What You Get
Low Fixed Rates
Interest rates starting at 4.90% APR.1
Up to $100,000
Average MN solar system cost is $21,000.
No down payment required.
No prepayment penalties. Loan terms of 5, 10 and 15 years available.2
Solar systems usually last at least 25 years without needing any upkeep.
Panels can pay you back in as few as 7 years. The typical 25-year projected savings for Minnesotans is $41,155.
GETTING STARTED IS EASY
We're here to help.
We’re in it together
CU Green is a collaborative effort by leading MN credit unions. We want solar panels to be within reach for anyone who wants to get started.
Learn more about solar power, your home’s suitability, trusted installers, incentives and lifetime savings at CU-Green.org
- APR = Annual Percentage Rate. Effective August 5, 2022, the fixed APR of 4.90% is available for a 5-year Home Solar Loans up to $100,000 with loan-to-value of 80% or less. Actual rate will vary based on term of the loan, credit score, and loan-to-value.
Loan payment example: A loan for 5 years at 4.90% APR will result in an approximate monthly payment of $18.64 per $1,000 borrowed. Payment example does not include amounts for taxes and insurance premiums. The monthly payment obligation will be
greater if taxes and insurance are included.
The APR offered on the Home Solar Loan is the Fixed Home Equity Loan rate less a discount. To qualify for the rate discount, borrowers must provide required documentation of a qualifying solar installation, as follows:
- Most recent Federal 1040 Tax Return and supporting paystubs indicating that the property owner can realize the nonrefundable Federal Residential Solar Tax Credit
- The Home Solar Loan is secured by a second-position mortgage lien on the property as a home equity installment loan. No down payment is required. Closing costs are to be paid by the borrower. Interest rates are fixed for the term of the loan. Loan approval is subject to credit approval and program guidelines. Interest rates and program terms are subject to change without notice. Property insurance is required.