New Solar Loan Program in NC
Residents of North Carolina who are interested in solar panels for their home have an even better opportunity to make it happen with the new solar loan financing that is available. Through the Piedmont Electric Membership Corporation’s program, eligible homeowners in certain parts of NC will be allowed a maximum loan of $10,000 that can be used towards either photovoltaic solar panels or solar hot water renewable energy systems.
This funding is available based on a few requirements of the solar that is to be installed, and the owners of the system will need to verify serveral things prior to the funding being completed. The exact agreement regarding the loan is a low interest rate of just 5% and the term of the loan is 7 years.
For a solar home that is looking to spend $20,000 on a 3kw solar system, this will help out alot and along with the Federal Tax Credit for solar of 30%, the system is now going to be much more affordable to North Carolina residents.
NC Residents who are eligible for this loan and are looking to install a solar water heater unit are going to be in great shape as this size of a loan will more than pay for the whole solar water heating system. The dollar savings of solar hot water is going to far outweigh the loan interest rate, so it really is a no-brainer for the NC solar hot water program.