PERSONAL LOANS FOR HOME ENERGY IMPROVEMENT
Personal Loans For Home Energy Improvement, or Home Energy Loans, are secured and unsecured loans that are available for financing energy efficiency, renewable energy, and water efficiency home improvement projects. Each type of loan represents a unique financing tool that has its own defined benefits and specific qualification requirements.
Our Energy Efficiency Consultant will introduce you to various financing options to enable you to make the best possible decision related to your next green energy home improvement project.
Cool Remodeling YouTube® Video Library
© 2024 Copyright Owned By The Video Publisher
SOLAR LOAN OVERVIEW
EnergySage suggests that there are several methods for getting a solar PV system:
- Cash Purchase. You can purchase the system and pay by check or use various financing options, including PACE Financing. Learn more about PACE Financing.
- Solar Lease. You can lease the system and pay a fixed monthly leasing fee to the leasing company. This fee may be subject to annual escalation. Learn more about Solar Lease.
- Power-Purchase Agreements (PPAs). You can use a PPA contract and pay monthly fees based on the amount of kWh produced by the solar PV system. Learn more about PPA’s.
- Solar Loan. There are many Solar Loan options available to you. Solar energy loans can be divided into two categories. Both loan categories have implications for the borrower.
TWO TYPES OF SOLAR LOANS
SECURED SOLAR LOANS
Secured Loans require an asset that will serve as collateral for the loan – in most cases, that asset will be your home.
UNSECURED SOLAR LOANS
Unsecured Loans do not require any collateral other than the solar PV system itself.
SOLAR LOAN BENEFITS
- With a solar loan, you can save 40% - 70% in electricity costs over the lifetime of your solar PV system.
- Many loans do not require downpayment and allow you to finance the total amount of your solar PV system.
- Various institutions offer solar loans, from traditional banks to solar PV panel manufacturers.
- Solar loans have the same basic structure, terms and conditions as other home improvement loans.
- Solar loans offer immediate returns by saving you money on your electricity bills right away, even as you repay the loan.
HOW DOES A SOLAR LOAN WORK?
Once you decide to join thousands of homeowners, who believe in solar energy, you may consider applying for a Solar Loan. This process entails a few steps outlined below:
- Design A Solar PV System. You will select an experienced licensed contractor who is approved by one or several financing companies. The contractor will design a solar PV system to meet your specific needs and give you a detailed proposal to show how much you can save by going solar.
- Select A Financing Company. The contractor will provide you with several financing options and assist you in selecting the most suitable financing plan for your project.
- Get Approved On A Solar Loan. Your contractor will connect you with a financing company that offers the selected financing plan to enable you to proceed with a secure credit application. Upon approval of the credit application, you can proceed with your project.
- Install The Solar PV System. Your contractor will file for all permits, order equipment, install the solar PV system and organize all inspections. When the system is installed, and you’re 100% satisfied, payment will be released to your contractor.
- Pay Back The Solar Loan. The financing company will make going solar fit your budget and help you save money at the same time. You can use these savings and proceeds from any solar incentives to pay back the money you’ve borrowed.
Cool Remodeling YouTube® Video Library
© 2024 Copyright Owned By The Video Publisher
BENJI® FINANCING© 2024 Finance Of America Home Improvement
Benji is part of Finance of America Home Improvement, consumer lending platform that offers non-mortgage financing options. Benji offers flexible financing options through approved contractors, and projects can start at $4,000 and up to $50,000. Benji financing offers fixed interest rates, flexible term lengths, and no downpayment required.
Benji® Financing is an unsecured loan program for almost any type of a home improvement project:
- Benji® Financing and the HERO Program frequently run promotional combination campaigns that result in additional benefits, such as lower fixed term rates.
- Benji® Financing are subject to the borrower’s credit approval.
BENJI® FINANCING BENEFITS
- Financing for most home improvement projects in addition to solar and home energy projects.
- Fixed rates, flexible plans, $0 down.
- Quick online, in-home approvals.
- Special deals with Benji® + HERO PACE Financing.
- No lien against property or equipment.
SPECIAL FINANCING PLAN
- Loan range: $4,000 - $30,000.
- Payment terms: 6 month, 12 month, 18 month.
- Downpayment: $0 down.
- Financing: 100%.
- Interest: 0% APR.
