Invest in a Clean Power Future Without Upfront Costs

How to Obtain a Credit Union Solar Loan

Using a solar loan to purchase a solar energy system for your home can allow you to virtually replace your monthly utility bill with a fixed monthly loan payment with no additional upfront costs and a trajectory to significant savings. You could pay the same or even less than you currently do each month immediately.

First things first – purchasing a solar energy system for your home allows you to eliminate or reduce your monthly utility bill.  How the numbers work exactly depends on where you live (state incentives, utility rates, interconnection policies, etc.), your home (how much sun does it get, whether the roof is suitable for solar panels, etc.), and your family (how much electricity you use, when you use it, etc.)

The cost of purchasing a solar energy system has halved in the past ten years.  While that trajectory has slowed, prices will continue to fall as solar equipment continues to get cheaper and the technology gets ever more efficient.  Because of this, it’s now more common and much more cost-efficient to purchase a solar energy system than to lease it. 

Solar Loan Options

Many solar loan options exist, but credit unions often offer consumers the lowest interest rates and fees. ASES Members can access low-interest clean energy loans from multiple credit unions committed to providing low-cost financing for clean energy and energy efficiency projects.  ASES is a membership partner with Clean Energy Credit Union, Technology Credit Union, Verity Credit Union, and Credit Human. This means any ASES member is eligible to join these credit unions to use their financing.  

If you’ve already found a solar installer for your project, they may offer their own financing options. Compare their rates and services with our credit union partners’ loans. Ask your solar installer if you can get a discounted price on your system if you use your own financing. If you still need to find an installer for your project, try using the EnergySage portal, where local installers submit quotes to compete for your business, or look for reviews of local installers on the SolarReviews website and contact a quality installer directly. 

Clean Energy Credit Union (CECU) offers affordable clean energy loans, including Electric Vehicle Loans, Green Home Improvement Loans, Solar PV System Loans, Geothermal System/Ground-Source Heat Pump Loans, E-Bike Loans, Unsecured and Share-Secured Loans, and Overdraft Lines of Credit. 

CECU is an online-only, federally chartered credit union with a vision to create a world where everyone can participate in the clean energy movement. CECU exclusively provides loans for clean energy and energy-saving projects such as Solar PV, Geothermal, Green Home Improvement, Electric Vehicles, and E-bikes. It also makes it easier for everyone to invest in clean energy by offering a full suite of banking services that directly fund clean energy loans. ASES members and their families are eligible to join the credit union. Learn more about Clean Energy Credit Union and calculate how much carbon you can offset by opening an account. According to CECU

  • To date, CECU has financed over 10,000 clean energy loans and helped offset nearly 700,000 tons of carbon dioxide equivalent. In just 2021 alone, CECU offset 205,000+ tons of carbon,
  • Loan Dollar Distribution:
    • Solar: 65%
    • EV: 13%
    • Green Home Improvements and E-bikes: 9%
    • Geothermal: 12%

Technology Credit Union (TechCU): TechCU offers Solar Loans, Auto Loans, Mortgage Loans, Home Equity Loans, Personal Loans, VISA Credit Cards, and Student Loans. According to its Annual Report:

  • In 2021, TechCU originated $550 million in home loans and financed over $1.1 billion in solar loans, helping 31,504 members with their home financing needs.
  • In 2022, TechCU originated over $553 million in new home loans and financed over $896 million in new solar loans, helping 22,998 members either buy new solar loans, refinance their mortgages, or enjoy the power of green energy. 

Verity Credit Union: Verity Credit Union offers financing for solar loans, personal loans, auto loans, mortgages, co-op loans, recreational loans, home equity loans, and credit cards. According to its impact report:

  • In 2021, it financed 2,521 solar-panel loans
  • In 2022, it financed 4,245 solar-panel loans

Credit Human: Credit Human offers Credit Cards, Vehicle Loans, Home Loans, and Personal Loans. It offers SustainableHome™ financing through participating dealers for Solar, Home Improvement, Geothermal, and Rainwater Harvesting projects. The team offers their customers easy access to financing options with great rates and flexible terms to help the planet. According to its website, in 2022 alone, Credit Human helped over 1,300 members with nearly $20 million in loans. The 25-year environmental impact of just the solar systems funded will equal over 147 million metric tons of avoided C02 or the equivalent of 2,495,455 trees planted. 

Become an ASES member to be eligible for a credit union loan.

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