5 Suitable Solar Panel Grants

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5 Suitable Solar Panel Grants – Overview

Solar panels are on the rise. Solar panels are expected to be on the rooftops of most buildings, whether you talk about residential or commercial buildings.

The reason behind the rise of solar panels is that solar power is eco-friendly as its generation does not pollute the environment. Also, solar power is affordable and gifted by Mother Nature.

For your information, US solar power capacity was 0.34 gigawatts (GW) in 2008, and at the beginning of 2022, it grew to a whopping 97.2 gigawatts GW. It indicates that people are turning to solar power for their energy needs.

Of the total electricity used in the US, about 3 percent comes from solar energy. The percentage is quite low; however, the percentage is on the rise.

Most people know the benefits and avoid them due to costly solar equipment. However, solar panel grants and loans can be utilized to your benefit.

What is a Solar Panel Grant?

Government or private organizations provide a solar panel grant to install solar panels on rooftops that will store the sun’s energy and convert it into electrical energy.

The electrical energy can be used to power your house, so you save on utility bills. It not only saves money but is good for the environment.

Solar energy is clean energy as it is generated without harming the environment. You don’t even have to do anything as the sun’s energy gets converted to electrical energy by solar equipment.

Government and private organizations offer grants and loans to help homeowners and businesses install solar panels on their rooftops to boost solar energy production.

Let’s talk about five suitable solar panel grants and loans, and you could apply for any of these.

5 Suitable Solar Panel Grants – Lis of Grants

1. Dividend Finance

Individuals looking for solar panel grants or loans can apply for a loan at Dividend Finance. It offers loans on annual percentage rates as low as 3.99 percent.

The Dividend Finance loan application process is paperless, which means one has to apply online and the application process will not take more than 10 minutes.

The term of the loan ranges between 10 to 25 years. The best thing is that you don’t have to state an income or minimum credit score to qualify. In return, your credit score will help you dictate your annual percentage rates.

2. Green Retrofit Grant

The Green Retrofit Grant is a solar grant administered by the US Department of Housing and Urban Development. This grant is available in low-income areas, and the funds are not provided directly to homeowners.

Even the funds are distributed as block grants to local organizations that will use the grant money according to the needs of individuals.

The block grants are allocated from a $250,000,000 pool, exclusively available to help the ones in need.

3. SoFi

SoFi is another organization that helps homeowners and business owners availing loans to install rooftop solar panels.

You can apply for SoFi’s solar panel grant if you have a lot of roof space and you want to utilize the same to install a solar panel in that space.

If you, too, have a lot of roof space and want to benefit from the same, you can apply for a solar panel loan from SoFi and get up to $100,000 in return.

4. ezSolarLoan

ezSolarLoan is a solar loan lending platform that Community 1st Credit Union runs. It offers solar panel loans with an annual percentage rate starting from 3.99 percent.

The solar panel loans are granted for five, seven, and ten years. They offer instant approvals for loans up to $50,000.

They offer a longer-term solar panel loan called Jackpot Solar Loan. You will be provided with three seven-year loans back to back.

5. LightStream

LightStream is a lender that can help you when you need money to install solar panels on your rooftop to save on utility bills.

They offer loans up to $100,000 with interest rates as low as 4.99 percent, calculated as simple interest. Not only this, you will get same-day financing and no fees and prepayment penalties.

Conclusion:

Installing rooftop solar panels can be a great way to save on your utility bills. This post discusses five solar panel loans you can apply for and get money to install solar panels on your rooftops.

Additionally, there is detailed information with website links with each loan option.