Mortgage loans and home equity loans offer several advantages: longer terms, lower interest rates than conventional bank loans, and tax-deductible interest. In addition, adding a solar electric system to a loan while a consumer builds, buys, or refinances will reduce paperwork and simplify the purchase.
Additional Resources
- New Fannie Mae Energy Program Helps Americans Go Solar
- Solar Financing Options for Homeowners - An Infographic
- Fannie Mae HomeStyle Energy – This new mortgage option gives borrowers the ability to complete clean energy upgrades for up to 15% of the appraised value of their homes. Borrowers can finance energy-efficient upgrades when purchasing or refinancing a home, thereby eliminating the need for a subordinate lien, home equity line of credit, Property Assessed Clean Energy (PACE) loan, or unsecured loan.
- Fannie Mae Guidance for Homes with Solar Panels – Fannie Mae will purchase/securitize homes where the owners have purchased solar panels or have a third-party financing agreement in place.
- Federal Housing Authority (FHA) Programs that Can Help Homeowners Save Energy – This overview from the FHA lists the programs and resources from their office that can help homeowners save energy and finance renewable energy systems.
- A Homeowners' Guide to Solar Financing – The Clean Energy States Alliance has released a guide to help homeowners navigate the complex landscape of residential solar system financing.
- Model Leases and PPAs –The Solar Energy Industries Association created model contracts in an effort to further consumer protection and cost reduction programs.