With Hawaii electricity rates being some of the highest in the nation and the payback period being so short, it just makes sense to get solar PV. Once you have it, you will be so glad you did it. Below, are some financing options.
Solar PV can be a considerable upfront investment, but allows you to avoid paying interest and financing fees. The majority of our customer's PV system's, upfront cost, will range between $20,000 and $40,000, before tax incentives. After maximum federal and state tax credits, the adjusted cost can be as little as 35% of the upfront cost. On average, most of our customers will recover the cost of their solar system in 4-7 years. That this is one of the best ways to save a whole lot of money.
We can finance most Solar PV systems at 2.99% APR, where the monthly payment for the cost of the solar system will be less than what you would have paid for your monthly electric bill. With our loan program, you have the option to make an additional 20% or greater down payment, within the 1st 18 months, and your loan will be re-amortized and your monthly payment will drop dramatically. Most people are able to accomplish this, by using the tax credits received, as well as the money saved from their lower monthly electrical bill. You can choose between a 12 year or 15 year term. A credit score of 680 or higher is needed to qualify for this program. Call us today to learn more about it.
Nationally, we have found that a Home Equity Line of Credit (HELOC), will get you a great interest rate. Locally, you can also find other solar loans available from Bank of Hawaii, First Hawaiian Bank, University of Hawaii Federal Credit Union, and various local credit unions. There are also many solar leasing options available.