St. Paul, Minnesota [RenewableEnergyAccess.com] GE Money’s Sales Finance unit and the Electric & Gas Industries Association (EGIA) will provide revolving and installment consumer financing of residential solar systems through EGIA’s GEOSmart Sustainable Financing Solutions loan program.
The GEOSmart solar loan program, available nationwide only through EGIA-approved contractors, assures a complete and simple to use financing solution that could fund the smallest solar water heating or pool heating projects up to the largest residential solar photovoltaic (PV) installations.
“We believe that GEOSmart is the most comprehensive solar financing solution available today,” said Bruce Matulich, executive director of EGIA. “Investing in a solar energy system will dramatically reduce your energy bill and is equivalent to prepaying for 40 years of power at a fraction of the cost you currently pay, all while having a positive impact on the environment.”
The GEOSmart financing program offers numerous special features recommended by industry leaders. For smaller Solar Thermal or Solar PV applications, unsecured financing is now available with terms up to 20 years and project costs ranging from $2,500 – $50,000. For larger residential PV installations, the GEOSmart secured financing option provides long-term financing designed for project affordability. With terms up to 25 years on projects ranging from $10,000 to $500,000 and low fixed rates, many times the financing solution can result in utility neutral monthly payments.
“With most solar financing programs being manufacturer specific or serving niche markets, we are extremely pleased to see that the EGIA and GE Money Sales Finance team was able to put together the first truly comprehensive national solar financing program,” said Sue Kateley, executive director, CAL SEIA.