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State Solar Loans

 

State Solar Loans

Many states in the beautiful U.S. Of A. offer “solar loans” which allow you to finance your solar installation at a low- or no- interest rate. If you're like me, you don't have $30k lying around for your solar project, but the time is right with all of the state and national incentives out there.

With the exception of West Virginia and Utah every state in the nation offers some sort of solar loan program. Some are offered at the state level (woohoo), some at the local level, and others bu the major utilities. Sixteen (16) actual states (plus the Virgin Islands) provide resources for these super loans which allow us regular folks to afford to go solar.

The best programs by far are offered by Iowa, Rhode Island and Vermont. Iowa allows you to finance 50% of your project at 0.0% over the course of 20 years. Rhode Island allows you to finance at 0.0-5.0% up to $100k in a 10 year loan. Vermont offers a similar 10 year loan with 5% interest rate cap, but their program allows you to finance up to $500k (that's one BIG PV system).

Other states with stellar loan programs include: Kansas (15 year, 4%, $20k max), Oregon (15 year, 5%, $50k max), Massachusetts (10 years, 5%, $100k max), Montana (15 years, 4%, $60k max), New Hampshire (10 years, 0-5%, $100k max), Ohio (5 years, 3%, $25k max), and Nebraska (15 years, 5%, $75k max).

State loan programs in Connecticut, Idaho, Louisiana, Minnesota, New York, North Carolina, and Pennsylvania can also help with your financing, although not to the same degree as those discussed above. Some have maximums that are quite low, like $2,000, or higher interest rates.

Related Articles: What is Photovoltaic Solar Power? ; Is Solar Right for Me? ; Solar FAQ ; Solar Rebates By State ; Solar Glossary ; Solar Celebs

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