Solar is becoming a well understood product by many finance companies. More large lending institutions are going solar themselves – like TD Bank and JP Morgan Chase. And with solar offering an ROI in 2-7 years in many states, many lending companies are offering a capital loan on solar systems large and small.
If your current lending institution is unable to provide financing, Genie Solar has many partners that are familiar with solar and will be happy to service you. We have typical loans and 0% interest loans available to all project sizes.
Many businesses are eligible for a Property Assessed Clean Energy (PACE) Loan. PACE loans are authorized by state and local governments to fund the program by issuing a bond on the property. These loans are then qualified as tax liens and do not show as debt on the balance sheet.
Beyond the lack of debt on the balance sheet, there is no personal or corporate guarantee needed, no down payment, and there is a fixed payment over the term of the loan. In addition, there is no mortgage lien – which allows a business to still borrow against the property.
The downside to a C-PACE loan is that it takes first priority over any other loan on the property – including the mortgage, so many mortgage lenders will not approve. Also, besides the state having legislation for a PACE loan, the county needs to opt-in to the program.