Credit Union Offers New Solar Loan Program

[] The Santa Barbara County Federal Credit Union has become the first credit union in the state to install an environmentally-friendly solar electric system on its building, and one of the first financial institutions in the nation to offer a loan program specifically designed to make solar electric system purchasing easy and affordable for its members. On February 16, 2005 from 11 a.m. to 1 p.m. community members will join business and government leaders at a ribbon cutting ceremony in celebration of the credit union’s achievements. Local solar electricity company REC Solar has installed at the Credit Union a 38 kW solar electric system. The credit union is a partner in the Community Environmental Council’s Million Solar Roofs partnership, which is part of a federal program to install solar energy systems on one million roofs in the U.S. by the year 2010. In sunny Santa Barbara County, one significant barrier to this goal has been the lack of affordable solar loan packages from local banks, according to SBCFCU. The credit union’s “No-Hassle Solar Power Loan” attempts to help homeowners overcome that hurdle with interest rates as low as 4.25 percent (depending on credit), and a one-week turnaround time. The ribbon-cutting ceremony, which is free and open to the public, will be held in the parking lot of the Santa Barbara County Federal Credit Union building located at 2623 De La Vina Street in Santa Barbara. The event was originally scheduled for January but was postponed due to the weather disasters occurring in Santa Barbara during that time.
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