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Solar Financing

For Your Home

There are several finance options for solar installation

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Finance Your Solar System With YellowLite

Loans

Due to the large solar amount, various solar financing options are available, offered by banks and financing companies. All of them require a FICO score of at least 650.

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Solar financing work

How Does Solar Financing Work?

It’s a question we hear from homeowners all the time. As with any home renovation, a solar installation can be a sizeable investment to make in your home. The good news is there are several financing options available to help break the cost for solar into manageable monthly payments.

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Home Equity/ Personal Bank

It never hurts to check with your personal bank to see what their rates are if you decide to finance solar in Ohio. We have also had homeowners look into home equity lines of credit (HELOCs) to finance their solar installation. The state of Ohio has a program called Eco-Link which offers a reduced interest rate on home equity loans for energy efficiency upgrades. More info here.

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Clean Energy Credit Union

If you’d rather leave your home equity alone, YellowLite is proud to partner with Clean Energy Credit Union. They specialize in clean energy loans, including loans for solar installations:

  • Zero down
  • Loan terms up to 20 years for the lowest monthly payment
  • No pre-payment penalty
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Sunlight Financial

We also partner with Sunlight Financial who also specializes in solar financing.

  • Zero down
  • Loan terms up to 25 years for the lowest monthly payment
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Leasing Options

We partner with Sunnova to provide solar panel leasing options to our valued customers.

  • Zero down.
  • Upto 25 years of leasing program so customers can bear the minimum payments throughout the tenure for hassle-free clean energy.
  • Zero hassle to go solar! 25-year warranty on Solar panels, inverters, batteries, and attachments; all covered through Sunnova!
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Options For Solar Financing

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Using the Solar Tax Credit to Your Advantage

As part of the Inflation Reduction Act, there is now a federal tax credit on solar installations that is good for 30% of the total project cost.

Here’s how it works:

  1. Have your solar system installed
  2. When you file for your federal taxes (typically around April of the year after you installed your solar system) let your tax preparer know you installed a solar system. 30% of the total project cost is eligible for the solar tax credit. NOTE: the solar tax credit is a tax-based incentive that is dependent on your federal tax liability. It is NOT a rebate or a cash pay out. YellowLite is not a tax professional and these statements are meant to generally inform about the solar tax credit, but should not be taken as tax advice. Please consult a tax professional to see how the solar tax credit works for your personal tax situation, especially if you are retired or have a unique or low federal tax liability prior to making your final decision on solar.
  3. If you get your entire solar tax credit back as a tax refund, you can put the tax credit money back into your solar loan to help pay it off and reduce the interest you pay on the tax credit portion–almost one third of the loan!

Is Financing Solar Panels Worth It?

What Will My Monthly Payment Look Like?

How Much Will I Save?

You have questions, our solar experts have answers.

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