FIXED RATE FINANCING PLAN
- Loan range: $4,000 - $50,000.
- Payment terms: 5 - 10 years.
- Downpayment: $0 down.
- Financing: 100%.
- Competitive interest rates: 6.99%– 8.99%
BENJI® FINANCING REQUIREMENTS
- Credit FICO score must be 650+.
- Debt-to-income (DTI) ratio is considered.
- At least 1 borrower must be on the property title.
- Special Benji® + HERO PACE combination promotions must cover the same project.
Note: Benji® Financing requirements and rates are subject to change from time to time.
COMPARISON BETWEEN BENJI® FINANCING LOAN, CREDIT CARDS, AND A HOME EQUITY LOAN
| Details | Credit Cards | Home Equity Loan | Benji Financing |
| Fast application online. | Yes | No | Yes |
| Competitive fixed rates. | No | Yes | Yes |
| Home equity not required for eligibility. | Yes | No | Yes |
| Contractor paid directly. | No | No | Yes |
| Contractor is not paid until the homeowner signs the completion note. | No | No | Yes |
Cool Remodeling YouTube® Video Library
© 2024 Copyright Owned By The Video Publisher
ENERGY LOAN NETWORK®© 2024 Energy Loan Network®
Energy Loan Network® (ELN) is not just another financing alternative:
- Lenders in the ELN® offer the lowest monthly payments available, with fixed rates and no pre-payment penalties. These consumer-friendly programs offer a variety of term options to best suit customers’ needs.
- ELN® partners with select credit union lenders that are committed to energy efficiency financing. This is the smartest choice of partners, because credit unions are “not-for-profit” financial institutions that are focused on delivering higher value and better service to their customers.
- ELN® offers financing for 50+ unique energy-efficient products.
- ELN® is a secured loan with an 82% approval ratio.
ELN® FINANCING BENEFITS
- No home equity required, $0 down.
- Low rates and payments.
- Finance $5,000 to $75,000.
- Finance fixed rates of 8 - 20 years.
- 0% interest and 0 payments for 18 months for solar portion of solar combo loan.
- First payment due date can be up to 90-days from the loan date.
- Proof of income waived on most applications.
- Special interest rates offered for FICO scores of 680+ and 720+.
ELN® SOLAR COMBO LOAN
When you purchase products like solar PV systems, that are subject to a 30% Federal Tax Credit, ELN® may offer you a Solar Combo Loan. This loan will enable you to take advantage of your 30% solar federal tax incentive and provide you with maximum financial benefits.
30% OF THE SOLAR COMBO LOAN AMOUNT
- No interest for 18 months.
- No interest rate increase after 18 months.
- No retroactive interest accrued.
- No risk, same-as-cash program.
- Solar ITC (Incentive Tax Credit).
70% OF THE SOLAR COMBO LOAN AMOUNT
- Your payment begins when the loan is funded at job completion.
- Low payments are based on 70% of project.
- You have 90 days to make the first payment.
ELN® FINANCING REQUIREMENTS
- FICO score must be 650+.
- Debt-to-income (DTI) ratio cannot exceed 50%.
- Property must be owner-occupied.
- At least 1 borrower on property title.
- No concurrent financing with other programs.
- No leases.
- No reverse mortgages.
- 30% solar combo loan must be paid-off before remaining 70% is due.
Note: ELN® Financing requirements and rates are subject to change from time to time.
Cool Remodeling YouTube® Video Library
© 2024 Copyright Owned By The Video Publisher
GREENSKY®© 2024 GreenSky®
GreenSky® is a financial technology company founded in 2006, based in Atlanta, Georgia. The company:
- Provides technology to banks and merchants to make loans to consumers for home improvement, solar, healthcare and other purposes.
- Provides unsecured loans through federally-insured, federal and state-chartered financial institutions, including 14 charter banks.
- Has over 2.4 Million customers and 16,000 active merchants.
- Funded over $17 Billion in loans to their customers.
- Interest rates as low as 4.99% on approved credit.
GREENSKY® BENEFITS
- High approval ratings for most home improvement, solar, and home energy projects.
- Multiple plans including: deferred interest options, low interest, and fixed payments.
- Finance projects anywhere: at your primary residence, vacation home, or rental property.
- Quick online and in-home approvals.
