Energy Efficiency Loan Program – Solar Photovoltaic Equipment (EELP-SERP)

By mmuise

The Energy Efficiency Loan Program for Solar Photovoltaic Equipment (EELP-SERP) will provide financing to qualifying Prince Edward Island home-owners, farms and businesses that are approved applicants under efficiencyPEI’s Solar Electric Rebate Program. This will assist with the up-front costs associated with the purchase and installation of Solar PV equipment that can lower energy bills for Islanders.

Comments on Funding:

Funding is 100% of invoiced costs (including non-refundable HST) associated with the purchase and installation of Solar PV systems that have been pre-approved by efficiencyPEI under their Solar Electric Rebate Program.
The loan will bear interest at the fixed rate of 5% per annum and is repayable over a period not to exceed 15 years.
Loans to farms and businesses may exceed $25,000 (net of rebate). The amount of financing available will be based on the debt servicing capacity of the applicant, and availability of security.
The Loan will be secured by a promissory note and a collateral mortgage over the applicant’s real property on which the Solar PV equipment is installed.

Deadline: Continuous Intake

Applicants must:

  • be home-owners Prince Edward Island residents with the property on which the Solar PV equipment is being installed as their principal residence,
  • be farm and business applicants operating on Prince Edward Island and registered under the Province of Prince Edward Island’s Corporations Act,
  • be pre-approved under efficiencyPEI's Solar Electric Rebate Program,
  • be the registered owner(s) of the property where the Solar PV equipment is being installed.

    The EELP-SERP is not available for projects involving new home or building construction
Application Steps:

Applicants must:

1. contact efficiencyPEI to ensure that the proposed Solar PV project meets the program requirements,

2. submit quotes to efficiencyPEI for approval and await the project pre-approval letter,

3. submit the efficiencyPEI pre-approval letter to Finance PEI with a completed financing application (farm and business applicants should contact Matthew McMillan for application requirements),

4. receive a pre-approval letter from Finance PEI, if approved for financing,

5. have work completed and submit invoices to efficiencyPEI for approval.

Finance PEI will contact client to have loan documentation executed.

The efficiencyPEI rebate will be applied directly on the EELP loan to reduce the balance.

Documentation Needed:

No specific documentation has been identified.

Other Things to Note:

No other details available.

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