Financing
FINANCING
Bridge Loans
Bridge loans are a type of solar loan popular with customers who want to own their system but who need to manage the timing difference between installation and receipt of state and federal incentives. Since solar incentives in Illinois can account for more than 60% of the cost of a system, this type of loan allows customers to go solar with considerably less up-front investment.
Term Loans
A term loan is similar to mortgage. The term loans most frequently chosen by our customers have a 20-year term, but we also offer 15 and 10 year loans. This type of solar loan is great for customers who want to minimize the out-of-pocket cost of going solar but who still want to take advantage of the long-term economics of solar ownership. The payments on these loans can be smaller than the savings on utility bills that result from going solar.
We currently offer loans for $0 out of pocket for the first 12 months, giving you time to collect incentives and pay down the principal to keep your monthly payment as low as possible.
Solar Lease/Power Purchase Agreement
Just as with an automobile lease, with a solar lease you don’t actually purchase your solar system—you make payments for the right to use it over a period of time. Solar leases are great for consumers who want to immediately save money on their energy costs but who prefer not to invest in their system. Solar leases are also ideal for customers who don’t have a federal income tax liability and thus can’t take advantage of the federal tax credit for solar. Solar lease customers do not receive the federal tax credit or the Illinois Shines incentive, but rather benefit from those incentives through a lower monthly lease payment than they would otherwise receive.