Solar loan example

Below are two examples of a solar loan offer. They come from Admirals Bank, which offers a standard loan product for solar projects to homeowners. They offer both secured and unsecured loan packages with terms of up to 20 years. We have provided a summary of general information regarding finance options and procedures. FL SUN isn’t affiliated with Admirals Bank and makes no endorsement of any product they offer. We are using their loan as an example. We can help you connect with a variety of solar financing companies to learn more if you’re interested.

Loan options

Solar Step Down Loan Solar Plus Combination Loan
Amount Up to $25, 000 for a single family home Combines up to $25,000 Solar Step Down loan with a second unsecured loan of $15,000 into one loan package
Loan type A federally-backed FHA Title One Loan Unsecured, same as cash value loan is matched to 30% of system value
Interest rate Fixed between 4.95%- 9.95% (depending on applicant’s credit score) No interest and no payments on this portion for 18 months
Qualification criteria Minimum FICO credit score of 650 and debt to income ratio of 45% or less Minimum FICO Credit Score of 700

Many applicants use the $0 interest portion of the Solar Plus Combination Loan to cover the portion of their solar project cost that they will receive back as a federal tax credit.