SOLAR FINANCING FOR YOUR SOLAR PANEL INSTALLATION PROJECT
Solar King is an expert in solar panel installation that helps our customers find solutions. The installation of solar panels can be a significant investment. At Solar King, we understand that not everyone has the cash on hand to pay the upfront costs of the solar panel installation and may require to finance the entire project or maybe just a portion. Either way, Solar King can provide you with a variety of options, and help you initiate the application process for your financing when you are ready to proceed.
Solar financing options can help you go solar, ultimately save money on your electric bill and help the planet. Solar panel financing can be secured (meaning your property or other assets are used as collateral for the loan) or unsecured.
When considering solar panel financing, think about this:
Ideally, your monthly electric bill savings should be greater than the loan’s monthly payment, to allow you to start saving money faster.
By buying your system outright, you are eligible for financial incentives like the federal investment tax credit.
Interest on solar panel financing may also be tax-deductible, which means additional savings.
MICHIGAN SAVES: A NONPROFIT GREENBANK HELPING MICHIGAN RESIDENTS AND BUSINESS
Michigan Saves is a nonprofit organization dedicated to making energy improvements easy and affordable for all types of Michigan energy consumers—businesses, schools, municipalities, and residents. They effectively operate as the nation’s first nonprofit “green bank”, leveraging funds and partnerships from private-sector lenders and energy providers. Solar panel installation is exactly the type of energy improvement that Michigan Saves helps to finance.
Through a trust fund of $6.5 million from the Michigan Public Service Commission, Michigan Saves eliminates the upfront costs of installation and provides a streamlined process for securing financing at preferred rates. To do this, Michigan Saves leverages third-party capital with innovative credit enhancement mechanisms, works closely with energy efficiency and renewable energy system contractors, coordinates with similar programs in the state and across the country, and monitors the program to track results and ensure success. Solar King is a part of this well planned and structured program, helping you meet your solar financing needs.
Since the program's initial funding, it has become fully independent in 2011 and awarded several grants from the State of Michigan and the U.S. Department of Energy to expand on its success. As of December 2019, Michigan Saves has enabled more than $230 million in clean energy financing, and the Governor has proposed a one-time $5 million appropriation to the nonprofit as a testament to its success.
OUR PARTNERS FOR YOUR SOLAR FINANCING NEEDS
Our financing/leasing partners are Michigan Saves (for commercial and residential projects), Sunlight Financing (for residential projects) and Clean Energy Credit Union.
SUNLIGHT FINANCING: POINT-OF-SALE FINANCING TO ENHANCE THE LIVES OF CUSTOMERS AND COMMUNITIES
Sunlight Financial offers best-in-class technology and deep credit expertise that simplifies and streamlines consumer finance. Solar King's partnership with Sunlight enables us to quickly and easily provide homeowners with access to additional financing options.
In a rapidly changing market, we develop simple, intuitive processes that facilitate and accelerate the purchase, sale and installation of residential solar systems and home improvements.
CLEAN ENERGY CREDIT UNION
Clean Energy Credit Union provides two ways that people can participate:
First, it makes it easier for everyone to afford to use clean energy (or conserve energy) by providing loans with amazing terms. Since the new credit union will be a 21st century, online-only financial institution, all the overhead savings that result from not having brick-and-mortar branches are passed through to members in the form of better loan terms.
Second, Clean Energy Credit Union makes it easier for everyone to invest in the clean energy movement by offering impact investment opportunities that have the following characteristics:
They’re federally insured;
They’re available to non-accredited investors;
There’s a low minimum investment threshold – as low as $5;
They don’t require sophisticated investment expertise or a specialized understanding of the clean energy marketplace.