOSmart Unsecured Installment Financing from EGIA.

In some cases, it may be beneficial to combine one of the EGIA offerings with the Admirals Bank program. This may allow you to enjoy a no payment/no interest period of up to 12 months before beginning installment payments.

Admirals Bank

Admirals Bank is a leading provider for the secured $25,000 FHA Title I Home Improvement Loan:

Title I Home Improvement Loan for Solar Power Installation

Max: $25,000   –   Fixed rates from 4.95% to 9.95%

  • No equity or appraisal required (lien will be placed against the property in first or second position)
  • 100% UPFRONT FUNDING
  • Flexible loan terms up to 20 years
  • No seasoning requirements
  • No prepayment penalties
  • Borrowers looking for renewable energy products may request a one-time re-amortization with no additional fees within the first 24 months of the loan provided certain requirements are met

Admirals Bank’s Title I customers also have the option to borrow up to an additional $15,000 through Admiral’s exclusive unsecured “Plus I” loan.

Admirals Bank offers two Plus I loan products, each designed to pair with their Title I product and cater to specific project types or industries:

Plus I Save Now, Pay Later Loan

Max: $15,000 (Unsecured)

  • No interest owed if principal balance is paid completely in first 18 months from the date of funding
  • Borrower is not required to make installment payments for the Plus I Loan during the first 18 months from the date of funding
  • 100% upfront funding
  • No prepayment penalties
  • Access to a team of renewable energy financing experts

Plus I Pay As You Go Loan

Max: $15,000 (Unsecured)

  • Flexible loan terms up to 10 years
  • 100% upfront funding.
  • No prepayment penalties.
  • Access to a team of home improvement experts and a division that has 25 years’ experience in the industry.

The interest rate on the loans is risk based, i.e. it is determined by your credit score. For details on rates and payments please see the Admirals Alternatives flyer.

EGIA (Electric and Gas Industries Association) Solar Installation Loan

Loan Amounts: $1,000 to $45,000 (Unsecured)

EGIA offers products tailored to different needs:

  • Same-as-cash for those with the cash but want to defer the pay out
  • Payment buyers who want the lowest monthly payment
  • Those with challenged credit

EGIA offers an array of products designed to make your solar energy installation project affordable regardless of your financial circumstances. Options include:

  • Standard installment loan
  • No interest with payments:  Minimum monthly payments with no interest from 6 to 18 months
  • No interest and no payments:  from 3 to 18 months.
  • Reduced rate APR:  Buy down the interest rate to as low as 2.99% on a 12 year installment loan or 3.99% on a 7 year loan.
  • Equal payments/No interest: Pay the principal off in equal installments with no interest on 2 to 5 year loans.

The following holds for all of the options:

  • Available for FICO scores down to 640
  • No prepayment penalties
  • No proof of income required.

For more information about any of these solar financing programs, or for help deciding which solar financing approach is right for you, give us a call or email us today.

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