MADISON, Wis. – Summit CU said it will create a $2 million loan program for residential solar power projects under a partnership proposed with the city of Milwaukee.
Under the proposal, the credit union will offer loans of up to $20,000 to homeowners for projects to add solar panels to houses.
The city selected Summit to run the lending program through a public and competitive request for proposals.
The city is offering $100,000 in grant money as a guarantee to the Summit loans If borrowers have trouble making payments, the credit union could draw from the city money. Milwaukee would offer an additional $20,000 in grant money so the first 20 people who take out loans for solar projects could get a $1,000 grant.
The program, which must be approved by the city council, could generate loans for at least 100 solar projects.
