Back to Find Financing Print Preview >

SolarCity Solar PPA

SolarCity Solar PPA
Lender: SolarCity
Contact Information
Website: www.solarcity.com
Phone: (888) 765-2489
Email: customercare@solarcity.com
Property Types
Program Description
The Federal Housing Administration's (FHA's) Energy Efficient Mortgage (EEM) helps homeowners, who are veterans, finance the cost of adding energy efficiency and renewable energy upgrades to their home as part of an FHA-insured home purchase or refinance mortgage. The actual mortgage loan is provided through an FHA-approved lender, such as Contempo Lending, and the FHA provides mortgage insurance to reduce the risk of the additional energy project cost to the lender. The additional energy project cost available to the homeowner through the EEM is determined by the results of an energy audit, usually provided through a professional who conducts a Home Energy Rating System (HERS) test on the house. As with any typical mortgage, EEMs can be structured in many different ways that may include closing costs, fees or points. Additionally, it includes a 1.75% mortgage insurance fee at close and an additional monthly .85% mortgage insurance fee.
Types of Financing
Secured
Financing & Payment Information
Term (years):
1
Minimum Amount:
$50,000
Maximum Amount:
$0
Fees:
None
Money Down Required:
No
Repayment Method:
Off-bill loan (Direct to Lender)
Payment Frequency:
Monthly
Pre-Payment Penalty:
No
Allowable Projects
Funds Energy Efficiency projects
Funds Renewable Energy projects
Other Program Requirements
Financing Approval Time
Equity in Property Needed
No

Financial Products

Lien type Secured loan
Re-Payment Method Off-bill loan (Direct to Lender)
Automatic payment option available
Requires utility incentive program participation No
Must use Program's pre-approved contractors No
One-time fees (% of total financing)
One-time fees (fixed)
Ongoing fees
Financing Amount $50,000
Financing Term (yrs.) 1 year(s)
Rate 0%
Money Down Required? No
Credit Enhancement Available
Transferrable Yes
Prepayment Penalty or Fee No
Tax Deductibility Yes
Minimum Credit Score Required
Equity in Property Required Yes
Debt to Income Ratio Required Yes
Involuntary Property Liens Allowed No
Foreclosures Allowed
Bankruptcies Allowed
Mortgage Lender Consent/ Acknowledgement No
Must be current on property taxes Yes
Must be current on mortgage Yes
Loan to value
Debt Service Coverage Ratio Yes: 0
Financing Approval Time
Projected Energy Savings/Cash Flow is considered Yes
Must be current on utility bill No

Upgrades Covered

No Results

FAQ's

Through our Contractor Marketplace, you can search for contractors and find the right fit for your project. You find out details about the contractor such as what types of certifications they have and where they are located. You can also directly find reviews when available. From there it is easy to connect and get started with your projects. A quality installation of equipment increases the benefits and efficiency of your new equipment.