Sooper Credit Union and the Clean Energy Collective have teamed up to help local consumers tap into green power.
As part of the partnership, the Arvada, Colo., credit union will offer affordable, long-term Clean Energy loans to consumers and businesses that buy into CEC community-owned solar gardens.
The community solar model is designed to encourage solar ownership. According to Paul Spencer, founder/CEO of the Clean Energy Collective, community solar gardens are not only more efficient and produce more power than rooftop systems, but installation and maintenance costs are less expensive.
He added that the structure allows customers to receive all of the rebates and tax incentives of home-sited systems up front.
Sooper CU members who buy a single panel, or as many as needed to completely power their home or business, will be eligible for the Clean Energy loan.
Locals can choose three, five, seven, or 10-year loans with fixed rates as low as 2.25% for three-year loans and 5.5% for 10-year loans, with no prepayment penalties for the life of the loan. In addition, home or building ownership is not required to participate.
“We are excited to have created this pioneering loan program with the Clean Energy Collective,” said Dan Kester, CEO of the $246 million credit union. “We see the rapidly growing solar market as an opportunity to help all of our members and communities own clean renewable power at affordable rates.”
He pointed out that the partnership has made Sooper CU the first lender in the nation to address the community-owned solar panel marketplace with low-interest loans.