Financing Residential Solar Power

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Financing Residential Solar Power


Summary

While competition has driven down prices, investing in solar panel systems can still be costly. Fortunately, the mortgage industry is eager to help.

Key Concepts

Solar, energy efficient mortgages (EEM), lenders, home improvements, financing, loans, mortgages

Article


Investing in a solar panel system or the new thin solar roofing can be expensive, but the mortgage industry offers a helpful solution: Energy Efficient Mortgages (EEMs).

What is an Energy Efficient Mortgage?

EEMs are designed to help homeowners incorporate the cost of solar improvements into their mortgage loans. Thanks to government initiatives, lenders offer these loans to encourage solar energy use. An EEM allows you to finance solar upgrades, covering up to 15% of your home's total value. This means you can borrow beyond the usual limits, regardless of your current home equity.

Benefits of EEMs

- Minimal Out-of-pocket Costs: The cost of installing solar systems is included in your mortgage, reducing immediate expenses.
- Increased Loan Capabilities: By factoring energy savings from solar upgrades, lenders allow you to borrow more.
- Financial Incentives: Take advantage of mortgage interest deductions, tax credits, rebates, and net metering incentives.

Eligibility

EEMs are versatile, applicable for both new constructions and existing homes. They can be used for various property types, including single-family homes, duplexes, and condos.

Conclusion

Opting for an Energy Efficient Mortgage is a smart move for homeowners looking to go solar without heavy upfront costs. Consult your lender for more details on how to benefit from this program and enhance your home with solar energy.

You can find the original non-AI version of this article here: Financing Residential Solar Power.

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