How to save more, own your PV system

What if you could own your new PV system within seven years of installation, all while having the flexibility of choosing your own solar contractor, saving money and getting tax credits? Sound too good to be true? It’s not.

At Hawaii Central Federal Credit Union (HCFCU), a Solar Photovoltaic (PV) Loan was created so that you can own your PV system in less time and with less money. Other PV loans with terms of 10 or more years can leave you paying hundreds of dollars in additional interest. Here are some of the benefits to choosing HCFCU’s PV Loan program:

• No home equity required. HCFCU’s PV Loan Program is offered as an unsecured personal loan rather than a Home Equity Line of Credit. With no closing costs or appraisal costs involved, the PV Loans are funded quickly and are available for up to $50,000 and up to a seven year term.

• You choose the solar contractor. It is important to work with a solar contractor that you are comfortable with and trust. HCFCU does not limit your choice of contractors. Once your solar contractor is chosen, disbursement of your HCFCU PV Loan will be made directly to the selected contractor.

• Get the best pricing. Other PV Loan programs with low or 0 percent financing often come with hidden fees to the solar contractor, who in turn passes on these costs to you. Be sure to ask for the “cash pricing” from your solar contractor. This alone could save you thousands of dollars from the start.

• No payments due for first six months. With no initial payments due, you can enjoy the cost benefits of your new PV system immediately. For example, if you install your PV system in October, the first monthly payment for your HCFCU PV Loan will be due in April, just in time to benefit from any tax incentives.

• You keep all tax credits, incentives and rebates. Generous state and federal tax credits are currently available for new solar PV system installations. While these tax credits provide a lot of assistance, HCFCU’s PV Loan can help with the initial cost of the installation.

HCFCU is dedicated to providing the best service to its members and the community. If you live, work, worship or attend school on Oahu, you can join the credit union.

HCFCU is federally insured by NCUA. The tax information is provided as a guide only. Please consult your tax advisor for tax guidance.

HAWAII CENTRAL FEDERAL CREDIT UNION
contact // 536-3677
address // 681 S. King St.
web // www.hccu.info