Own Your Solar Power with 0-Down Loans
ReVision Energy’s “Own Your Power” solar loan program allows home owners to become solar energy system owners with no money down.
The OYP program offers financing up to $55,000 for qualified homeowners.
There are actually two loans:
- A 1-yr ‘same as cash’ loan with no interest; this covers the amount expected from government incentives
- A 12-yr, 2.99% fixed rate loan on the remaining balance.
By offering full financing with no money down, the program allows you to swap a monthly bill payment to the power company for a monthly installment on a solar array, which you then own free and clear at the end of the loan. You may also finance solar hot water, heat pump/electric water heaters, electric vehicle chargers, or air source heat pumps to get further savings beyond your electric bill.
The loan ties up no home equity, requires no appraisal, no closing costs, and has no pre-payment penalties. The reasonable 2.99% rate is fixed for the life of the loan so you can make a solar investment knowing exactly what your cost for energy will be for 20+ years.
Why Own Your Power vs. Leasing
While the practice of solar leasing is extremely popular in much of the country, we feel that it is rarely in the solar customer’s best interest.
After running the numbers ourselves, we know that any customer who conducts a full financial analysis of leasing vs. financing will conclude that a cash purchase or finance to own is in their best long-term financial interest.
Leasing gives up all the benefits you qualify for – state rebates, federal credits, SRECs, etc. – and funnels them over to the leasing company. Lease terms often include an automatic ‘escalator’ in the amount of your lease payment over time, and at the term of 20-years you often end up owning nothing.
Meanwhile, if you financed the same array using the “Own Your Power” loan, you would own the system from Day 1, and in Year 12 be able to enjoy the freedom from the energy payments for decades. Owning your power is like taking a home mortgage, a solar lease merely sheds you from the shackles of the utility payment and passes them to the solar leasing company.
Consider these words from a Massachusetts homeowner explaining why solar financing was a better financial deal for him than leasing:
I was surprised to find out that the national installers were only interested in leasing a system. Another local company pressed us to lease at first but when I insisted that I only wanted to purchase because I feel purchasing is a better investment they sent me a proposal. However, after considering the other options and doing some additional online research I found that ReVision had offered us a very fair proposal. Because of the deal we received from ReVision and the feedback I had seen on their web page, we felt good with the proposal and decided to move forward. – Kevin Cassidy, Amesbury, MA
Mass Solar Loan Program
ReVision Energy is an authorized installer under the Mass Solar Loan program, a Massachusetts program that enables lenders to provide low interest rate loans and make loans available to moderate income and lower credit score borrowers. It also provides subsidies of up to 30% of the installation cost for income-qualified households. The program is available for residential projects in Massachusetts only.
Thanks to the state-level backing, the rates under the Mass Solar Loan program can be very attractive. The process is slightly more complicated than financing using GreenSky. The first part of the process is the same – get started with a free solar site evaluation at your home.
Once you’ve received a solar proposal you’re interested in pursuing, we’ll help you put together a Mass Solar Loan program application, which will give you a technical confirmation that the project meets the requirements of the program. Finally, that technical confirmation and a project contract will allow you to go to seek financing from a participating bank or credit union.
Mass Solar Loan Features
- $3,000 to $35,000 loans, with some lenders offering loans up to $60,000
- $500 maximum closing costs
- Standard 10-year repayment term
- Low interest rate
- Up to 12 months of interest-only payments during construction
- Secured or unsecured loans available depending on lender
- Ability to re-amortize within the first 18 months at no cost
More information on the Mass Solar Loan website or see the brochure below: