Homeowners: Harness the Power of Solar

The 21-year “Solar Jackpot Loan” is a variable rate loan that has three 7-year periods back to back to back. A 21-year loan is divided into three 7-year fixed periods, with a fixed interest rate for each period.

When the rate resets at the start of the second 7-year period, it adjusts according to the then-current 7-year US Constant Maturity Treasury (CMT) index plus a margin. It resets again for the final 7-year period. To make sure your payments remain low, each adjustment can increase by no more than 2.5% from the previous rate.

Energy Improvement Loans finance qualifying energy efficiency projects such as HVAC (heating, ventilating and air conditioning) systems, solar energy systems and windows.  If combined with qualifying equipment, you can apply up to 50% of the cost to energy efficiency performance upgrades such as insulation, air sealing and duct sealing.

With today’s low interest rates, you can save even more money as your system creates clean energy! Our 12-year rates start at 9.49%, 15-year rates start at 9.74% and 20-year rates at 9.99% for best qualified borrowers.

You will need the following to complete your application:

• The 4-digit Solar Company Identifier (SCI) code issued by ezSolarLoan to your Solar Company
• Application by everyone with an ownership interest in the home
• Requested loan amount
• Desired term length
• Contact, employment, and income information for all borrowers and authorization for a credit inquiry
• Name of solar installation company
• Verification of income, if the loan amount is over $50,000 (may also be requested in other cases)

After the application is approved, but before it is funded, you will also need to provide the following:

• Color copy or scan of your ID
• E-signature on loan documents

You must become a member of Community 1st Credit Union.

No, unlike other financing options, our loans do not require you to have an appraisal or pay the associated cost!

Yes!  Because Community 1st Credit Union is a Washington State chartered credit union, if you live, work and worship outside of Washington, you will need to join an affiliate membership organization in order to be eligible to join the credit union.  Therefore, we will automatically help you join Solar United Neighbors (www.solarunitedneighbors.org) absolutely FREE!  SUN is a “community of people building a new energy system with rooftop solar at the cornerstone.”  There is no obligation for you to make any financial contribution to SUN nor to maintain your membership with SUN beyond your loan issuance, but we do hope that you find this organization beneficial and worthwhile!

We’ve designed the process so that you should be able to complete the online or mobile application in about five minutes. Depending on the dollar amount you are requesting and other factors, we may need to request additional items. The quicker you can provide them, the quicker we can keep moving!

You will see a confirmation right away on your screen that we have received your application. Some well-qualified borrowers will receive an instant approval on your screen. Typically, we will respond within a few days to ask for additional information or provide a loan decision.

Yes! There is no pre-payment penalty.

There are no fees, but there are a couple of costs you should be aware of.

We file a UCC-1 on your equipment at the county and state where you live.  This is essentially a lien on the equipment.  The cost varies across the U.S., but is often between $100 and $300.  We will pass along that cost by adding it to the project cost in the total loan amount.  Therefore, you do not need to pay for it up front.

No, we will file a UCC and Fixture filing on the solar equipment only. This will show up on a property title search, but it is not a deed of trust — our loans are not a second mortgage and are not secured by the home. Our collateral is the solar equipment.