125 North Fulton St. Ithaca, NY 14850
Phone: (607) 273-4611
Toll Free: (877) 273-AFCU      Contact

Solar panel home equity loans

Alternatives FCU offers two affordably priced solar loan products.
  • 15 year adjustable rate 
  • 10 year fixed rate 
Interest only payments are required for the first 18 months. Ample time is allowed for rebates and tax incentives to be applied to the loan balance. After 18 months, principal and interest payments are calculated based on the outstanding balance and remaining term.

Up to 90% of the current appraised value of your home can be borrowed, minus existing liens. No application or closing costs are charged, providing the loan remains open for at least 36 months. 

Requirements for both loans
  • Funds must be used for purchase and installation of solar panels to your primary residence. 
  • A contract for improvements is required.
Please visit our rates page. The 15 year solar loan correlates with the 80% or 90% Home Equity Line of Credit, and the 10 year solar loan rate is the EnergyWise Home Equity loan.

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Chris Setlock

In the spring of 2014, we learned that our minivan needed repairs in excess of it's value. We'd already been cutting back on our auto use, and were trying to walk and bike more. We'd been talking with friends and reading about cargo bikes as a car alternative. Around the same time, a new business, "Boxy Bikes" opened in Ithaca, which specializes in electric and cargo bikes. We found a model we were interested in, and approached alternatives seeking financing. Alternatives set us up with a signature loan, and a "green loan" discount on our rate. Thanks to Alternatives, we are now the happy owners of a "Yuba Mundo" Electric Cargo bike. We can get anywhere we need to go, using no gas, and creating no emissions. I can carry two passengers, or a weeks worth of groceries. The loan will be paid off in two years, and the bike could last for many more, at a fraction of the cost of an automobile.

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