PALO ALTO, Calif. – Addison Avenue FCU has introduced low-rate loans to finance solar power home projects through SunPower Corp.
Addison Avenue is offering solar loans of up to $50,000 on the purchase of a residential SunPower system. Existing members of Addison Avenue will also receive a rebate of $0.30 per watt (up to $1,500) from SunPower on the purchase of a SunPower system. There is no application fee or pre-payment penalty, and applicants will be offered affordable monthly payments and flexible extended terms. Current rates are as low as 5.25% for qualified borrowers.
The five-year loans will 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. Homeowners do not need equity in their homes to qualify for these loans, and can easily transfer the SunPower systems to new owners on the sale of the house.
Interest on home equity loans may be tax deductible, and loan recipients also qualify for the significant state and federal tax incentives available today.
