MicroFIT Financing
With the growing popularity of the Ontario MicroFIT Program, many banks and other lending groups have come forward to offer competitive financing. We have three different financing options below, take a look to see what financing option would be most beneficial to you and your family.
TD Financing will offer up to $50,000 unsecured, towards your solar system under the Ontario MicroFIT program. The rates are at 5.99%, but TD is in the process of revamping their MicroFIT loan program and new rates and changes to their loan process are expected to be coming soon.
This financial situation is more designed for people who have some money to put down on their project. The average 10kws price across the industry is between $75,000 and $80,000 which is a little above the loan amount offered.
The Royal Bank of Canada has stepped up their Ontario MicroFIT financing package to include 100% financing for your solar project. Their start rate is at 6.00% but they tailor your interest rate dependent on your available credit and credit rating, better credit will get lower rates and minimize your pay back period.
This financial situation is more designed for people who do not have money to put down on their project. This financing option will allow people, who might not have been able to take advantage of this program, capitalize without any up front money. The system will pay for itself and then some!
With over 94 branches across Canada, BDC provides timely and relevant financial and consulting solutions to help small and medium-sized businesses. Now the BDC has joined the the green movement in Ontario and has already financed some projects, but are now creating a MicroFIT specific package that will be out soon.
This financial option is better suited for existing small to medium-sized business owners, which potentially can include anyone that creates a company once they become an energy producer.
