Solar Panel Financing - EmPower Solar

Solar Panel Financing

How Do I Decide Which Loan is the Best?

With a range of solar financing solutions available for homeowners, how does one decide on the best one? At a first glance, a solar loan with the lowest APR seems to be the best choice. But is it really? We did a little research to break down the most popular solar loans to help homeowners decide the best way to start saving.

Here’s an example of a typical EmPower Solar project using a Nassau Financial Loan:

Growth of Solar Financing

Over the years, the growth of the industry and the need to make solar energy more accessible has led to banks and credit unions offering their own solar loan programs. These solar loans replace existing high electric bills with a fixed monthly payment that goes towards paying off the solar panel system. Given the rapid growth of solar financing across the country, it is clear that home solar loans are proving to be a very smart and economical way to make the switch to clean energy.

Solar-specific Loan co-created by Nassau Financial Credit Union and EmPower Solar

Solar loan products have enabled thousands of homeowners to add home solar panels over the last few years. The solar-specific loan co-created by Nassau Financial Federal Credit Union and EmPower Solar was built specifically with Long Island and New York City homeowners in mind. The Nassau Financial solar loan offers a competitive rate with an Annual Percentage Rate (APR) of 3.99%. With no upfront cost, members have seen immediate monthly savings of 30% or more while increasing the value of their home.

How Does Nassau Financial’s Solar Loan Work?

The loan comprises of a short-term “bridge loan” and a long-term loan. The bridge loan is designed to bridge the period between installing a solar panel system and the receipt of robust state and federal tax incentives. The long-term loan covers the net project cost after tax credits, with 5, 10, 15 year options.

The program results in a monthly solar payment that is lower than what the Member would otherwise pay to the utility company. In short, this generates immediate savings for the homeowner as soon as the system is turned on. Since the payment is fixed for the life of the loan, rising utility rates result in greater electricity savings over time. Homeowners can choose between a 5, 10, or 15-year loan and at the end of the loan term, they’ve paid off their home solar panels, enjoying no-cost electricity produced by the sun for at least another decade.

Nassau Financial’s Solar Loan vs. Other Existing Solar Loans:


  • A solar loan works slightly differently than other loans, with more factors to consider. A lower APR usually means a longer term and a higher closing rate. It may not necessarily be the most cost-effective option.
  • Overall, looking at the statistics, most of the solar loans available balance out in the end. A loan with a higher APR doesn’t mean it needs to get waved off as expensive. Understanding what constitutes the solar loan will help homeowners to make a decision.
  • A homeowner’s preferences sometimes come with a tradeoff. By considering the total they would be paying at the end of their term, inclusive of the closing fee and the interest accumulated, a homeowner can correctly identify how cost-effective their solar loan is going to be.
  • The decision may come down to whether the client prefers higher upfront savings, or greater long-term savings.

Overall Verdict

In general, solar loans make sense for homeowners in New York State because of the solar incentives available, including the Federal Tax Credit and State Tax Credit. It’s important to do your research when considering a Solar Loan.. The solar loan process can be a smooth and cost-effective one

Nassau Financial’s Solar Loan is lucrative, very competitive, with industry standards. Advantages of choosing a Nassau Financial Federal Credit Union Solar Loan include their fast and personal service that offers help right away. Its easily accessible branches spread across Nassau County are extremely unique to the solar industry; as lenders in this industry don’t usually have a local presence. Their community focus and Member-friendly models cater to the economic hardships of our local neighborhoods by keeping funds more instate than outstate. This solar loan also gives you access to other credit union services like banking services, including but not limited to: home equity lines of credit, etc. With this cost-efficient loan that EmPower Solar built with Nassau Financial, hundreds of our customers have started saving on their electric bills right away!

If questions about a solar loan was the only thing holding you back from going solar, now’s the perfect opportunity to book a free solar assessment and learn how financing can work for you!! Interested homeowners can call 516.837.3459 to learn how a Nassau Financial Solar Loan can help you start saving today!

About Nassau Financial Federal Credit Union

Founded in 1936, Nassau Financial Federal Credit Union celebrated its 82nd Anniversary on May 23rd, 2018 as Long Island’s oldest federally chartered credit union. Nassau Financial, based in Westbury, New York, is a not-for-profit financial cooperative with over $400 million in assets serving more than 23,000 members. Nassau Financial is community chartered, serving everyone who lives, works or volunteers in Nassau County, as well as members of their immediate family or household. Branch locations include Garden City, East Meadow, Oceanside and Syosset with over 6,000 additional offices available through the Credit Union Service Center network. Nassau Financial also provides its members no-surcharge ATM access at over 28,000 locations throughout LI, the US and the world. Nassau Financial deposits are federally insured up to $250,0000 and they offer savings and IRAs; free checking products including Early Pay with Direct Deposit; consumer loans and lines of credit; home financing; electronic and other convenience services including online banking and telephone banking; Mobile banking with mobile check deposit; free financial planning and counseling; and educational seminars. Follow Nassau Financial on Facebook, Instagram and Twitter and on the web at

About EmPower Solar

EmPower Solar delivers superior solar and battery technology, maximum savings, and exceptional customer service. Since 2003, EmPower Solar has been the preferred solar provider of over 2,000 New Yorkers and leading businesses, earning an industry-leading customer satisfaction rating. EmPower Solar represents the world’s leading clean technology companies including SunPower as a Master Dealer, and Tesla as a Certified Powerwall Installer. EmPower Solar leverages over 15 years of solar and storage industry experience and record-setting technology.

The company employs 70 full-time workers in Island Park and Long Island City and generates millions in economic activity for the region per year. To date, the company has saved its clients over 15 million dollars in avoided energy costs. Businesses and homeowners can choose to own their solar panels or use a finance or a lease to go solar and start saving 30% on electric bills from day one. New York City residents get a $5,000 state tax credit and an additional NYC Property tax abatement when they go solar.

The company has also deployed over 100 energy storage systems and two dozen electric vehicle charging stations. Active in LISEIA and NYSEIA, EmPower Solar has played an integral role in accelerating the Long Island and New York region on a path towards clean energy.

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