SOLAR LOANS. YOUR ROOF, YOUR RULES.
Solar panels can be useful anywhere the sun shines. Many Minnesotans can produce sustainable electricity at home with a rooftop solar power system.
And solar loans are here to make it easier.
Home Equity Solar Loan
This loan allows you to leverage the equity in your home to fund the solar system installed on it.
- $100,000 max loan amount
- Fixed rates starting at 5.898% APR.2
- 5, 10 and 15-year terms available
- Great for people with built up home equity, or larger projects
- APR = Annual Percentage Rate. Effective August 1, 2023, the fixed APR of 7.99% is available for a 5-year Solar Loan up to $20,000. Actual rate will vary based on term of the loan, credit score, and amount borrowed. Loan payment example: A loan for 5 years at 7.99% APR will result in an approximate monthly payment of $20.70 per $1,000 borrowed.
- APR = Annual Percentage Rate. Effective July 31, 2023, the fixed APR of 5.898% 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 5.898% APR will result in an approximate monthly payment of $19.10 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