Financing

 

Option 1: Incentives Only

 

Solar BC

There are up to $3,375 incentives available towards the costs of installing solar hot water. SolarBC Registered Installers will provide you with a $2,000 discount at the point of sale and a further $1250 is available from the Federal ecoEnergy Retrofit program, upon completion of your install and your second energy assessment. If you had an assessment done prior to August 15, 2009 you will also still be eligable for the $125 grant from Livesmart BC, so long as the second assessment is carried out within 18 months of your first home energy assessment.

 

Option 2: Zero Interest Financing

 

Participants can either take advantage of our $2000 SolarBC point of sale discount OR can apply for our SolarBC Zero Interest Loan to finance the full cost of the system and receive a smaller discount of around $500. The Zero Interest Loan is a special offer only available to SolarBC participants, through our finance provider, TD Canada Trust.

The typical cost of a solar hot water system is between $6,000 – $7,000, costs vary depending upon individual circumstances. With the Zero Interest Loan, there is no up front costs and the payments of approximately $110 per month are spread over 5 years. The SolarBC Zero Interest loan is only available to SolarBC participants who install solar hot water in their homes. You can apply online from the comfort of your own home and an approval decision will be provided within 24 hours. All aspects of the loan are administered on your behalf by SolarBC.

The approval process is easy. Once you have received a quote from your selected SolarBC contractor, simply fill out the loan application online, and we will let you know if your application is approved within 24 hours. A SolarBC representative will contact you to provide you with all the information you need, including the details of your loan amount, the incentive remainder you will receive from SolarBC and your re-payment terms.

All SolarBC participants are also eligible for $1,250 through the ecoEnergy retrofit program. To qualify you must have an energy assessment carried out before your installation takes place, and then a second assessment once the installation is completed.

* Please note our secure online application form is available through our loan provider TD bank, via Dealeraccess. Dealeraccess is TD Bank’s secure online portal to submit credit applications. All Customer Data is completely confidential and protected by 128 bit encryption and by Microsoft .Net security enhancements.

 

Option 3: Independent Financing

 

Participants may also choose to arrange their own financing for their solar hot water system, independently of SolarBC, for example as part of a home mortgage or through a line of credit. With longer term loans of 20 years or more, monthly solar energy savings will normally be greater than the costs of such a loan. In addition, some lenders offer special rates for energy efficient improvements such as the Van City Bright Ideas variable rate loan at prime. To qualify, you need to make renovations recommended by an ecoENERGY Retrofit evaluation of your home. These renovations must achieve at least a five-point improvement in your home’s energy efficiency rating. See www.vancity.com for more information.