VSECU Financing for 603 Solar Customers

Do you have equity in your home? You can use your home’s equity to get a discounted loan rate on energy upgrades that can offset your monthly utility bills. Speak with your tax advisor to determine if the interest on this loan is tax-deductible.

TYPE: Less than or equal to 80% combined loan to value
TERM: 180 months (15 years)
APR AS LOW AS*: 7.29%

TYPE: Greater than 80% combined loan to value; up to 90%
TERM: 180 months (15 years)
APR AS LOW AS*: 8.29%

^{APR = annual percentage rate. APR is effective as of 12/15/2023. Rates and APRs listed are “as low as” and may be adjusted based on individual credit standing and term. Payment information does not include amounts for taxes and insurance premiums – if applicable, actual payment obligation will be greater. As an example, a $20,000 loan at 7.29% APR would result in 180 monthly payments of $183.08. Actual loan payment amount will be disclosed at loan closing and may differ slightly. Other terms may be available.}

To determine how much you can borrow, you first need to know the total equity in your Vermont or New Hampshire home (only Vermont properties are eligible for certain partnership programs). The equity in your home is the difference between the value of your home minus all other outstanding balances on your existing mortgage. VSECU will determine the amount of equity you can borrow using one of the following options:

1. Your current tax assessment (published property tax bill) plus a current photo of the home. This option is used when the loan amount is $200,000 or less and the combined loan to value is less than or equal to 90% (in other words, the loan is 90% of the home’s value).

2. A certified professional residential real estate appraisal report, which VSECU will order for you (appraisal fee applies). This option will be used if the loan amount is greater than $200,000 and/or the combined loan to value exceeds 90%. When using the appraisal value, you can borrow a maximum of $250,000.

The minimum amount for this loan is $5,000.

This loan is for purchases eligible for the 30% Federal Investment Tax Credit. Within the first 24 months, you may apply your tax credit to the principal of your ITC Loan, or you may use the credit to pay down higher-interest debt and let your ITC Loan payments re-amortize to a higher monthly payment at the same fixed rate.

TERM: 84 months (7 years)
APR AS LOW AS: 7.25%
MAXIMUM LOAN AMOUNT: $60,000

TERM: 180 months (15 years)
APR AS LOW AS: 8.00%
MAXIMUM LOAN AMOUNT: $60,000

You can apply your tax credits and other incentives to the loan to reduce your loan principal. This special feature further reduces your costs and maximizes your energy savings.

^{APR = annual percentage rate. APR is effective as of 1/2/2024 and reflects the current minimum APR offered. Payment amount subject to change after the initial 24 months based on tax credits or other credits applied to principal or re-amortization of the outstanding balance. As an example, a $20,000 loan at 8.00% APR would result in 24 initial monthly payments of $131.29. If 30% of the loan amount is applied to the principal during the first 24 months, the monthly payment would remain approximately the same for the remaining term of the loan. If the principal is not paid down with a tax credit or other payment, the outstanding loan balance at the end of the 24-month period will re-amortize to $196.36 per month for the remaining 156 months. Minimum loan amount is $5,000. Example payments are for estimation purposes only. Actual loan payment amount will be disclosed at loan closing and may differ slightly. The APR may be adjusted based on individual credit standing and term.}

The Energy Improvement Loan offers consistent monthly payments and a discounted rate. This option is perfect for those who want to keep their monthly payments stable. 

TERM: 60 months (5 years)
APR AS LOW AS: 6.25%
MAXIMUM LOAN AMOUNT: $40,000

TERM: 144 months (12 years)
APR AS LOW AS: 7.25%
MAXIMUM LOAN AMOUNT: $40,000

TERM: 180 months (15 years)
APR AS LOW AS: 8.00%
MAXIMUM LOAN AMOUNT: $40,000

You can apply your tax credits and other incentives to the loan to reduce your loan principal and re-amortize to reduce your monthly payments.

^{APR = annual percentage rate. APR is effective as of 1/2/2024 and reflects the current minimum APR offered. The following example is for estimation purposes only: a $20,000 loan at 7.25% APR would result in 144 monthly payments of $208.40. Actual loan payment amount will be disclosed at loan closing and may differ slightly. The APR may be adjusted based on individual credit standing and term.}

Designed to finance larger solar purchases, the unsecured 20-Year Energy Improvement Loan has discounted fixed rates and an extended term. You’ll benefit from an investment that reduces your home’s operating expenses and provides consistent monthly loan payments.

TERM: 240 months
APR AS LOW AS: 9.25%
MAXIMUM LOAN AMOUNT: $60,000

You can apply your tax credits and other incentives to the loan to reduce your loan principal and re-amortize to reduce your monthly payments.

^{APR = annual percentage rate. APR is effective as of 1/2/24 and reflects the current minimum APR offered. The APR may be adjusted based on individual credit standing and term. Minimum loan amount is $10,000. The following example is for estimation purposes only: a $20,000 loan at 9.25% APR would result in 240 monthly payments of $183.25. Actual loan payment amount will be disclosed at loan closing and may differ slightly. The APR may be adjusted based on individual credit standing and term.}