Solar Panel Financing

Ready to make the switch to solar? Let us lighten the way.

The Energy Efficiency Alberta residential and commercial solar rebate program1 is a $36 million investment in our collective future. But even with the generous rebates it provides, an all cash initial investment can still keep solar power out of reach for many businesses and homeowners. That’s why we’ve created three helpful solar panel financing options designed to make it easy to invest in solar energy.

Businesses and Nonprofits

The Energy Efficiency Alberta commercial solar rebates are based on the size of the installation and calculated at $0.75 per watt. Businesses and nonprofit organizations are eligible for rebates up to 25 per cent of system costs, to a maximum rebate of $500,000.

Financing Options

Residential Financing

Homeowners can receive up to 30 per cent off solar panel installation costs to a maximum rebate of $10,000 under the Energy Efficiency Alberta residential program.

We’ll help you go green with an:

  • Unsecured Linked Line of Credit as low as Prime + 2.00%, or
  • Unsecured Variable Rate Time Plan Personal Loan with amortizations of 5, 10, or 15 years as low as Prime + 2.00% (5 year variable rate terms only)

Dealer Application Process for Residential Financing:

ICEFIN’s simple 3-step sales process helps you close more deals, improving productivity and reducing costs.

Dealer Application Process

APPLY TO BECOME PROSPECT CHANNEL PARTNER

Join our growing network of partners — help us make clean energy and sustainable home improvements available to more homeowners than ever before.

Solar Financing Information Package

  • Under $50,000
    • Pricing & Fees
      • Interest Rate: Prime + 3.20-4.21% fixed rate at Residential Mortgage Rate + 2%
      • Application fee: 0.5-0.75% of the total loan amount
      • $150 review fee
    • Amortization
      • 5 years
    • Financing Amounts
      • Up to 100% Financing
    • Security Requirements
      • General Security Agreement with an ALL PAAP charge
      • No Personal Guarantees
  • Leased Premise (via CSBFA Financing)
    • Pricing & Fees
      • Interest Rate: P + 2% or Fixed at Residential Mortgage Rate + 2%
      • Registration Fee: 2% of the total loan amount (can be included in financing)
      • Application Fee: 0.5% of total loan amount
    • Amortization
      • Up to 15 years
    • Financing Amounts
      • Up to 100% financing
      • $50,000 - $350,000
    • Security Requirements
      • General Security Agreement with an ALL PAAP charge
      • Personal Guarantee for 25% of the total loan amount
  • Potential Roadblocks
    • Borrower Eligibility
      • Borrower must be incorporated in Alberta
      • Strong income reporting on last years tax return
      • Strong net worth of at least 3 times the net worth of the asking amount (this is for under $50K)
      • Enough net worth to cover a 25% personal guarantee
    • Credit Standing
      • 650 and above credit score
      • No collections or bankruptcy reporting on credit bureau
    • Other
      • Equipment must be in Canada in order to be financed

Residential Solar Panel Financing Program (Example Payment Calculations)

Please note: This example is based on a prime rate of 3.45%. Prime rates change at any time without notice. Make sure to check out the Personal Loan Payment Calculator at atb.com to calculate your loan payments.

Residential Financing Options:

  • Unsecured Linked Line of Credit as low as Prime + 2.00%, or
  • Unsecured Variable Rate Time Plan Personal Loan with amortizations of 5, 10, or 15 years as low as Prime + 2.00% (5 year variable rate terms only)
Example Payment Calculations

Prime as of January 18, 2018= 3.45%