- 6-month purchase window.
- Credit limits up to $55,000.
- Multiple payment options.
- Easy to use GreenSky® Direct Payment Card.
- Use with any home improvement contractor or store.
- Includes both indoor and outdoor projects.
- 6-month interest-only promotional period.
- 3, 5, and 7 years to pay off the loan.
GREENSKY® REQUIREMENTS
- Debt-to-income (DTI) ratio considered.
- At least one borrower on property title.
- Required FICO score range of 300 - 800.
- The average GreenSky credit score is 760.
Note: GreenSky® Financing requirements and rates are subject to change from time to time.
Cool Remodeling YouTube® Video Library
© 2024 Copyright Owned By The Video Publisher
SUNGAGE FINANCIAL© 2024 Sungage Financial
Sungage Financial is a secured solar-only financing plan. Sungage connects homeowners with consumer-friendly financing options to go solar and save more money.
In 2009, Sara Ross, Sungage's CEO, wanted solar power. Sara didn’t have enough equity for a second mortgage, and she didn't want to lose her 30% federal tax credit with a lease.
Unsatisfied with her options, Sara founded Sungage and now helps families across the U.S. go solar and take advantage of the federal tax credit.
Sungage Financial offers homeowners consumer-friendly financing options to purchase solar systems (not lease) and save more money. All applications are completed online and get approved within minutes.
SUNGAGE BENEFITS
- Borrow between $7,500 - $75,000 for your solar project (including no-interest tax credit deferral).
- Get an advance on your 30% federal tax credit.
- No lien on property, just the panels.
- No down payment is required.
- No pre-payment penalty.
- Online application, get decision in minutes.
- Fixed plans of 5 - 20 years at set interest rates.
- Collect your incentive tax credit (ITC) at no cost.
- Get an advance on your 30% ITC and pay it off over 18 months.
- You can finance the roof replacement if it is part of the solar system installation.
- You can finance battery storage as a part of a solar system installation.
SUNGAGE REQUIREMENTS
- This is a secure loan, secured only by the solar equipment.
- Home equity not required.
- Must be the homeowner’s primary or secondary owner-occupied residence (1 to 4 units, no sub-divided deeds).
- Minimum FICO score 640.
- Maximum debt-income (DTI) ratio: 50%.
- Project must utilize modules and inverter(s) contained on the Sungage Approved Vendor List.
- Certified installers only.
- Lender: NBT Bank.
Note: Sungage Financing requirements and rates are subject to change from time to time.
HOW SUNGAGE FINANCIAL WORKS?
- Design It.
Sungage Financial partners with experienced, qualified installers. A Sungage Partner Installer will design a system that is right for your home and give you a detailed proposal to show how much you can save by going solar. - Get Approved.
Your installer will provide you with a link to a secure, online credit application. The brief application will take less than five minutes to complete and you’ll be notified of a decision on the spot. - Install It.
Your installer will file for all permits, order equipment, install the system and organize all inspections. When the system is installed, and you’re 100% satisfied, payment will be released to your installer. - Pay It Back.
Sungage Financial will make going solar fit your budget and help you save money along the way. You can use these savings and proceeds from any solar incentives to pay back the money you’ve borrowed.
Cool Remodeling YouTube® Video Library
© 2024 Copyright Owned By The Video Publisher
DIVIDEND FINANCE © 2024 Dividend Finance
Dividend Finance offers solar loans to homeowners in California and 25 other states. The company was founded in 2013 in San Francisco, with the vision of a more efficient and sustainable world through connecting homeowners, customer-centric contractors, and financial investors, all in an effort to create partnerships which enable each member of the value chain to benefit. Dividend Finance offers three important things:
ECONOMICS
- Low fixed rates.
- Tax benefits, if applicable.
- No pre-payment penalties.
SERVICE
- Hassle-free ownership.
- Workmanship warranty.
- High-quality installation.
SIMPLICITY
- Instant credit decision.
- Online loan execution.
- Automated payments.
Dividend Finance offers three financing programs outlined below.
EMPOWER LOAN
- Flat fixed payments.
- Fast, simple process.
- $0-down.
- Flexible financing terms.
EMPOWER PLUS
- Low fixed rates.
- $0-down.
- No pre-payment penalty
- Simple application process.
