DOVER, DELAWARE, November 5, 2018 – In just over a year the Residential Solar Loan Programoffered by the Delaware Sustainable Energy Utility (DESEU) has reached the significant milestone of granting over $1 million in qualified loans to Delaware homeowners. Established in June 2017, the Residential Solar Loan Program provides low-interest loans to credit-qualified Delaware homeowners of a single-family or duplex property to encourage the purchase of customer sited and owned solar electric generation.
The Energize Delaware Residential Solar Loan Program has financed work for eight different solar energy providers across the region. Loans are available at a 3.9% interest rate in amounts ranging from $5,000 to $30,000, for a maximum 10-year term.
Solar Loan recipient James Tindilia, of Wilmington explained, “I’m ecstatic with the way the Residential Loan process worked for me. My solar installer painstakingly determined the costs of the system, factored in government rebates and other incentives, and filled out all the paperwork for the loan. I have to admit the process was seamless.”
According to contractor Dale Davis, of Newark-based CMI Solar & Electric, Inc., “The Energize Delaware residential loan has been one of the best additions to the local solar community in the past year. Delaware residents have been thrilled to have a low-cost and easy way to finance their green projects, from a source they trust. We think the value of the loan combined with the environmental benefits of solar power will promote solar growth in the state for years to come.”
To learn more on how to apply and to find a participating contractor, homeowners should visit the website www.energizedelaware.org/solar-loan.
- The Energize Delaware Solar Loan Program made more than $1 million in loans in its first year of operation
- The program provides low interest loans to Delaware Homeowners purchasing customer sited and owned solar electric generation.
- Eight local solar installers used the program to provide financing to their customers