We are fortunate to live in a state that supports energy independence for individuals and their communities. Governor Shumlin recently signed a new net metering law enabling continued growth in grid-connected solar power. At VSECU we support Vermonters who want to purchase solar power – there are a variety of options to make this dream a reality. Below are descriptions of some available solar options.
Solar at your home: These are the solar arrays (solar photovoltaic, or PV) that you see on roofs and in yards around your neighborhood. These systems allow customers to generate and use power simultaneously. In sunnier months, you’ll likely generate more power than you use, so you will build credit that can be used to offset your usage during the darker months. Don’t forget that solar still works in the winter! An Energy Improvement Loan, a Discounted Energy Improvement Home Equity Loan, or a Longer Term Energy Improvement Home Equity Loan could finance these types of projects.
Off-Grid Solar: A home with a solar installation that doesn’t feed back to the electric grid and the power it generates is stored in a bank of batteries. Our Off-Grid Mortage is designed to specifically meet the needs of people who want to unplug from the power grid.
Community Solar: Individuals can purchase panels in a community solar project that can offset the electricity they use. Home ownership is not required, so this is a perfect option for renters, folks who just don’t have a good, sunny site for their own array, or those who prefer an off-site option. An Energy Improvement Loan could help you purchase panels in a community array.
Solar for your business: Our full-service commercial lending department, VBiz, can work with businesses on a case-by-case basis to design a custom finance solution so your business can take advantage of the benefits of solar power.
All of these options are available in Vermont, but you should consult with a solar expert in your area to determine which is best for you. After you’ve selected the right solar option for your situation, we’ll help you finance the project. Our VGreen energy savings loan program offers home equity and consumer loans that can make green purchases the perfect investment.
Review our VGreen loan options to learn more about how you can finance a solar purchase that fits your situation—invest in energy savings that will pay you back for years to come.