EastRise Financing for 603 Solar Customers
At EastRise, we’re here to help you make smart investments in your home and community. We’re proud to partner with 603 Solar to offer special, discounted rates so you can get a return on your investment.
Home Equity
If you’ve earned equity in your home and you’re located in Vermont, our Energy Equity Loan may be a great option for you to finance your energy upgrades at a discounted rate. You could also save money on utilities in the process.
Personal Loans
For those who don’t have equity in their home or prefer not to use it, we have other loan options to help reduce your overall project costs. Our 20-year option can open up cash flow by allowing you to space your payments over an extended period of time.
Home Equity Loan
Do you have equity in your home? You can use your home’s equity to get a discounted loan rate on energy upgrades that can offset your monthly utility bills. Speak with your tax advisor to determine if the interest on this loan is tax-deductible.
TYPE: Less than or equal to 90% combined loan to value
TERM: 180 months (15 years)
APR AS LOW AS*: 7.29%
TYPE: Greater than 80% combined loan to value; up to 90%
TERM: 180 months (15 years)
APR AS LOW AS*: 8.29%
APR = annual percentage rate. APR is effective as of 12/15/2023. Rates and APRs listed are “as low as” and may be adjusted based on individual credit standing and term. Payment information does not include amounts for taxes and insurance premiums – if applicable, actual payment obligation will be greater. As an example, a $20,000 loan at 7.29% APR would result in 180 monthly payments of $183.08. Actual loan payment amount will be disclosed at loan closing and may differ slightly. Other terms may be available.
To determine how much you can borrow, you first need to know the total equity in your Vermont or New Hampshire home (only Vermont properties are eligible for certain partnership programs). The equity in your home is the difference between the value of your home minus all other outstanding balances on your existing mortgage. EastRise will determine the amount of equity you can borrow using one of the following options:
1. Your current tax assessment (published property tax bill) plus a current photo of the home. This option is used when the loan amount is $200,000 or less and the combined loan to value is less than or equal to 90% (in other words, the loan is 90% of the home’s value).
2. A certified professional residential real estate appraisal report, which EastRise will order for you (appraisal fee applies). This option will be used if the loan amount is greater than $200,000 and/or the combined loan to value exceeds 90%. When using the appraisal value, you can borrow a maximum of $250,000.
The minimum amount for this loan is $5,000.
How to apply
Work with a 603 Solar Advisor
Contact the 603 Solar team to get started.
Apply with EastRise
Submit your application online.
If you’re already a member, apply with Digital Banking. Your application will pre-fill with your personal information.
Contact us to get started
If you need additional assistance, you can contact an EastRise lending consultant at lendinghomeequity@eastrise.com or 800.400.8790 for more information.
Please consult with your tax advisor to determine your tax credit eligibility. The Federal Investment Tax Credit is not a guaranteed refund. You must qualify for this credit based on your annual tax liability. EastRise Credit Union does not provide tax advice.
Business options: Solar financing options are available for businesses. Please contact the business team and mention that you are working with 603 Solar for more information.
Personal Loans
This loan is for purchases eligible for the 30% Federal Investment Tax Credit. Within the first 24 months, you may apply your tax credit to the principal of your Green ITC Loan, or you may use the credit to pay down higher-interest debt and let your ITC Loan payments re-amortize to a higher monthly payment at the same fixed rate.
TERM: 84 months (7 years)
APR AS LOW AS: 7.25%
MAXIMUM LOAN AMOUNT: $60,000
TERM: 180 months (15 years)
APR AS LOW AS: 8.00%
MAXIMUM LOAN AMOUNT: $60,000
You can apply your tax credits and other incentives to the loan to reduce your loan principal. This special feature further reduces your costs and maximizes your energy savings.
APR = annual percentage rate. APR is effective as of 1/2/2024 and reflects the current minimum APR offered. Payment amount subject to change after the initial 24 months based on tax credits or other credits applied to principal or re-amortization of the outstanding balance. As an example, a $20,000 loan at 8.00% APR would result in 24 initial monthly payments of $131.29. If 30% of the loan amount is applied to the principal during the first 24 months, the monthly payment would remain approximately the same for the remaining term of the loan. If the principal is not paid down with a tax credit or other payment, the outstanding loan balance at the end of the 24-month period will re-amortize to $196.36 per month for the remaining 156 months. Minimum loan amount is $5,000. Example payments are for estimation purposes only. Actual loan payment amount will be disclosed at loan closing and may differ slightly. The APR may be adjusted based on individual credit standing and term.
The Energy Improvement Loan offers consistent monthly payments and a discounted rate. This option is perfect for those who want to keep their monthly payments stable.
TERM: 60 months (5 years)
APR AS LOW AS: 6.00%
MAXIMUM LOAN AMOUNT: $40,000
TERM: 144 months (12 years)
APR AS LOW AS: 7.25%
MAXIMUM LOAN AMOUNT: $40,000
TERM: 180 months (15 years)
APR AS LOW AS: 8.00%
MAXIMUM LOAN AMOUNT: $40,000
You can apply your tax credits and other incentives to the loan to reduce your loan principal and re-amortize to reduce your monthly payments.
APR = annual percentage rate. APR is effective as of 5/1/2024 and reflects the current minimum APR offered. The following example is for estimation purposes only: a $20,000 loan at 7.25% APR would result in 144 monthly payments of $208.40. Actual loan payment amount will be disclosed at loan closing and may differ slightly. The APR may be adjusted based on individual credit standing and term.
Designed to finance larger solar purchases, the unsecured 20-Year Energy Improvement Loan has discounted fixed rates and an extended term. You’ll benefit from an investment that reduces your home’s operating expenses and provides consistent monthly loan payments.
TERM: 240 months
APR AS LOW AS: 9.25%
MAXIMUM LOAN AMOUNT: $60,000
You can apply your tax credits and other incentives to the loan to reduce your loan principal and re-amortize to reduce your monthly payments.
APR = annual percentage rate. APR is effective as of 1/2/24 and reflects the current minimum APR offered. The APR may be adjusted based on individual credit standing and term. Minimum loan amount is $10,000. The following example is for estimation purposes only: a $20,000 loan at 9.25% APR would result in 240 monthly payments of $183.25. Actual loan payment amount will be disclosed at loan closing and may differ slightly. The APR may be adjusted based on individual credit standing and term.
How to apply
Work with a 603 Solar Advisor
Contact the 603 Solar team to get started.
Apply with EastRise
Submit your application online.
If you’re already a member, apply with Digital Banking. Your application will pre-fill with your personal information.
Contact us to get started
If you need additional assistance, you can contact an EastRise lending consultant at lendingconsumer@eastrise.com or 800.400.8790 for more information.
Please consult with your tax advisor to determine your tax credit eligibility. The Federal Investment Tax Credit is not a guaranteed refund. You must qualify for this credit based on your annual tax liability. EastRise Credit Union does not provide tax advice.
Business options: Solar financing options are available for businesses. Please contact the business team and mention that you are working with 603 Solar for more information.
Are you eligible?
Become eligible for the program by taking advantage of a complimentary Northeast Sustainable Energy Association (NESEA) Membership.
Get started
Applying is easy. Simply contact your 603 Solar advisor and submit your loan application.