SOLAR + STORAGE
- Both AC & DC systems can be financed.
- $0-down.
- All states that have the EmpowerLoan are eligible.
Dividend Finance offers a seamless, cost effective path to go solar and install energy-efficient home improvements:
- An instant credit decision and online loan execution.
- High-quality installation from accredited and trustworthy installers.
- Production monitoring which allows you to track how much electricity you have generated over time.
- The benefit of worry-free automatic loan payments.
- No pre-payment penalties.
Cool Remodeling YouTube® Video Library
© 2024 Copyright Owned By The Video Publisher
THE RESIDENTIAL ENERGY EFFICIENCY LOAN (REEL) ASSISTANCE PROGRAM © 2024 The Residential Energy Efficiency Loan (REEL) Assistance Program
The Residential Energy Efficiency Loan (REEL) Assistance Program is the first of four CHEEF pilot programs to roll out in the state of California. The program:
- Is designed to help homeowners access lower cost financing for energy efficiency projects by reducing risk to participating lenders.
- Has more than $20 million available in loan loss reserve funds to help participating lenders mitigate energy efficiency loan risk.
- Provides lenders attractive financing offers so homeowners can improve their energy efficiency within the comfort of their own homes.
- Requires all measures used in projects to meet specific minimum efficiency requirements.
REEL ASSISTANCE PROGRAM BENEFITS
- 100% financing, up to approved amount.
- No money down.
- Unsecured financing – no home equity needed.
- Competitive rates.
- Affordable, low monthly payments.
- No origination fees and closing costs.
- No yearly maintenance fees.
- Quick and easy loan process.
- Broad range of credit eligibility.
- No pre-payment penalties.
Note: REEL Financing Program requirements and rates are subject to change from time to time.
Learn more at GoGreen Financing.
Cool Remodeling YouTube® Video Library
© 2024 Copyright Owned By The Video Publisher
MOSAIC FINANCING © 2024 Mosaic
Mosaic is a solar fin-tech company based in Oakland, California. Mosaic developed partnerships with leading solar and home improvement companies across the nation to offer one of the easiest and most innovative financing available for the modern home. Mosaic makes financing solar and other home improvements easy and affordable.
Mosaic offers consumer-friendly loans for the following purposes:
- Solar energy systems.
- Solar plus storage financing.
- Energy efficiency home improvement projects.
Learn more about Mosaic Financing online.
Cool Remodeling YouTube® Video Library
© 2024 Copyright Owned By The Video Publisher
MATADOR COMMUNITY CREDIT UNION © 2024 Matador Community Credit Union
Matador Community Credit Union offers excellent rates to homeowners with good credit. These loans can be used for various home improvements purposes, including Solar Loans for up to a 144 month term (borrow up to $75,000).
Note: Matador Community Credit Union Financing Program requirements and rates are subject to change from time to time. You can get additional information about Matador’s Loan Rates online.
Cool Remodeling YouTube® Video Library
© 2024 Copyright Owned By The Video Publisher
DISCLAIMER
Cool Remodeling, Inc. is neither a broker nor a lender. Financing is provided by third-party lenders unaffiliated with Cool Remodeling, Inc. under the terms and conditions arranged directly between the property owner and such lender, all subject to credit requirements and satisfactory completion of financing documents. Any financing terms and conditions are subject to change from time to time.
Cool Remodeling, Inc. does not assist with, counsel or negotiate financing, other than providing property owners an introduction to lenders.
FINANCING OPTIONS FOR YOUR HOME ENERGY EFFICIENCY IMPROVEMENT PROJECTS
Once you decide to move forward with any type of a home energy improvement project, we will introduce you to the most suitable Financing Options in accordance with your specific needs. These options may include:
- No interest and no payment financing* for one year.
- Low payment options* with low interest rates.
- Secured* and unsecured financing loans.
* Subject to OAC (on approved credit).
Contact Us Today To Find Out Which Financing Option Will Be The Best One For You.
MEET SOLLY THE SEAL
Just in case you did not meet him yet, we would like to introduce you to Solly The Seal who is a very important member of the Cool Remodeling TM management team.
Solly’s main job is to approve all home energy efficiency products and provide his Seal of Approval.
WE ONLY WORK WITH ORGANIZATIONS AND BRANDS APPROVED BY SOLLY THE SEAL
