Are there any Federal government programs geared toward giving home owners low interest loans for solar?
Anna in Ohai, California
Yes, indeed,Uncle Sam has several national programs that will help you to finance your solar system (and other energy efficiency projects) for your home. Click here and download this flyer to give you a summary of the programs. (If these don’t work, be sure to check out my Cash Poor financing series of posts.)
Your best bet may be through fannie mae and freddie mac through energy efficient mortgages.
(EEMs). The advantages are spelled out on this site, and I quote:
“The government-sponsored loans have several special benefits. First, they let you add on the money for the improvements to your mortgage even if this means you exceed traditional loan limits. Second, you don’t have to qualify for the additional money. Third, and probably most important, 100% of the cost of the improvements can be financed. Since all improvements must be cost effective to qualify, this means there are no out of pocket expenses. Your mortgage payments go up a little, but your utility bills go down more. You can even realize a positive cash flow. It’s like getting paid for improving your home.” (Solar Fred’s emphasis.)
Sounds pretty good to me. Get started with a list of numbers and websites here.
Last modified: December 8, 2015