Sunny Day Power will provide qualifying customers a 1 year (same as cash) loan for the amount of the expected State and Federal incentives. Thus, for a typical 4KW system, Sunny Day Power will provide a 1 year interest free loan for $15,340 (representing $7,000 that you are expected to get back from that State for the Sunshine grant, plus $8,340 that your are expected to get back from the Federal as tax credit). Therefore, when a customer receives their solar rebates and tax credits they are expected to promptly pay off this loan.
Next, Sunny Day Power will provide qualifying customers with a second unsecured loan for the balance of the system (i.e., for the balance you will owe after rebates). For loans from $1,000 to $15,000: 5.99% Fixed Rate for 3, 5 or 10 Year Term. Unsecured – no Lien, no fees or closing costs, no pre-payment penalty. Thus, for a typical 4KW system, Sunny Day Power suggests a $12,460 loan 5 year at 5.99%; which represents a monthly payment of $240.83 for five years.
Sunny Day Power believes this special financing opportunity will tremendously help PA residents obtain a solar system who are otherwise unable to finance the entire large up front cost of a solar system install.