Solar System or Electric Bill? Which would you choose?
In our last post we introduced a Carbondale couple who had financed a solar system on their home with no out-of-pocket costs and a monthly loan payment about equal to thier monthly electric bill. Do you want to trade your electric bill for a solar system too? Keep reading to learn more about how you can finance a solar system with no money down.
RENU – Low-Cost Loans for Coloradans
The RENU Program (Colorado Residential Energy Upgrade Loan) is a statewide residential loan program sponsored by the Colorado Energy Office in partnership with Elevations Credit Union. Its terms allow qualified homeowners to finance up to 100% of the cost of a solar system. Combined with rebates and the tax incentives you could be able to install a solar system on your residence with no out-of-pocket expenses, and trade your monthly electric bill for a loan payment of about the same cost.
Moreover, your loan payment will remain fixed while the utility bill you are giving up will probably increase 2% – 5% per year. Better yet, once your loan is paid-off you’ll have free electricity forever after! And if you sell your home the loan can be transferred to the new owners. Won’t those people be lucky, on their way to free electricity!
- Fixed, low-interest loans are available from $500 to $35,000
- Finance up to 100% of the project cost
- Interest rates start at 2.75% for FICO scores of 740+ and a 36-month term
- 36-, 60-, 84-, 120- or 180-month terms
- No pre-payment penalties
- Borrowers approved with credit scores as low as 580
How Is This Program Different from Previous Ones?
The RENU program is designed to make it easy for as many Coloradans as possible to finance a solar system and make other energy efficient upgrades to their homes. With loan fees from $44 – $84, the program’s fees are extremely low compared to the 10% – 12% of the solar system cost charged by other solar financing providers (often $2000- $3000 dollars). Being able to finance 100% of the costs of the PV system means buyers don’t have to have any money to put down. In addition, the program offers reasonable interest rates even if you have a less than perfect credit score. Combined, these terms usually result in a monthly loan payment approximately equal to what customers were paying for their electric bill.
Working With SoL Energy is Easy!
Talk to Ken Olson, the President of SoL Energy. He will be happy to explain everything from financing through the installation of your solar panels. Plus, ken and his team will make sure you take advantage of any rebates or incentives that are available, and take care of every detail of the installation process.
Click Here to Get Started, or Call SoL Energy at 970-963-1060.
More About The RENU Loan Program
According to the Colorado Energy Office website, approximately 25% of the energy used in the state is used in homes, and residential buildings present the greatest opportunity for conserving energy and increasing efficiency in the state.
The Colorado Energy Office hopes that through the RENU program they can increase awareness of the opportunities for Colorado residents to reduce their energy use in both new and existing homes. So, in addition to financing a solar system, RENU loans can be used for:
- Space heating & cooling
- Insulation & air sealing
- Water heating
- Energy analysis & monitoring
- Windows & doors
- ENERGY STAR appliances
- Solar thermal
Call Sol Energy Today for a Free Estimate 970-963-1060
Or Click here to request a free consultation.