Residential solar loan
Borrow $5,000–$50,000 to install a solar system you own at your Delaware home, subject to credit and project approval.
Această oportunitate este disponibilă momentan în limba engleză.
The loan finances customer-owned solar generation at your home. You can borrow up to the total eligible project cost, within the $50,000 maximum, at a published interest rate of 3.9% for up to 15 years.
Your monthly payment cannot be adjusted. You may repay early without a prepayment penalty; excess payments reduce the principal, the amount you still owe.
Eligibility
- You must be a Delaware resident and own and live in the property. Detached or attached residences with one to four units qualify, including duplexes and townhomes. Commercial properties are excluded.
- Your credit score must be at least 600. Your monthly debt-to-income ratio must be no more than 50%: this compares your monthly debt payments with your income. You must provide proof of income: three months of pay stubs if employed, your most recent tax return if self-employed, or statements showing retirement income if retired.
- You must own the solar system, which must connect to the electricity grid. Use a participating contractor; a contractor outside the list must register and be approved before you can select them in your application.
- Solar arrays must face between 80° and 280°; arrays outside that orientation range are ineligible and their costs must be excluded. Panel tilt must match the installation-site latitude, or follow the module manufacturer’s specified tilt. A Solar Shade Analysis must show a Total Solar Resource Fraction of at least 70%, the programme’s test for sufficient sunlight at the array.
- Total project cost must not exceed $6 per installed watt of generation.
How to apply
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Start the online application yourself through the Energize Delaware loan website. You may authorize your contractor to update system information and project costs; the contractor cannot access sensitive information. Call 866-648-1857 for application guidance or help finding a participating contractor.
Submit Part One and obtain approval before installation begins. The programme emails an Approval Letter to you and your contractor, allowing installation to start. A system connected to the grid before Part One submission and approval is automatically disqualified.
After grid connection, submit Part Two and the completion documents within six months of Part One approval. These include the Authorization Form, Promissory Note, Certificate of Completion, final interconnection approval and final sales invoice. Administration must approve all completion documents before paying your contractor.
Your loan becomes active when the contractor is paid. Your first statement is issued the following month, and you receive an email confirming the payment amount and statement date.