New SolarCity Loan Program

October 17, 2014

Looking for a way to cut energy costs? Although Hawaiian Electric has been making progress with the cost of energy thanks to increasing renewable sources, there are still options for Hawaii home owners to lower their bills. SolarCity has recently unveiled their loan program to customers in Hawaii and various other states.

The “My Power” solar loan involves no upfront costs for a rooftop system, and the customer is the system owner. The solar power system energy will cost up to 40 percent less than traditional utility power. The loan can be paid with these savings, and customers also have the option to prepay the loan if they so desire, lowering or removing their monthly payments with no fees or penalties.

One of the conveniences of their offer is the fact that SolarCity is the lender, unlike other solar loans that come from a third party, such as a bank. This means you will deal directly and only with SolarCity, which will simplify your experience.

Hawaii still struggles with the highest electricity costs in the nation, but with the benefit of mostly sunny weather throughout the year, we’re in an ideal position to benefit from rooftop systems, which, along with the existing tax credit, explains the massive growth we’re seeing in the number of those systems.

Hawaiian Electric Co. has recently submitted new energy plans to the Hawaii Public Utilities Commission for review, and it addresses rooftop solar connectivity with the grid. There’s only one direction the utilities companies can go, and that involves accommodating more rooftop systems.

SolarCity is conveniently accessible throughout the nation, and it has also become one of the top solar energy companies in our state. If you own South Maui property, or you’re planning on buying a new home in the area, the weather will work to your favor. South Maui is one of the sunniest places on the island. Now you’ll have the option of capitalizing on that without paying for a rooftop system upfront.

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