5 Suitable Solar Panel Grants – Overview
Solar panels are on the rise. It is common to see solar panels on 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 less; 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 its generation is done without harming the environment. Even you have to do nothing as the sun’s energy gets converted to electrical energy by solar equipment.
To boost solar energy production, government and private organizations offer grants and loans to help homeowners and businesses install solar panels on their rooftops.
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.
For more information, visit dividendfinance.com.
2. Green Retrofit Grant
The Green Retrofit Grant is a solar grant that is 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 need of individuals.
The block grants are allocated from a $250,000,000 pool, exclusively available to help the ones in need.
For more information on Green Retrofit Grant, visit thegreenretrofit.com.
SoFi is another organization that helps homeowners and business owners in availing loans to install solar panels on rooftops.
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.
For more information on SoFi, visit sofi.com.
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 duration. They offer instant approvals for loans up to $50,000.
They offer a longer-term solar panel loan, which they call Jackpot Solar Loan. You will be provided with three seven-year loans back to back.
For more information, visit ezsolarloan.com.
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, and the interest is calculated as simple interest. Not only this, you will get same-day financing, and there will be no fees and prepayment penalties.
For more information on LightStream solar loans, visit lightstream.com.
Installing solar panels on rooftops can be a great idea to save on your utility bills. This post discusses five solar panel loans that 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.