SolarCity loan program available in R.I.

SolarCity last week announced a new solar-loan program made available in 14 states, including Rhode Island.
SolarCity last week announced a new solar-loan program made available in 14 states, including Rhode Island.

PROVIDENCE – SolarCity, a giant in rooftop solar installation, last week announced a new solar-loan program made available in 14 states, including Rhode Island.
The California-based company says the loan program will allow customers to immediately pay less each month on utility bills, as it has leveraged its installation volume to negotiate “extremely favorable terms,” for its customers.
“We can now offer a loan that makes it possible for many customers pay less for solar from day one, and still receive thousands back in tax credits on top of that,” said SolarCity CEO Lyndon Rive. “This program will allow thousands of additional customers across the U.S. to install solar this year and start saving money immediately, and we expect to work with multiple lenders that will allow us to expand to several new states by the end of the month with the same great terms for our customers.”
The company, which claims to have installed more residential solar units in 2015 than the next 50 competitors combined, entered the Rhode Island market last June.
The new loan program replaces its MyPower product, and includes a fixed payment and shorter terms. The offering includes a range of features:

  • Ten-year loan with annual percentage rate as low as 2.99 percent
  • Twenty-year loan with annual percentage rate as low as 4.99 percent
  • Customers can prepay their entire balance or prepay a portion of their loan to lower their monthly payments at any time, with no fees or penalties
  • SolarCity’s loans include the industry’s best service package, including a 20-year warranty, production guarantee and continuous monitoring
  • SolarCity provides the industry’s best mounting system and installation aesthetics, and backs up its agreements with the largest in-house service footprint in the industry, with 90 local operations centers
  • SolarCity will provide and install a Nest Thermostat at no additional cost for qualifying customers
  • The new loan program is also available in Arizona, California, Colorado, Connecticut, Delaware, Maryland, Massachusetts, New Hampshire, New Mexico, New Jersey, New York, Oregon, Texas and Washington D.C., according to a press release.

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