Residential solar loans continue to increase in popularity, and more of them are becoming available to American homeowners.
Solar provider Leaf Solar Power LLC and LightStream, a national online lending division of SunTrust Bank, recently announced a strategic relationship to provide homeowners up to $100,000 in financing for residential solar projects.
The partnership supports the Leaf Solar Power Loan Program in the U.S., expanding the financing options available to people with good credit who are interested in owning high-efficiency Leaf Solar Power systems. Under the program, borrowers may apply for an unsecured, fixed-rate LightStream loan to install a Leaf Solar Power system.
“As a lending leader for residential solar power systems, LightStream supports consumers interested in Leaf Solar Power’s high performance solar systems,” said LightStream Todd Nelson, Business Development Officer. “We stand behind families and communities that choose to maximize their savings and minimize their carbon footprint.”
Many of the newest residential solar loan options come with the promise of the ease of applying. “We back those efforts by offering streamlined financing that requires no appraisals and no fees,” said Nelson. “We have an entirely online process where people complete a simple form and may have their approval — and funds in their bank account — often as soon as the day they apply.”
LightStream is available in all 50 states and Washington, D.C. Rates for LightStream solar loans can be as low as 4.99%APR with AutoPay (as of 08/04/14).
This APR can of course vary. The APR listed is for an unsecured loan between $10,000 and $24,999 with a term between 24 and 36 months, for the purpose of a Solar Loan. The APR may differ based on loan purpose, amount, repayment option, term, and a homeowner’s credit profile.
To give an idea of what this might mean for a homeowner, LightStream has provided an example. For a solar loan at the 4.99% APR, monthly payments for a $10,000 loan would result in 36 monthly payments of $299.66.
LightStream financing enables Leaf Solar Power to expand its residential loan program to allow more U.S. homeowners to own efficient and reliable solar technology. According to LSP, in some cases loan payments may be equal to or less than a homeowner’s current utility bill. Once the loan is paid off, the homeowner will own a system that can produce clean electricity for the life of the system. They may also benefit from increased home value as a result of the solar system on the roof.
In addition to owning the most efficient solar technology, Leaf Solar Power system owners also benefit from a 25-year product warranty. Leaf Solar Power loans may also allow homeowners to take advantage of the 30% federal tax credit now available for installing solar power systems, as well as additional incentives offered by many states and municipalities.
In several states, Leaf Solar Power also offers the Leaf Lease Program, featuring low monthly payments with zero down.