As electricity demands and costs continue to increase, many Canadian businesses are looking to invest in renewable solar energy systems such as solar panels. To help businesses achieve their solar energy goals, the mortgage agents at Unimor offer solar panel financing options. With our access to large institutional lenders and credit unions as well as alternative online lenders and private investors, we can make it easier for businesses to acquire a commercial loan to fund their renewable energy projects.
The Importance of Renewable Energy Systems
Renewable energy comes from natural sources and provides many positive benefits to society, which is why it is important for businesses to take part in renewable energy technologies. Renewable energy plays a significant role in decreasing carbon dioxide (CO2) emissions in the atmosphere, it provides jobs in the energy sector and as a result strengthens the Canadian economy, and it helps decrease energy costs and our dependence on non-renewable energy sources such as oil.
Renewable energy technologies are becoming increasingly more affordable to Canadian businesses. The installation and operating costs for renewable energy systems continue to decrease over time, which is regularly attracting businesses to adopt renewable energy systems.
Government Incentive Programs for Renewable Energy
In 2009, the government of Ontario passed the Green Energy and Green Economy Act and created the Ontario Power Authority’s FIT and microFIT programs. These programs were designed to encourage businesses to develop renewable energy systems. As part of the program, businesses sign a contract with the Ontario Power Authority (OPA) agreeing to supply electricity back to the grid and in exchange they receive a predetermined amount of money for their energy resources.
Ontario is currently the only province in Canada with renewable energy legislation. To find out if renewable energy incentives are available in your area, please contact your local government.
Financing Details for Your Renewable Energy Project
- Interest rate is prime + 3% if secured on solar panel system
- Rates may be better if secured on property
- Maximum loan amount of up to the value of the security
- Zero down payment required if mortgage-secured, or 25% if secured on solar PV system
- Term 5 years
- Amortization of 10 years if secured on solar photovoltaic system, or amortization of up to 20 years if mortgage-secured
- 50% of microFIT or FIT system price is released upon installation of solar modules; remainder is released at time of connecting to the grid
- MicroFIT or FIT conditional offer
- Connection agreement
- Installation contract
- Business plan
- Financial statements from past 2 years
- GST/HST number
If you are interested in learning more about Unimor Capital’s solar panel financing options, please contact one of our Windsor mortgage agents today or submit an online mortgage or loan application and let’s get started on achieving your business’ renewable energy goals