(SeeNews) - Oct 8, 2014 - US solar installer SolarCity Corp (NASDAQ:SCTY) said today it will offer a new solar financing option for homeowners willing to go solar, allowing them to own the photovoltaic (PV) system from the beginning.
In most other aspects, the MyPower loan will be similar to a solar power purchase agreement. Owning the system will mean that homeowners can claim the 30% federal tax credit for solar, while still paying a monthly fee. The credit expires in 2016.
The loan will have a fixed annual interest as low as 4.5% for 30 years and will place no lien on the home.
SolarCity noted that its clients will pay as much as 40% less for solar power than utility power thanks to the new product and will also have the right to prepay some of their loan with no fees and penalties.
MyPower will be available in the states of Arizona, California, Colorado, Connecticut, Hawaii, Massachusetts, New York and New Jersey. The loan will come with a solar panel service package with a 30-year warranty, production guarantee and service solutions.