In its second year of providing loan services, the Energize Delaware Residential Solar Loan Program has reached the milestone of having granted more than $2 million in qualified loans to Delaware homeowners.
Established in June 2017, the program provides low-interest loans to credit-qualified Delaware homeowners of a single-family or duplex property to encourage the purchase of customer-sited and -owned solar electric generation.
The program has financed work for eight different solar energy installers across Delaware. 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. Loan amounts cannot exceed 70 percent of the total project cost.
Lyn Mox, director of customer relations for Clean Energy USA, a Sussex County contractor, said, “The Green Grant/Loan office is amazing to work with. The program has been a huge benefit to being able to not just offer solar to everyone in Delaware, but make it possible for everyone in Delaware to afford it, which is huge!”
There are many advantages of owning a solar system versus leasing one. These include: saving more money over the lifetime of the system; improving the home’s market value; having more control over the design of the system; taking advantage of incentive programs like a 30 percent federal tax credit; and earning extra income from the annual solar renewable energy credit auction, which may enable the system owner to sell excess solar energy to Delmarva Power.
To learn how to apply and to find a participating contractor, homeowners should go to www.energizedelaware.org/residential/residential-solar-loans/.
Lauren Donovan of Newark-based CMI Solar & Electric, said, “We cannot speak highly enough of Energize Delaware’s solar loan program, as it has allowed many Delaware homeowners the ability to install solar technology where they had limited options in the past. Many of our customers who declined installing systems prior to the loan program came back only because it was made available. Delaware residents are lucky to have this fantastic program available in their efforts to go green.”