Home Solar Loan Disclosures
* APR = Annual Percentage Rate. Effective March 17, 2020, the fixed APR of 2.887% 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 2.887% APR will result in an approximate monthly payment of $17.92 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:
1. Customer Installation Agreement or similar proposal from a NABCEP-certified solar installer specifying solar PV modules, inverter(s) and other system components
2. Solar Site Plan, showing specific address of project and specific installation location(s)
3. A complete Monthly Utility Bill from one of the most recent 6 months
4. Current Solar*Rewards Acknowledgement Letter from Xcel Energy, when applicable
5. 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 must be repaid with monthly electronic or Automated Clearing House (ACH) payments over 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.