Energize Delaware Residential Solar Loan
Grant Opportunity: Energize Delaware Residential Solar Loan Program Description: The Energize Delaware Residential Solar Loan program offers low-interest loans to encourage the purchase of customer-owned renewable generation. The program aims to achieve utility bill savings, reduce environmental impact, and promote local job growth in the solar installation industry. Eligibility Criteria: - Must be a Delaware resident - Must be a homeowner of a single-family home or duplex - Minimum credit score of 650 - Maximum monthly debt-to-income ratio of 40% - Total loan cannot exceed 70% of the total project cost Loan Details: - Total loan amount: $5,000 - $30,000 - Interest rate: 3.9% - Loan term: Up to 10 years Additional Requirements: - Any storage capacity must be priced such that the total system cost does not exceed $6.00/installed watt of generation. - The system must meet specific Green Energy Grant Delaware requirements regarding grid connection, array orientation and tilt, and daily sunshine hours. Application Process: 1. Complete an online application at energizedelawareloans.org. 2. The application consists of two parts: initial and final. 3. After Part I is submitted, applicants will receive an eligibility letter via email. 4. Approved applicants can begin their solar project within three months of acceptance. 5. Once installation is complete, applicants must complete Part II within six months. 6. After Part II documents are reviewed, funds will be dispersed directly to the installer. Payment and Repayment: - Participating installers pay an initiation fee of $100 and must provide state licensing information. - Homeowners will begin loan repayment the month following fund disbursement. - Monthly payments cannot be adjusted. - There is no penalty for prepayment. Contractor Information: - Contractors must register with the program before being selected by homeowners. - Payment to contractors is issued after all Part II documents are submitted, including a signed Authorization Form, Promissory Note
Award Range
$5,000 - $30,000
Total Program Funding
Not specified
Number of Awards
Not specified
Matching Requirement
No
Eligible Applicants
Additional Requirements
- Total Loan Amount: $5,000 - $30,000 - Interest Rate: 3.9% - Term: Up to 10 years - Total Loan cannot exceed 70% of the Total Project Cost - Delaware Resident - Homeowner of a single family home or duplex - Minimum Credit Score of 650 - Maximum Monthly Debt to Income Ratio of 40% - Any storage capacity must be priced such that the total system cost does not exceed $6.00/installed watt of generation. - Grid-connected system required. - Optimum array orientation is between South of due East and South of due West or between 80° and 280° magnetic. - Optimum array tilt is equal to the latitude at the installation site. - Arrays must have a minimum of six (6) hours of unobstructed sunshine daily inclusive of solar noon. - Applications can be completed online at energizedelawareloans.org. - Participating Installers must pay an initiation fee of $100 and provide state licensing information. - Customers will receive a survey after their loan is disbursed. - Monthly payments cannot be adjusted. - Project must be completed within six months after receiving eligibility letter. - No penalty for prepayment. - Contractor must be on the list of participating installers or register with the program first. - Contractor gets paid after all Part II documents are submitted and reviewed.
Geographic Eligibility
All
Application Opens
Not specified
Application Closes
Not specified
Grantor
Energize Delaware
Phone
866-648-1857Subscribe to view contact details