Solar panel home equity loan
Borrow against your home’s equity to buy and install a new solar panel system, with a fixed-rate loan for eligible credit union members.
Denne finansieringsmulighed er i øjeblikket beskrevet på engelsk.
You can borrow up to $75,000 for up to 180 months (15 years). The interest rate, loan amount and repayment term are fixed. This is borrowing against the equity in your home: you repay the loan with interest, and your home backs the borrowing.
The solar loan rate is 0.25 percentage points below the standard fixed home equity rate. The published rate is currently as low as 8.25% APR; approval and the offered rate depend on qualifying for credit. APR is the annual percentage rate used to describe the cost of borrowing.
There are no closing costs, points or origination fees. An appraisal may be required, and its cost can be reimbursed when the loan is funded. A fee may apply if you close the loan within 36 months.
The loan covers the full amount on the installation invoice, within the borrowing limit. Great Basin Federal Credit Union pays that amount directly to the solar installer when the installation is complete.
Eligibility
- You must be a Great Basin Federal Credit Union member and qualify for credit approval.
- Membership is open to individuals who live, work, worship, attend school or own a business in selected counties in Northern Nevada or Idaho’s Treasure Valley. The published county list covers Washoe, Carson City, Churchill, Douglas, Humboldt, Lander, Lyon, Pershing and Storey in Nevada, and Canyon, Gem and Owyhee in Idaho.
- Before adding other services, you must open a Primary Savings account and keep at least $25 in it for the life of your account. That balance is your ownership share in the credit union.
- The maximum combined loan-to-value ratio (CLTV) is 85%. This compares the borrowing secured against your home, including the new loan, with the home’s value; it must stay within 85%.
- The system must be a new installation. Previously purchased or leased systems are excluded.
How to apply
- Status
- Løbende ansøgning
- Vilkår for ansøgningsrunden
- For credit-approved members purchasing and installing a new solar panel system.[^c2][^c6]
Provide an invoice or pricing proposal showing that the solar system is a new installation. Members can apply through Great Basin Federal Credit Union’s Home Loans page. You can also text LOAN to (775) 330-6888 to receive the link for starting a loan application; a representative can reply during business hours.