Milwaukee Shines Solar Loans: At-A-Glance
Summit Credit Union and the City of Milwaukee are offering up to $2 million in low-interest solar loans to help Milwaukee homeowners finance your solar energy systems costs.
- Eligible Participants: City of Milwaukee homeowners of 1-3 unit, owner-occupied residences
- Loan Size: Up to $20,000
- Interest Rate: Low-interest, fixed rate (as low as prime + 1.50%)
- Terms: Up to 15 years to repay. No penalties for early payment, no fees, no down payments
- Eligible Projects: Solar electric systems (up to 6 kW), solar hot water systems (1-8 panels) or solar hot air.
- Must be installed by a Focus on Energy Residential Ally solar installer
- Eligible Expenses: All equipment, labor, permits, and interconnection fees. Solar loans can also be used for structural reinforcement and re-roofing expenses if these upgrades are part of the solar project.
How it Works: Step-by-Step Guide
- Select a solar installer. It is recommended that you get at least two bids. Your solar installer must be a Focus on Energy Residential Ally.
- Apply for your solar loan at Summit Credit Union.
- Fill out the Summit Solar Loans Application (include info from your installer’s bid).
- After your loan has been pre-approved, schedule and install your solar project.
- Once your project has been completed, fill out the Solar Loan Completion Certificate.
- Contact Summit Credit Union to close on your loan. Summit will issue a check directly to your installer.