In just over a year the Residential Solar Loan Program offered by the Delaware Sustainable Energy Utility (DESEU) granted more than $1 million in loans to Delaware homeowners.
Established in June 2017, the programprovides low-interest loans to credit-qualified Delaware homeowners of a single-family or duplex properties to encourage the purchase of customer-owned solar electric generation.
The Energize Delaware Residential Solar Loan Program has financed work for eight different solar energy providers across the region. Loans are available at a 3.9 percent interest rate in amounts ranging from $5,000 to $30,000, for a maximum 10-year term.
Solar loans are an alternative to lease deals that essentially rent the roof, with a supplier like Solar City sharing the gains from the reduced cost of electricity and other incentives. With a loan, payback from lower electricity costs can be faster, even when interest rates on loans are considered.
James Tindilia, of Wilmington said, “I’m ecstatic with the way the residential loan process worked for me. My solar installer painstakingly determined the costs of the system, factored in government rebates and other incentives, and filled out all the paperwork for the loan. I have to admit the process was seamless.”
Dale Davis, of Newark-based CMI Solar & Electric, Inc., says, “The Energize Delaware residential loan has been one of the best additions to the local solar community in the past year. Delaware residents have been thrilled to have a low-cost and easy way to finance their green projects, from a source they trust. We think the value of the loan combined with the environmental benefits of solar power will promote solar growth in the state for years to come.”
To learn more on how to apply and to find a participating contractor, homeowners should visit the website www.energizedelaware.org/solar-loan.