The Sacramento Municipal Utility District, or SMUD, has a residential loan program that can help its clients install photovoltaic and solar water heating systems in their homes. This is to encourage their customers to switch to more energy efficient equipment.
To qualify the loan applicant must be the owner of the property where the solar equipment will be installed. He doesn’t have to be a resident of the property involved. Properties that are part of a trust would require additional information. Loans will not be made to tenants that are leasing or renting the property.
To qualify for financing, the loan must be received before the installation of the equipment. Once it is approved, the equipment must then be installed by one of SMUD’s approved contractors. You can get additional information with regards to contractors at www.cslb.ca.gov or call the California Contractors State License Board at (800) 321-2752.
SMUD offers fixed-rate loans for solar water heaters and photovoltaic systems. For solar domestic water heaters, the maximum loan term is 120 months. Photovoltaic systems have a maximum loan term of 240 months. The loans have a fixed interest rate but the interest rates are subject to change. For current rates, you can call SMUD at (916) 732-5472.
Take note that the SMUD will not finance previously-installed solar equipment. Solar equipment that is bought by the customer or financed by other means is ineligible as well. The installation should comply with SMUD specifications and eligibility guidelines. The SMUD will randomly inspection completed systems to see if they comply with requirements.
It is recommended that the applicant get more than one bid from prospective contractors. The bids must be for equipment items of the same sizes and capacities, so that one can get a fair price comparison.
Aside from the Residential Solar Loan Program, SMUD also has a rebate program. They are awarding residential photovoltaic systems with rebates of $1.90 per watt. Commercial photovoltaic systems are eligible for $1.55 per watt.
If you have any more questions with regards to Sacramento Municipal Utility District, you can call:
Residential Services: (888) 742-7683
Financial Services: (916) 732-5472
Web Site: http://www.smud.org/
Disclaimer: This article does not constitute a source of a official legal or financial advice. While we attempt to represent all data as accurately as possible, we advice you to refer to official government websites, for the most accurate and up-to-date information.