Personal Solar Loans can be used to fund construction loans, loans to enable investment tax credit safe harboring, or working capital for qualified solar businesses.
The Center for Rural Affairs is seeking to make an initial $1 million in loans to support solar projects up to 99kW in size. Funding for this program comes from a loan that the Center for Rural Affairs received from Coalition for Green Capital under the National Clean Investment Fund program.
Eligibility and limitations
- Construction loans for solar arrays up to 99 kW in size
- For projects located in Nebraska, with limited ability to consider well-qualified projects elsewhere
Use of funds
- Solar Construction loans (primary focus)
- Loans to enable investment tax credit safe harboring
Loan Amount
- Loans from $5,000 to $250,000
- Can be structured as a participation with an existing construction lender
Rates and fees
- Rates of 6% to 13% with rate determination based on risk, complexity and loan size.
- Loan closing fee of 1%. Fee waivers/reductions may be considered for well-qualified projects.
Terms
- For the construction period
- Up to 15 years
Down payment
- We do not require applicants to provide a down payment. However, applicants who provide a down payment may be eligible for discounted interest rates.
Collateral requirements
Loans may be collateralized by equipment or assets to be purchased or personal guarantees.
Underwriting process
Loans will be underwritten based on borrower capacity, borrower past performance, and financials
Required documents
A partial list of required documents appears below. Each loan is unique, and additional documents may be required based on the circumstances of the loan.
- Valid driver’s license or government-issued ID for every applicant
- Eighteen months of utility bills
- Personal tax returns and/or personal financial statements
- Most recent pay stubs available, from all jobs of every applicant
- Proof of any other verifiable source of income: benefit letter for Social Security/disability/child support, signed lease agreements for rental income, retirement income, etc.
- Personal bank statements: most recent months available, all pages (even if blank) for all accounts every applicant has open
In the case of participations, document requirements may be fulfilled in part or in full through an information-sharing arrangement with the existing lender.
For more information, contact Daniel Padilla, [email protected], 402.380.3681.
