Financing

Residential Solar Financing Options

At CM Solar Electric, we provide a wide range of attractive financing options. We work directly with our customers to help them understand details of each financing option, in order to guarantee selection of the best option for you.

We work directly with San Diego Metropolitan Credit Union to provide solar financing options that accommodate every budget and financing need.

Many of our customers have personal financing options offered by other banks, S&Ls or credit unions that are offering low interest rates. We are experienced working with many financing options and can assist anyone in need of details of options that best fit their needs.

If you have questions or concerns regarding your financing options, our in house experts are extremely knowledgeable and can personally present financing options that will best suit your needs. Click here to Contact a CM Solar Financing Expert.

Our previous customers have used the following methods of financing, and below is a description of each Solar Panel Financing options.

Cash Purchases

Cash Purchases

Cash often provides an amazing amount of savings seen instantly and that extend beyond a system’s lifetime. Those who do not want to bother paying interest usually prefer cash as an option for payment. The solar system belongs to you and electric bill savings are seen almost instantly. Customers who have decided to use cash payment options have used funds from a savings account, a certificate of deposit, a brokerage account, or a 401k. Contact CM Solar Electric.

We recommend with any large cash purchase that a personal financial advisor is consulted first.


Contact us, CM Solar Electric

Financed Ownership Options

Financed Ownership Options

UNSECURED

Unsecured Financing (No Home Equity Required)

A loan that is issued and supported only by the borrower’s creditworthiness, rather than by a type of collateral. An unsecured loan is one that is obtained without the use of property as collateral for the loan. Borrowers generally must have high credit ratings to be approved for an unsecured loan. Unsecured loan options as low as 0% APR/OAC.

Credit Union Loan (Most Popular)

$0 down unsecured loans. Up to $50,000. Fixed rate of 1.89% for 12 yrs (with a 12% upfront buy down negotiable between the contractor and the customer), 5.99% for 5 yrs, 6.99% for 10 yrs, 7.99% for 15 yrs for FICO 720 or above. Higher rate for FICO 650-719. Other charges and conditions might apply.

 Credit Card Loan

Credit Card Loans are a financing option that approves same-as-cash specialty home-improvements loans tailored to residential solar panel systems.

Interest rates are flexible to meet your project needs and the amount you decide to pay for each monthly loan installment.
Installment questions asked by our previous customer have pertained to interest rates and the length or term of the loan.
Interest rates using Green Sky unsecured solar loans offer many options.
* Same-as-Cash No Interest 6, 12, 18, 24 months.
* No Interest and No Payment 6, 12, 18 months
* Reduced & Zero interest options–where rates are offered as low as 3.99% up to 11.99%.
* Zero Interest Rate for up to 24, 36, 48, 60 months
——-> We advise to our customers who are seeking lower interest rates to look into shorter monthly installment options. 
—-> Another thought we recommend when deciding payment installments is considering whether you want a monthly loan payment that is above or below the monthly savings you will attain by producing your own solar power in lieu of electricity formerly provided by your utility.
 

SECURED

Home Equity Line of Credit (Customer’s Preference)

A line of credit extended to a homeowner that uses the borrower’s home as collateral. Once a maximum loan balance is established, the homeowner may draw on the line of credit at his or her discretion.

Customers can use any financial institution of their choice. We will treat this as a CASH project and will honor CASH discounts accordingly. Check with your CM energy consultant for additional CASH incentives available in your area.

Home Equity Line of Credit VS. Home Equity Loan

Home Equity Financing

$0 down home equity financing based on home equity line of credit with 20 year term (first 10 years interest only). Includes interest tax deduction benefit based on 37% marginal tax rate. Loan up to 80% of home value. Variable rate starting at 5.75% (Prime + 2.5%) for FICO 700-800. Higher rate for FICO 620-700. Other charges and conditions might apply.

Home Equity Line of Credit VS. Home Equity Loan

Property Assessed Clean Energy (PACE) Programs

Property Assessed Clean Energy (PACE) Programs

Property assessed clean energy (PACE) is a means of financing energy efficiency upgrades or renewable energy installations for buildings. Examples of upgrades range from adding more attic insulation to installing rooftop solar panels. In areas with PACE legislation in place municipal governments offer a specific bond to investors and then loan the money to consumers and businesses to put towards an energy retrofit. The loans are repaid over the assigned term (typically 15 or 20 years) via an annual assessment on their property tax bill. PACE bonds can be issued by municipal financing districts or finance companies and the proceeds can be used to retrofit both commercial and residential properties. One of the most notable characteristics of PACE programs is that the loan is attached to the property rather than an individual… read more

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Utility ‘on-bill’ Financing for Commercial Customers

Utility ‘on-bill’ Financing for Commercial Customers

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On-Bill Financing (OBF) helps qualified commercial and taxpayer-funded customers pay for energy-efficient business improvements through their SDG&E® bill.   For more information, contact us CM Solar Electric

Power Purchase Agreement (PPA)

A Power Purchase Agreement (PPA) is a contract between two parties, one who generates electricity for the purpose (the seller) and one who is looking to purchase electricity (the buyer). The PPA defines all of the commercial terms for the sale of electricity between the two parties, including when the project will begin commercial operation, schedule for delivery of electricity, penalties for under delivery, payment terms, and termination. A PPA is the principal agreement that defines the revenue and credit quality of a generating project and is thus a key instrument of project finance. There are many forms of PPA in use today and they vary according to the needs of buyer, seller, and financing counter parties. read more.

Commercial Solar Financing Options

A debt-based funding arrangement that a business can set up with a financial institution. The proceeds of commercial loans may be used to fund large capital expenditures and/or operations that a business may otherwise be unable to afford.

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