SolarCity has unveiled a solar loan program, available in 14 states, to replace its MyPower loan offering with new options that include fixed payments and shorter terms. The company says it leveraged its installation volume to negotiate more favorable terms on behalf of its customers.
“We can now offer a loan that makes it possible for many customers to pay less for solar from day one and still receive thousands back in tax credits on top of that,” says SolarCity CEO Lyndon Rive. “This program will allow thousands of additional customers across the U.S. to install solar this year and start saving money immediately, and we expect to work with multiple lenders that will allow us to expand to several new states by the end of the month with the same great terms for our customers.”
According to the company, the new program offers a range of features, including the following:
– 10-year loan with annual percentage rate as low as 2.99%;
– 20-year loan with annual percentage rate as low as 4.99%;
– Customers can prepay their entire balance or prepay a portion of their loan to lower their monthly payments at any time, with no fees or penalties;
– SolarCity’s loans include a service package including a 20-year warranty, production guarantee and continuous monitoring; and
– SolarCity will provide and install a Nest Thermostat at no additional cost for qualifying customers.
The company’s new solar loans are now available in Arizona, California, Colorado, Connecticut, Delaware, Maryland, Massachusetts, New Hampshire, New Mexico, New Jersey, New York, Oregon, Rhode Island, Texas and Washington, D.C. SolarCity expects to announce new locations soon.